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UAE Announces Plans to Triple Contribution to Renewable Energy by 2030
The UAE has announced plans this week to triple its contribution to renewable energy by 2030. Their aim is to implement a ‘National Strategy’ that will provide support for research and development in renewables, as well as aiming to be a lead innovator and investor for the sector.
The strategy aims to enhance the nation’s ability to offer clean and sustainable energy, bolster its international standing in the energy industry, and solidify the UAE’s reputation as a leading hub for innovation and investment in this field.
Moreover, the strategy presents fresh prospects for investment in renewable energy, facilitates collaboration with global partners to achieve sustainability objectives in the energy sector, and establishes a comprehensive long-term national program that harmonises energy requirements with the preservation of natural resources for future generations.
Financially, the plan’s main objective is to secure savings for the UAE of up to AED100bn, the equivalent of £21bn. This will be supported by investments of up to AED200bn until 2030 as well as increasing the countries share of clean energy to 30%.
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Sheikh Mohammed bin Rashid Al Maktoum, vice president, prime minister of the UAE and Ruler of Dubai, commented on the investment, stating;
Our aim is to develop the investment vision of the UAE, and promote the investment environment and the competitiveness of this sector in the country.
Sheikh Mohammed bin Rashid Al Maktoum
As a result of the accelerated economic growth, we approved the updated UAE National Energy Strategy, which aims to triple the contribution of the renewable energy over the next 7 years and invest AED150 to AED200bn during the same period to meet the country’s growing demand for energy.
Their new strategy comes at a time where renewable energy is still a point of contention for many industries. The UAE currently sits at 24th in the world for oil usage, with 896,000 barrels used per day. However, it sits at the 6th largest exporter of crude oil, making an estimated $58.6B in 2021. This new investment within the renewable sector could be the first major push for the nation to move away from their heavy oil reliance.
The UAE have also confirmed a new National Hydrogen Strategy. The plan aims to assist local industries in adopting low-carbon practices, actively contribute to attaining climate neutrality, and elevate the UAE’s position as one of the leading hydrogen producers by 2031.
Source
https://renews.biz/86812/uae-to-triple-renewable-energy-contribution-by-2030/