The UAE plans to invest up to $54 billion in renewable energy over the next seven years as part of efforts to reach net zero emissions by 2050.
The nation aims for a threefold increase in the proportion of energy produced from renewable sources during the period and will focus on hydrogen as a source of clean energy, the UAE’s prime minister said and ruler of Dubai, Sheikh Mohammed bin Rashid in a tweet.
The plans come as the UAE prepares to host the COP28 climate summit later this year. Like many oil-producing nations, the push for a cleaner energy system is currently offset by the importance of fossil fuels in the economy. Even so, the United Arab Emirates was the first Middle Eastern state to announce a goal of reaching zero by mid-century.
As part of the moves unveiled on Monday, Sheikh Mohammed appointed Mohamed Hassan Alsuwaidi as investment minister. Alsuwaidi is currently the CEO of Abu Dhabi’s wealth fund ADQ and vice chairman of renewables company Masdar.
The government also approved the decision to establish a council for financial stability to control risk, help deal with potential financial crises and establish precautionary measures to protect the country’s economic and financial system.
–With the assistance of Archana Narayanan.
