The United Arab Emirates (UAE) has announced plans to invest as much as $54bn into renewable technologies over the next seven years.
The country is aiming to increase the share of energy produced by renewables three-fold ahead of its 2050 net-zero target.
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By GlobalDataThe government announced its updated UAE Energy Strategy 2050 on Tuesday. It has identified green hydrogen as a key source of clean power and will develop “a regulatory framework and policies that support hydrogen”.
According to a tweet from UAE Prime Minister Sheikh Mohammed bin Rashid on 3 July, the government has adopted a national strategy for hydrogen.
“The plan aims to consolidate the country’s position as a producer and exporter of low-emission hydrogen over the next eight years,” he said.
“The UAE presents a shining example for adopting policies and strategies that contribute to shaping a more sustainable future at home and globally,” said Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure in a press briefing. The UAE is the world 11th-largest oil producer.
The UAE will host the COP28 climate change conference later this year. Despite increased investment in renewable technologies the country’s energy policy remains firmly committed to fossil fuels.
The appointment of Sultan Ahmed Al-Jaber as president of COP28 has been the subject of much controversy. Al-Jaber is not only the UAE’s Minister of Industry and Advanced Technology but also CEO of the Abu Dhabi National Oil Company. His appointment has therefore raised questions over a potential conflict of interest.
Sheikh Mohammed appointed Mohamed Hassan Alsuwaidi as the country’s Investment Minister in his announcements on Monday. Alsuwaidi is currently CEO of ADQ, an investment holding company, and chairman of the Abu Dhabi National Energy Company. He is also deputy chairman of clean energy company Madsar.
