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UAE plans to invest $163bn in renewable energy projects

UAE plans to invest $163bn in renewable energy projects

DUBAI: The UAE government has announced plans to invest AED600bn ($163bn) by 2050 in projects to boost clean energy contribution in the country’s total energy mix to 50%. The new UAE Energy Plan 2050, which intends to boost consumption efficiency of individuals and corporates by 40%, targets an energy mix that combines renewable, nuclear and clean energy sources to help achieve the UAE’s economic needs and environmental goals. With an expected annual growth of 6%, the new strategy will help increase the contribution of clean energy in the energy mix from 25% to 50% by 2050 which is expected to save AED700bn ($190.5bn). Over the next three decades, the country also intends to reduce carbon footprint resulting from power generation by 70%.

UAE Prime Minister and Vice-President Sheikh Mohammed bin Rashid Al Maktoum said: “Our new energy plan balances supply and demand, and takes into consideration our international commitments in terms of the environment. It also seeks to ensure a conducive economic environment for growth across sectors.” The 2050 strategy aims to have an energy mix of 44% clean energy, 38% gas, 12% clean coal and 6% nuclear. Maktoum added: “Ensuring the sustainability of energy resources guarantees the sustainability of our country’s growth. “Drafting the first unified energy strategy in the country based on supply and demand is a significant achievement of the government.”

The strategy is planned to be implemented in three phases with the first phase focusing on accelerating the move to efficient energy consumption while ensuring stable sources of energy and the diversification of energy sources. The second phase involves finding new energy-efficient solutions for transportation whereas the third phase will focus on research and development as well as enhancing innovation and creativity in the supply of sustainable energy.