UAE’s $54 B for energy demand
UAE approved the National Energy Strategy, with the aim to invest $54 B to meet growing energy demand.
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UAE, Abu Dhabi: UAE approved the National Energy Strategy, with the aim to invest $54 B to meet growing energy demand.
The United Arab Emirates (UAE) approved an updated National Energy Strategy, which aims to triple the contribution of renewable energy by 2030 and invest $54.5 B (AED150 to AED200 B) during the same period to meet the country’s growing demand for energy.
The strategy aims to align with efforts to mitigate climate change and achieve climate neutrality.
“As a result of the accelerated economic growth, we approved the updated UAE National Energy Strategy, which aims to triple the contribution of renewable energy over the next seven years and invest AED150 to AED200 billion during the same period to meet the country’s growing demand for energy,” Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai stated.
“We also approved the National Hydrogen Strategy,” he continued.
“The strategy aims to promote the UAE’s position as a producer and exporter of low-emission hydrogen over the next eight years through the development of supply chains, the establishment of hydrogen oases and a national research and development centre.”
The energy strategy’s objectives include achieving up to $27 B (AED100 billion) in savings by 2030 and increasing the share of clean energy in the total energy mix to 30 % by 2031.
UAE National Energy Strategy will also prioritise enhancing energy efficiency, bolstering UAE’s global competitiveness in the energy sector, and solidifying its position as a top location for energy innovations and investments.
The strategy provides new investment opportunities in renewable energy, supports efforts to strengthen cooperation with international partners to achieve sustainability goals in the energy sector, and constitutes a long-term national programme to balance meeting energy needs with ensuring the sustainability of natural resources for future generations.
Source: Energy&Utilities