36 C
Dubai
Saturday, July 12, 2025
spot_img

UAE announces plans to invest US$54B in energy and triple renewables

[ad_1]

The United Arab Emirates plans to triple its renewable energy supply over the next seven years and invest up to $54 billion to meet its growing energy needs

DUBAI, United Arab Emirates – The United Arab Emirates plans to triple its renewable energy supply over the next seven years and invest up to $54 billion to meet its growing energy needs.

UAE Vice President and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, announced the plan on Monday after a cabinet meeting. These also include investments in low-emission hydrogen fuel and the development of electric vehicle infrastructure.

He said the updated National Energy Strategy “aims to triple the contribution of renewable energy over the next seven years and invest AED150 billion to AED200 billion (US$40 billion to US$54 billion) over the same period to meet the China’s growing energy demand.”

The major oil producer, which has pledged to become carbon neutral by 2050 without fully explaining how, will host the COP28 climate summit later this year.

The latest announcement includes the establishment of an investment department, headed by Mohammad Hassan Alsuwardi. He is currently vice-chairman of Masdar Corporation, a clean energy company that has poured tens of billions of dollars into projects around the world.

Sultan al-Jaber, chairman of Masdar and chief executive of ADNOC, a state-owned company that produces millions of barrels of crude oil a day, has been named as leader of the upcoming climate summit in Dubai. chairman.

His appointment has drawn criticism from environmentalists who fear the UAE will resist efforts to reduce sales of fossil fuels. Summit organizers say they want big results, but oil producers must have a seat at the negotiating table.

The UAE’s oil wealth has fueled its transformation into a major business and tourism hub, known for futuristic cities like Dubai and Abu Dhabi. The country needs vast amounts of energy to power desalination plants to irrigate its desert golf courses, cool and air-condition shopping malls and power heavy industries such as aluminum smelters.

The UAE has a nuclear power plant and Dubai has a large solar park that met 15% of the city’s needs last year, making it largely dependent on natural gas imported from Qatar.

[ad_2]

Source link

Related Articles

Air Europa: Connectivity and Growth in the United Arab Emirates

Air Europa strengthens its global presence by investing in key routes in the UAE with a long-term commercial vision. Air Europa, the airline belonging to...

UAE Announces Powerful Four-Day Public Holiday for Arafat Day and Eid Al Adha 2025…

UAE  has officially announced a four-day public holiday to mark Arafat Day and Eid Al Adha 2025, creating a wave of excitement across the...

Dubai Roads and Transport Authority (RTA) has announced adjusted service hours for public transportation during the Eid Al-Adha holiday

Dubai Roads and Transport Authority (RTA) has announced revised schedules for public transport services across the city in preparation for the upcoming Eid Al-Adha...

UAE Universities Surge in Global Rankings as Academic Excellence Gains Momentum

UAE are rapidly climbing the ladder of global academic prestige, marking a new chapter in the country’s ambition to become a leading hub for...

Sharjah Secures Global Spotlight as Host of Prestigious World Investment Conference 2025

Sharjah is set to take center stage in the global investment arena as it prepares to host the 29th edition of the World Investment...

Latest Articles