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

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Associated Press

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.

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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 per day, has been named to the upcoming climate conference in Dubai. Chairman of the summit.

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

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