26 C
Dubai
Tuesday, February 11, 2025
spot_img

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

[ad_1]

This article has been reviewed against Science X editing process
and policy.
edit The following attributes were emphasized while ensuring content credibility:

fact checked

reputable news agency

Proofread






This is a location map of the United Arab Emirates and its capital Abu Dhabi.Image Credit: AP Photo

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 has pledged to become carbon neutral by 2050 but has not fully explained how, and is hosting 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 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 a lot of energy to power it desalination plant irrigated desert golf courses, air conditioner Cool heavy industries like sprawling shopping malls and aluminum smelters.

the uae has one nuclear power plantand a large solar park in Dubai, which 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

Albeesmart Interior Turnkey Solution: Revolutionizing Interior Design with Innovation

Founded by Alban Dickqrose, Albeesmart Interior Turnkey Solution is a company driven by a passion for transforming spaces into aesthetically appealing, functional environments. The Spark...

Dubai Fashion Week Shines on Global Stage with Star Designers and Luxury Appeal

Dubai Fashion Week (DFW) has once again demonstrated its growing influence in the global fashion industry, with the recently concluded Autumn/Winter 2025 edition solidifying...

Relaxopod Systems India: Pioneering Floatation Therapy in India

Imagine a place where stress melts away, the mind finds stillness, and the body rejuvenates—without the need for pharmaceuticals or elaborate treatments. This is...

France and UAE Forge $50 Billion AI Data Centre Partnership to Drive Innovation

France and the United Arab Emirates have announced a landmark collaboration to develop a 1-gigawatt artificial intelligence data centre, with investments ranging between $30...

The Resilient Journey of Subhendra Basu: Innovation in Cybersecurity

Subhendra Basu’s career trajectory is a powerful story of resilience, perseverance, and intellectual curiosity. With over 24 years of experience across major technology companies...

Latest Articles