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The UAE’s increased cooperation with India on climate and clean energy will support New Delhi’s ambitions to install 450 gigawatts of renewable energy capacity by 2030 and achieve net-zero carbon emissions by 2070, a senior official said.
Mohammad Ali Rashed Lootah (Chairman and CEO of Dubai Chamber of Commerce) said both countries are “old energy partners” and India is the UAE’s third largest importer and consumer of crude oil.
Lootah said the UAE aims to increase its clean energy capabilities to meet the goals of the UAE Energy Strategy to 2050 and the ambitions of the UAE Net Zero to 2050 strategic initiative.
Lootah highlighted the benefits of signing the UAE-India Comprehensive Economic Partnership Agreement (CEPA) last year, saying the agreement will increase bilateral trade between the UAE and India to $100 billion within five years.
Lootah said that CEPA provides new opportunities for India and the UAE to collaborate and capitalize on the numerous growth opportunities arising from the energy transition.
“Our two countries work together to ensure a more sustainable world. We therefore look forward to greater cooperation on renewable energy, especially solar and hydrogen,” he said.
“CEPA comes into force in May 2022. It is too early to tell which industry will benefit the most.” Ruta said the two countries had agreed to increase bilateral trade by $6-100 billion over the next five years.
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