UAE has announced plans to triple the contribution of renewable energy to its power mix over the next seven years, to reduce the effects of climate change and achieve climate neutrality.
A National Strategy will support research and development programmes in energy technologies, in addition to encouraging innovation and investment in energy sector.
It will also work on strengthening the country’s capacity to provide clean and sustainable energy, raising its global competitiveness in the energy sector and consolidating UAE’s position as one of the most countries attracting innovation and investment in the sector.
Furthermore, 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.
The strategy’s objective is to achieve up to AED100bn financial savings by 2030, and increase national energy investments between AED150 – 200bn until 2030, in addition to raising the share of clean energy in the total energy mix to 30% by 2031.
The UAE Cabinet also approved the National Hydrogen Strategy to support low carbon local industries, contribute to achieving climate neutrality and enhance the UAE’s position enhance among the largest producers of hydrogen by 2031, through 10 main enablers.
The strategy aims at accelerating the growth of hydrogen economy and enhancing the global position of the UAE among the world’s largest producers of low-carbon hydrogen, through developing energy policies, and attracting investments in this sector.
Sheikh Mohammed bin Rashid Al Maktoum, vice president, prime minister of the UAE and Ruler of Dubai, said: “Our aim is to develop the investment vision of the UAE, and promote the investment environment and the competitiveness of this sector in the country.
“As a result of the accelerated economic growth, we approved the updated UAE National Energy Strategy, which aims to triple the contribution of the renewable energy over the next 7 years, and invest AED150 to AED200bn during the same period to meet the country’s growing demand for energy.”