UAE said oil giant Shell Plc is helping it devise a plan to reach net-zero emissions by 2050, Bloomberg reported.
“We are currently undergoing an exercise with Shell developing a country sketch to outline the possible pathways, specifically regarding technologies which will enable us to reach net-zero emissions by the year 2050,” Yousif Al Ali, assistant undersecretary for electricity, water and future energy affairs, said at an event in Ras Al Khaimah on Wednesday.
UAE Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum announced that $165 billion (AED600 billion) would be invested in clean energy to reach the target by 2050.
Additionally, UAE is also doubling down on efforts to address climate change and accelerate the global energy transition, through investments of over $50 billion in renewable energy projects across 40 countries, while announcing plans to invest an additional $50 billion over the next decade.
The announcement, which was made at the Leaders Meeting of the Major Economies Forum on Energy and Climate (MEF) this year, is “yet another milestone in the UAE’s long track record spanning close to three decades,” said Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment.
Moreover, in line with its commitment towards climate action and the Paris Agreement, the UAE has introduced multiple roadmaps along the way that reaffirm its keenness to build a sustainable future for the next generations.
These include the UAE Hydrogen Leadership Roadmap that seeks to position the country as a leading producer and exporter of green and blue hydrogen in the pursuit of net zero, and the UAE Net Zero by 2050 Strategic Initiative.
The UAE is gearing up to host the 28th UN Climate Change Conference (COP28) next year, and “we remain determined to enhance environmental protection, advance government agendas, and boost the participation of the private sector through driving innovation and developing cutting-edge climate-smart technologies in the agriculture and food sectors to conserve natural resources.”
According to Bloomberg, UAE Energy Minister Suhail Al-Mazrouei in April said that oil producers “felt unwanted” at the Glasgow summit, but that the energy crisis in the wake of the war in Ukraine meant that “now, we’re like superheroes.”
*With Bloomberg
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