The UAE has announced an updated National Energy Strategy, which will see the country invest $54bn in the sector over the course of the next seven years.
At the same time, it will look to increase the share of clean energy to 30 per cent of the national total by 2031.
The news came as Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, chaired the UAE Cabinet meeting at Qasr Al Watan, Abu Dhabi
UAE National Energy Strategy
The Cabinet approved the updates on the UAE National Energy Strategy 2050, aiming at increasing reliance on renewable energy, improving energy efficiency and promoting the use of clean energy.
The strategy will support research and development programmes in energy technologies, in addition to encouraging innovation and investment in energy sector.
Sheikh Mohammed said: “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 seven years, and invest AED150 to AED200bn ($41bn to $54bn) during the same period to meet the country’s growing demand for energy.”
The National Strategy will work on strengthening the country’s capacity to provide clean and sustainable energy, raising its global competitiveness in the energy sector and consolidating its position as one of the most countries attracting innovation and investment in the sector.
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 aims to triple the contribution of renewable energy by 2030, to reduce the effects of climate change and achieve climate neutrality.
The strategy’s objective is to achieve up to AED100bn ($27bn) financial savings by 2030, and increase national energy investments between AED150 and AED200bn ($41bn to $54bn) until 2030.
In addition, the UAE looks to raise the share of clean energy in the total energy mix to 30 per cent by 2031.
The UAE has also approved its National Hydrogen Strategy.
Within the UAE’s initiatives and projects to invest in new clean energy sources, and as part of the country’s preparations to host COP28, the UAE Cabinet 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 to accelerate the growth of hydrogen economy and enhancing the global position of the United Arab Emirates among the world’s largest producers of low-carbon hydrogen, through developing energy policies, and attracting investments in this sector.
His Highness Sheikh Mohammed said, “We also approved the National Hydrogen Strategy, which has recently emerged as one of the most important types of clean energy.
“The strategy aims to promoting the UAE’s position as a producer and exporter of low-emission hydrogen over the next eight years through the development of supply chains, the establishment of hydrogen oases and a national research and development centre.”
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