Sheikh Mohammed bin Rashid Al Maktoum, UAE prime minister and ruler of Dubai, center, attends World Government Summit at the Dubai Expo 2020, in Dubai, United Arab Emirates, Tuesday, March 29, 2022. (AP Photo/Ebrahim Noroozi, File)
The United Arab Emirates (UAE) is set to boost its renewable energy supply and allocate $54 billion over the next seven years to meet the country’s growing energy needs. Sheikh Mohammed bin Rashid Al Maktoum, the vice president of the UAE and ruler of Dubai, unveiled the plans during a Cabinet meeting. The strategy includes a focus on low-emission hydrogen fuel, electric vehicle infrastructure, and aims to triple the contribution of renewable energy by 2029. As part of its commitment to combat climate change, the UAE will host the COP28 climate summit later this year.
Key figures in the initiative include Mohamed Hassan Alsuwaidi, who will lead the newly-formed Investment Ministry, and Sultan al-Jaber, the chairman of Masdar and CEO of the Abu Dhabi National Oil Co, who will serve as the president of the upcoming climate summit. While there has been criticism from environmentalists regarding the appointment of al-Jaber, organizers of the summit emphasize the importance of including oil producers in discussions on reducing fossil fuel consumption.
As a major oil-producing nation, the UAE’s transition towards renewable energy is a significant step towards its goal of becoming carbon-neutral by 2050. The country relies heavily on energy for various sectors, including desalination plants, air conditioning, and heavy industries.
The UAE has already made progress in renewable energy, with a nuclear power plant and a large solar park in Dubai. However, it still relies on natural gas imports from Qatar for a significant portion of its energy needs.
Denial of responsibility! SamacharCentrl is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
