The UAE announced a plan to invest up to AED 200 billion (approximately USD 54 billion) in sustainable energy over the next six years. Suhail Al Mazrouei, the UAE Minister of Energy and Infrastructure, outlined this strategy during the opening of ADIPEC 2024, an annual event in the energy sector. The minister said this investment is part of the UAE’s strategy to meet increasing energy demands while moving toward net-zero emissions by 2050.
The UAE’s commitment to reducing its carbon footprint includes diversifying its energy sources and relying more on clean energy. This includes plans to decrease carbon emissions from oil and gas operations by an additional 25% over the next ten years.
Al Mazrouei highlighted that, “the UAE has already invested heavily in renewable energy projects. These projects are currently operational, with others under development. In recent years, the UAE has focused on renewable projects such as solar power, nuclear energy, and hydrogen fuel to reduce its dependency on fossil fuels. This shift is in line with its net-zero target for 2050, which involves both local and international clean energy partnerships”.
The UAE has been recognized as a leader in sustainable energy in the region, having developed key projects such as the Mohammed bin Rashid Al Maktoum Solar Park in Dubai, one of the world’s largest single-site solar parks. Additionally, the UAE’s Barakah Nuclear Energy Plant, the first in the Arab world, supports the country’s energy diversification and emissions reduction goals. The UAE’s energy transition strategy reflects its dual focus on ensuring energy security and promoting sustainability.
Coming a week before COP29 kicks off in Azerbaijan, the UAE announcement will need to be evaluated post actual details of how and when the planned investment will happen.
