UAE to Triple Renewable Energy Output Amid COP28 Controversy
As part of the updated United Arab Emirates (UAE) National Energy Strategy 2050, the country has plans to invest up to $54.4 billion in energy, with a goal of tripling its renewables output over the next seven years, reported Arab News.
Following a Cabinet meeting, UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum announced the plans, which include investments in infrastructure development for electric vehicles and low-emissions hydrogen fuel, The Associated Press reported.
“Over the last decade, the UAE has increased renewable energy capacity more than any other country in the world, and by 2030 aims to more than triple this capacity again to reach a total of 14.2 [gigawatts (GW)],” said Sultan Ahmed Al Jaber, the UAE’s Minister of Industry and Advanced Technology, as well as the managing director and CEO of the Abu Dhabi National Oil Company and COP28 president, reported Recharge.
In November of this year, the UAE will host COP28 in Dubai, amid ongoing controversy over the oil-rich country being involved in global climate policy decision making.
“The [UAE presidency of Cop28] is a merger of the economic interests of a fossil country with a fundamental transition agenda that should be away from this fossil industry – that will not go well,” said Bas Eickhout, member of the European Parliament and vice-chair of the EU parliament’s environment committee, last month, as The Guardian reported.
The UAE already boasts the Mohammed bin Rashid Al Maktoum Solar Park, which met 15 percent of Dubai’s energy needs last year, reported The Associated Press. The country gets most of its energy from imported natural gas from Qatar.
The solar park is expected to produce five GW of capacity by 2030, Recharge reported.
Global renewables developer Masdar, based in Abu Dhabi, has a goal of having a portfolio of 100 GW of renewables, as well as to be producing more than one million tons of green hydrogen, by the end of the decade.
“The plan aims to consolidate the country’s position as a producer and exporter of low-emission hydrogen over the next eight years,” a tweet from Al Maktoum said.
A new federal law was also approved by the Cabinet that establishes the Financial Stability Council, reported Arab News. The Council’s plans include monitoring the associated risks of fiscal crises, as well as confronting and preventing them, while developing strategies to protect and manage the country’s monetary and economic systems.
“The UAE presents a shining example for adopting policies and strategies that contribute to shaping a more sustainable future at home and globally,” said Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, in a press briefing, according to the Emirates News Agency.