UAE spending on clean energy projects could hit $200bn by 2030 as the country looks to diversify consumption and investments.
Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, has said that the UAE’s share of installed clean energy capacity reached 15.6 per cent of the country’s total energy mix in 2022, with a set target to raise it to 30 per cent by 2030, in line with the updated UAE Energy Strategy 2050.
Speaking on the sidelines of the 2023 edition of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2023), the Minister of Energy and Infrastructure noted that the UAE ranked second globally in the Energy Transition pillar of the Green Future Index 2023, a testament to its leading contributions and growth rate in renewable and clean energy generation.
UAE clean energy projects
The Green Future Index 2023 is the third edition of the comparative ranking of 76 nations and territories on their ability to develop a sustainable, low-carbon future. It measures the degree to which their economies are pivoting toward clean energy, industry, agriculture, and society through investment in renewables, innovation, and green policy.
Over the past 15 years, the UAE has invested more than $40bn in clean energy projects, Al Mazrouei went on to say, adding that this figure is likely to range between $150-200bn through 2030 to ensure that the UAE’s energy demand is met and maintain the sustainable growth of the country’s economy.
This, he explained, will drive the UAE’s shift towards generating energy through more sustainable solutions while preserving energy security and power grid stability.
About the role of the energy sector during the 28th UNFCCC Conference of the Parties (COP28), the minister said that the sector is playing a pivotal role in ensuring the success of the global event, which the United Arab Emirates is hosting later this year.
He underscored the country’s commitment to reduce greenhouse gas emissions and achieve net-zero targets by 2050, a goal that necessitates the involvement of the energy sector as a key player to ensure that such commitment is realised.
This has been reflected in the UAE’s updated Energy Strategy 2050 to ensure the water and energy sectors become carbon neutral by 2050, Al Mazrouei said, in conclusion.
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