In line with the updated objectives of the UAE Energy Strategy 2050, the country will invest between AED 150-200 billion by 2030 to ensure energy demand is met…reports Asian Lite News
The updates energy strategies will contribute to achieving financial saving of AED 100 billion and creating 50,000 new green jobs by 2030, said UAE Energy Minister Suhail bin Mohammed Al Mazrouei.
Al Mazrouei revealed the details of the updated version of the UAE Energy Strategy 2050 and the development of the National Hydrogen Strategy that were approved by the UAE Cabinet to enhance the country’s efforts to meet its climate and net-zero commitments by 2050.
“Through both strategies, we aim to shape a prosperous, climate-safe, energy-secure future for our nation, while contributing to the global agenda for environmental sustainability,” said Al Mazrouei.
“The strategies support the objectives of the ‘We the UAE 2031’ Vision, the Circular Economy Policy 2031, the National Strategy for Wellbeing 2031, and the UAE Net Zero by 2050 Strategic Initiative. Their launch couldn’t be more timely as we mark the Year of Sustainability and gear up to host the 28th United Nations Climate Change Conference of the Parties (COP28).”
He added, “The UAE presents a shining example for adopting policies and strategies that contribute to shaping a more sustainable future at home and globally. We took on the task of updating the UAE Energy Strategy 2050 to accelerate the energy transition and increase the share of clean energy in our energy mix to become climate neutral by 2050 and help achieve our vision of a sustainable development.”
“The strategy outlines a national programme to balance meeting the rising energy demand and sustaining natural resources for generations to come. It aims to spur a clean energy boom and achieve a robust energy transition as a lever for national economy and a key contributor to the country’s GDP.”
As one of the first countries in the region to ratify the Paris Agreement and as the host of COP28, the UAE is committed to joining forces with the international community to drive collective action to limit global warming, Al Mazrouei further stressed.
In line with the updated objectives of the UAE Energy Strategy 2050, the country will invest between AED 150-200 billion by 2030 to ensure energy demand is met while sustaining economic growth in the UAE. The strategy aims to improve individual and institutional energy consumption efficiency rates to reduce carbon emissions and enhance environmental sustainability. This will contribute to achieving financial saving of AED 100 billion and creating 50,000 new green jobs by 2030.
Speaking on the National Hydrogen Strategy, Al Mazrouei explained, “It is a long-term plan to turn the UAE into a leading and reliable producer and supplier of low-carbon hydrogen by 2031. The strategy serves as a crucial tool to help the UAE achieve its commitment to net zero by 2050 and accelerate the global hydrogen economy.”
For his part, Sharif Al Olama, Under-Secretary for Energy and Petroleum Affairs at MoEI, said, “Through updating the UAE Energy Strategy 2050, we seek to increase the deployment of renewable energy and improve energy efficiency, in line with our steadfast commitment to the Paris Agreement and the UN Sustainable Development Goals (SDGs). The strategy features multiple initiatives to promote the deployment of solar and nuclear energies, drive R&D and innovation in renewables technologies, and encourage local and international companies to invest in the country’s renewable energy sector.”
He added, “The updated UAE Energy Strategy 2050 will position the UAE at the forefront of the global energy transition. It will support the target of achieving a grid emission factor of 0.27 kg CO2/kWh by 2030, which is lower than the global average, to achieve net zero in the energy and water sectors by 2050. It will also help the UAE more than triple the share of renewable energy by 2030 to stay on track with its climate change mitigation goals, as well as help increase the share of installed clean energy capacity in the total energy mix to 30 percent by 2030.”
In reference to the National Hydrogen Strategy, Al Olama stated, “It involves tangible steps to establish two hydrogen oases and explore three future ones to consolidate the UAE’s position as a reliable producer and supplier of clean energy through enhancing hydrogen production capacities. The strategy contributes to fostering the domestic market, developing a regulatory framework and policies that support hydrogen as a sustainable fuel for the future, strengthening regional collaboration, and bolstering investments in research and development.”
He noted that the strategy emphasises the importance of economic growth and will help create thousands of jobs in the hydrogen sector by 2050, in addition to reducing emissions in hard-to-abate sectors, such as heavy industries, land transport, aviation, and sea freight, by 25 percent by 2031.
In 2017, the UAE launched its Energy Strategy 2050, the first unified energy strategy in the country that is based on supply and demand. In collaboration with all stakeholders, the strategy was updated following its first review to factor in the developments in the energy sector and ensure access to reliable, sustainable, and affordable energy.
