UAE plans to invest $163bn in renewable energy projects
The new UAE Energy Plan 2050, which intends to boost consumption efficiency of individuals and corporates by 40%, targets an energy mix that combines renewable, nuclear and clean energy sources to help achieve the UAE’s economic needs and environmental goals.
With an expected annual growth of 6%, the new strategy will help increase the contribution of clean energy in the energy mix from 25% to 50% by 2050 which is expected to save AED700bn ($190.5bn).
Over the next three decades, the country also intends to reduce carbon footprint resulting from power generation by 70%.
UAE Prime Minister and Vice-President Sheikh Mohammed bin Rashid Al Maktoum said: “Our new energy plan balances supply and demand, and takes into consideration our international commitments in terms of the environment. It also seeks to ensure a conducive economic environment for growth across sectors.”
The 2050 strategy aims to have an energy mix of 44% clean energy, 38% gas, 12% clean coal and 6% nuclear. ■
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