UAE commits to energy diversification with $163 billion investment
H.E. Yousif Al Ali, Assistant Undersecretary for the Electricity, Water and Future Energy Sector at the UAE Ministry of Energy and Infrastructure, reiterated the country’s commitment to supporting the energy transition through domestic and foreign investment with an investment of $163 billion to diversify the country’s energy mix.
Speaking during the opening session of the Global Energy & Utilities Forum at Middle East Energy 2022 Al Ali said, “With IRENA forecasting that energy transition investments will have to increase by 30 percent over planned investment to a total of $131 trillion between now and 2050, the UAE is committed to supporting this transition through domestic and foreign investment. To achieve our ambition, we plan to invest $163 billion to diversify our energy mix.”
Over the next decade, the UAE will focus on driving clean electrification through solar and nuclear, implementation of transparent policies, improving energy efficiency, reducing carbon and methane emissions, and turbocharging innovation to commercialise hydrogen technology and accompany these actions by strategies to unlock capital flows in support of clean energy transition to ensure affordability and reliability.
Al Ali pointed out that Hydrogen has a key role to play in the energy transition and the UAE’s future energy system and will be crucial to decarbonise its industries, transportation sector, and the fossil fuel sector. The UAE is determined to lead the decarbonisation and sustainability of the fossil fuel sector. “Our national oil company ADNOC aims to decrease greenhouse emissions intensity by around 25 percent by 2030 and expand their carbon capture capacity by almost 500 percent, reinforcing its position as one of the least carbon-intensive producers globally.”
H.E. Aisha Al Abdooli, Acting Assistant Undersecretary for Green Development & Climate Change, Ministry of Climate Change & Environment, discussed the UAE’s roadmap to green development and net-zero goals and highlighted that the Ministry of Climate Change & Environment is guided by various national plans and strategies such as the UAE Clean Agenda 2030, the UAE National Climate Change plan 2050 all of which support efforts to mitigate and adapt to climate change and support the achievement of net zero emissions by 2050.