UAE Unveils $54 Billion Green Energy Plan Amid Climate Change Criticism
The United Arab Emirates announced a plan on Monday to triple its renewable energy supply and invest up to $54 billion over the next seven years to meet growing energy demands. The strategy, unveiled by the UAE’s vice president and Dubai ruler, Sheikh Mohammed bin Rashid Al Maktoum, also includes investments in low-emission hydrogen fuel and electric vehicle infrastructure.
Al Maktoum outlined the updated national energy strategy following a cabinet meeting, stating its aim “to triple the contribution of renewable energy over the next seven years and invest 150 billion to 200 billion dirhams [$41 billion to $54 billion] during the same period to meet the country’s growing demand for energy.”
As a major oil producer, the UAE has pledged carbon neutrality by 2050 and will host the COP28 climate summit later this year. The plan also revealed the creation of an Investment Ministry, to be led by Mohamed Hassan Alsuwaidi, the deputy chairman of clean energy firm Masdar.
The appointment of Sultan al-Jaber, CEO of the Abu Dhabi National Oil Co, as president of the upcoming climate summit, has drawn criticism from environmentalists. Critics fear the UAE may resist reducing fossil fuel sales.
