The UAE has unveiled an ambitious agenda to triple the contribution of renewable energy to its overall power mix within the next seven years, as part of its broader efforts to mitigate climate change impacts and strive towards climate neutrality. An established National Strategy will facilitate research and development programs focused on energy technologies, foster innovation, and stimulate investment within the energy sector. Moreover, it aims to bolster the country’s capabilities in delivering clean and sustainable energy, enhancing its global competitiveness in the energy sector and solidifying the UAE’s stature as a magnet for innovation and investment in this sphere.
Additionally, the strategy introduces fresh investment opportunities in the renewable energy sector and fortifies endeavors to deepen collaboration with international partners to achieve sustainability objectives within the energy field. It also outlines a long-term national agenda aimed at striking a balance between meeting energy requirements and preserving the sustainability of natural resources for forthcoming generations. The strategy targets achieving financial savings of up to AED100bn by 2030 and increasing domestic energy investments ranging from AED150 – 200bn until 2030. Moreover, it seeks to raise the portion of clean energy in the total energy mix to 30% by 2031.
The UAE Cabinet has also ratified the National Hydrogen Strategy, designed to bolster low carbon local industries, contribute to achieving climate neutrality, and amplify the UAE’s stature as one of the major hydrogen producers by 2031, guided by ten primary enablers. The goal of this strategy is to hasten the growth of the hydrogen economy and strengthen the UAE’s position as one of the world’s top producers of low-carbon hydrogen by creating energy policies and luring investors to this industry.
Sheikh Mohammed bin Rashid Al Maktoum, stated, “Our objective is to refine the UAE’s investment vision and augment the investment climate and the competitiveness of this sector within the nation. Our revised UAE National Energy Strategy, which aims to triple renewable energy’s contribution over the course of seven years and contribute AED150 to AED200bn during the same period to fulfill the country’s rising energy demand, has been ratified in response to the rapid economic expansion.”