According to a statement released by Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister, and Ruler of Dubai, an estimated amount of 200 billion dirhams ($54 billion) will be invested to address the rising demand for electricity within the next seven years.
Sheikh Mohammed also noted that another objective of the initiative is to establish the country as a significant low-emission hydrogen producer and exporter by enhancing supply chains and infrastructure, as well as creating a research and development center.
Threefold increase in renewables
The UAE, known for its abundant oil resources, revealed its plan to triple renewable energy production and implement a series of environmental initiatives ahead of the UN climate talks (COP28) to be held in the country later in November this year.
Read more: UAEโs net-zero efforts giving rise to huge investment opportunities
The specifics of the newly announced policies, which were made public five months ahead of the COP28 summit, where representatives from almost 200 nations will discuss how to address the challenges of climate change and its consequences, were not fully disclosed.
Additionally, Sheikh Mohammed announced the approval of an “updated national energy strategy” which seeks to increase the share of renewable energy in the country’s energy mix threefold over the same seven-year period.
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