During his participation in the World Economic Forum (WEF) Special Meeting in Riyadh, Suhail bin Mohammed Al Mazrouei, the UAE’s Minister of Energy and Infrastructure, underscored the UAE’s milestones and achievements in climate action and renewable energy. During his participation, Al Mazrouei revealed that between 2019 and 2022, the UAE successfully doubled its renewable capacity.
Al Mazrouei also outlined the nation’s approach to climate action. He emphasized the UAE’s dedication to striking a balance between economic development and environmental protection by harnessing low-carbon energy solutions.
National Hydrogen Strategy 2050
In a statement at the WEF Special Meeting’s ‘Green Molecules and Hydrogen’ session, Al Mazrouei stated that in 2023, the UAE launched its National Hydrogen Strategy 2050. The strategy aims to bolster low-carbon industries, advance climate neutrality, and position the UAE as a leading hydrogen producer by 2031. “The UAE targets to produce 1.4 million tons of low-emission hydrogen annually by 2031 and 15 million tons annually by 2050,” he added.
The minister identified key enablers for the green molecules business, including global collaboration, robust policy and regulation frameworks, financing and investment mechanisms, investment in research and development, adoption of advanced technology, and sustainable commercial and economic models.
Tripling renewables
In a separate session on the “Roadmap to Tripling Renewables”, Al Mazrouei addressed the key bottlenecks hindering rapid renewable deployment in emerging markets at the WEF Special Meeting. He identified regulatory barriers, innovative financing mechanisms, and the importance of digitalization and innovative solutions as critical factors.
Reflecting on the UAE’s journey in deploying renewables, Al Mazrouei highlighted the country’s significant achievements. He noted that between 2019 and 2022, the UAE doubled its renewables capacity. Moreover, it witnessed a remarkable 70 percent growth in installed renewables capacity by 2023, reaching 6 GW.
These achievements underscore the importance of translating national net-zero goals into actionable policies. “We are working in a bottom-up approach with the engagement of all segments of the community,” Al Mazrouei added.
Global partnership for sustainable energy transition
During the WEF Special Meeting, Al Mazrouei emphasized the importance of global partnership and collaboration. Moreover, he called for collaboration on technology transfer, investment and financing from developed countries and international financial institutions. He also stressed the need for policy support, capacity-building programs, and infrastructure development assistance to accelerate the transition to sustainable energy systems in emerging markets.
UAE’s leadership in renewable investments
During the WEF Special Meeting, Al Mazrouei also highlighted the UAE’s substantial investments in renewables, both domestically and internationally. He noted that the UAE has allocated AED200 billion to clean energy projects locally until 2030. Moreover, it has invested AED160 billion so far. Additionally, the UAE has invested AED185 billion in renewables projects in over 40 countries. “Our flagship renewables company Masdar has made substantial renewable energy investments across the world, with a total capacity of 20 GW installed or under development,” he added. By 2030, Masdar aims to grow its global renewables capacity to 100 GW.
