UAE unveils $163bn renewable energy plan

The United Arab Emirates have announced plans to invest $163bn in renewable energy projects by 2050 in a bid to boost the share of clean energy in the country’s energy mix to 50 per cent by that time.

The new plan intends to boost consumption efficiency of individuals and corporates by 40 per cent, and targets a combination of renewable, nuclear and clean energy sources to help achieve the goal.
UAE Prime Minister and Vice-President Sheikh Mohammed bin Rashid Al Maktoum
The government believe growth in the sector could save the country$190.5bn, while reducing the carbon footprint from power generation by 70 per cent.

UAE Prime Minister and Vice-President Sheikh Mohammed bin Rashid Al Maktoum said: “Our new energy plan balances supply and demand, and takes into consideration our international commitments in terms of the environment. It also seeks to ensure a conducive economic environment for growth across sectors.”

The 2050 strategy ultimately aims to have an energy mix of 44% clean energy, 38% gas, 12% clean coal and 6% nuclear.

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