UAE to Invest $163-B to Meet Clean Energy Demand
The UAE plans to invest $163-B by Y 2050 to meet growing demand under a new clean energy strategy.
The plan, unveiled by Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, envisions the country saving $190.5-B by Y 2050 through clean energy by Y 2050.
Under the program, the UAE aims for clean energy, comprising renewable, nuclear and other sources, to contribute 50% to its energy mix and to increase the consumption efficiency of individuals and corporates by 40%.
“The new strategy takes into consideration an expected annual growth of 6%, and will work on increasing the contribution of clean energy in the energy mix from 25 to 50% by Y 2050 while slashing carbon footprint during power generation by 70% over the next 3 decades,” said Sheikh Mohammed.
He also expressed his hope for a unified Gulf Cooperation Council energy strategy to ensure “sustainable growth for our people and global influence for our economies”.
By Y 2050 the country is aiming for its energy mix to consist of 44% clean energy, 38% Nat Gas, 12% clean Coal and 6% nuclear.
The strategy will be implemented in 3 Phases.
The 1st will aim to accelerate efficient, secure and diversified consumption, the 2nd will seek new solutions that can be integrated with energy and transport, and the 3rd will focus on research and development and innovation in sustainable energy.