Dubai: The UAE on Tuesday announced that it has approved a three-decade energy strategy that aims to invest Dh600 billion to meet demands for energy and ensuring the sustainability of growth in the UAE’s economy.
The strategy is also expected to result in savings of Dh700 billion.
The UAE Energy Strategy for 2050 was launched on Tuesday by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Dubai Crown Prince, was present.
According to the strategy, the target set is for clean energy to account for 44 per cent of energy production. The plan will aim to continue and boost the UAE’s leadership role in business, sustainability, the energy sector and securing energy supply.
“Our new energy strategy is ideal, achieving a balance between production, consumption and international environmental commitments. It ensures a comfortable economic environment for growth in all sectors,” Shaikh Mohammad said.
He also said that the strategy takes into consideration annual growth in demand for energy, which stands at six per cent. He said that the plan will increase the contribution of clean energy from 25 to 50 per cent by 2050, and reducing carbon emissions resulting from the power generating process by 70 per cent.
He underlined that the energy strategy targets a combination of renewable, nuclear and clean fossil energy to ensure achieving a balance between economic needs and environmental goals.
“Ensuring the sustainability of sources of energy is a guarantee for the sustainability of the UAE’s growth,” said Shaikh Mohammad.