Insufficient investments may set off oil, gas price hikes: UAE minister

Dubai: Insufficient investments in the oil and natural gas industry could lead to a hike in energy prices, Suhail Al Mazrouei, the UAE minister of energy and infrastructure, said on Monday.

Oil and gas are needed to ensure reliable supply of energy during the transition period required to implement non-carbon emitting projects, he told the Africa Oil Week conference in Dubai. The UAE, he added, is willing to invest in African solar and wind projects, and sees potential in developing hydrogen as an energy source.

The UAE announced in October a plan to reach net-zero emissions by 2050, providing for Dh600 billion in investment in renewable energy.