UAE intends to invest 163 billion US dollars to develop renewable energy

    Recently, the UAE, as one of the world's major oil producing countries, has once again accelerated the pace of its transition to clean energy. The country announced that it will increase investment in the field of renewable energy. By 2050, it will invest at least AED 600 billion (approximately US$163 billion) in the field of renewable energy and will achieve net zero emissions of greenhouse gases.

    It is understood that the UAE is currently one of the top ten oil producers in the world. This commitment makes the UAE the first OPEC member to commit to net zero emissions.

    Promote the development of renewable energy

    Based on multiple foreign media reports, the Prime Minister of the UAE Mohammedbin Rashid Al Maktoum stated that the UAE hopes to become the first economy in the Gulf region to commit to a full decarbonization. "We will seize this opportunity now to consolidate our leadership on climate change issues in the Gulf region, and use this key economic opportunity to promote development, growth and job creation. In the future, our economy and country will be fully transformed. Net zero emissions."

    Later, he also stated on social media: “The future national development model of the UAE will take into account the zero-carbon goal, and all institutions and enterprises will cooperate to achieve this goal.”

    According to official data from the UAE government, in the past 15 years, the UAE has invested a total of 40 billion US dollars in clean energy, and has cooperated in the construction of various clean energy projects in 70 countries around the world.