The United Arab Emirates plans to invest around $54 billion in renewables over the next seven years to reach net zero emissions by 2050.
UAE Prime Minister and Dubai Ruler Sheikh Mohammed bin Rashid tweeted that the nation is targeting a threshold increase in the share of energy produced from renewable sources over the period and will focus on hydrogen as a clean power source.
The plans arrive as the UAE will host the COP28 climate summit later this year. Like many oil-producing nations, the push towards a cleaner energy system is currently outweighed by the significance of fossil fuels in the economy. Still, the UAE was the first Middle Eastern state to declare a goal to reach net zero by the middle of the century.
Moreover, as a part of the moves disclosed on Monday, Sheikh Mohammed appointed Mohamed Hassan Alsuwaidi as investment minister.
Alsuwaidi is the chief executive officer at Abu Dhabi wealth fund ADQ and deputy chairman of renewables company Masdar.
Besides, the government also approved a decision to establish a council for financial stability to monitor risk, help deal with potential financial crises and draw precautionary measures to protect the economic and financial system of the country.
