The UAE to invest heavily in the renewable energy sector

The UAE government announced that it will invest hundreds of billions of dirhams in the renewable energy sector as the Cabinet approved an updated national energy strategy and agreed a new national hydrogen strategy.

Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, chaired the UAE Cabinet meeting in Abu Dhabi, that saw the approval of updates on the UAE National Energy Strategy 2050 and approval of a National Hydrogen Strategy to support low carbon local industries.

His Highness Sheikh Mohammed bin Rashid Al Maktoum said via WAM, “As a result of the accelerated economic growth, we approved the updated UAE National Energy Strategy, which aims to triple the contribution of the renewable energy over the next 7 years, and invest AED150 to AED200 billion during the same period to meet the country’s growing demand for energy.”

The strategy will provide new investment opportunities in renewable energy, support efforts to strengthen cooperation with international partners to achieve sustainability goals in the energy sector, and constitutes a long-term national programme to balance meeting energy needs with ensuring the sustainability of natural resources for future generations.

His Highness Sheikh Mohammed added: “We also approved the National Hydrogen Strategy, which has recently emerged as one of the most important types of clean energy. The strategy aims to promoting the UAE’s position as a producer and exporter of low-emission hydrogen over the next eight years through the development of supply chains, the establishment of hydrogen oases and a national research and development centre.”

The strategy aims at accelerating the growth of hydrogen economy and enhancing the global position of the UAE among the world's largest producers of low-carbon hydrogen, through developing energy policies, and attracting investments in this sector.