According to Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, the UAE hopes to not only fulfill but even surpass its green energy targets by 2030.
The United Arab Emirates' clean energy firm, Masdar, is dedicated to advancing this lofty objective. By 2030, it wants to increase the amount of green energy it can produce globally by 500% to 100 GW.
Al Mazrouei emphasized the substantial investments made by the UAE in renewable energy, $54.5 billion in the country and $50.3 billion in more than 40 other nations.
The UAE's strategy for combating climate change places a strong emphasis on finding low-carbon energy options that balance environmental preservation with economic growth.
The 2023 National Hydrogen Strategy, which seeks to establish the UAE as a major producer of hydrogen by 2031, is consistent with this approach. By then, the goal is to manufacture 1.4 million tons of low-emission hydrogen per year, with a goal of producing 15 million tons by 2050.
Al Mazrouei stressed the need of international cooperation in accomplishing these objectives. Successful rules and regulations, more funding and investment, continuous research and development in cutting-edge technology, and the creation of long-term business models are among the critical success elements that have been highlighted.
In light of the UAE's quick development, Al Mazrouei pointed to a doubling of installed renewable energy capacity between 2019 and 2022 and a further 70% growth in 2023, reaching 6 GW.
He said that by converting national net-zero objectives into workable policy, these accomplishments were possible. "We are utilizing a bottom-up approach, involving academia, the private sector, the youth, and all community segments."
Ministers and experts discussed a path to triple the world's renewable energy capacity by 2030 at the World Economic Forum in Riyadh.
The CEO of Saudi Arabia-based ACWA Power, Marco Arcelli, noted the remarkable pace in the area and emphasized the significant decarbonization initiatives carried out by the UAE and Saudi Arabia.