UAE Minister Highlights Balance Of Economic Development And Environmental Protection At WEF
At the World Economic Forum hosted in Riyadh under the theme "Global Collaboration, Growth, and Energy for Development", Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, emphasized the United Arab Emirates' (UAE) commitment to climate action. The Minister highlighted the balance between economic growth and environmental sustainability, focusing on low-carbon energy solutions as a pivotal strategy for the nation.
During the "Green Molecules and Hydrogen" session, Al Mazrouei unveiled the UAE's ambitious National Hydrogen Strategy 2050. This strategy aims to enhance low-carbon industries, promote climate neutrality, and establish the UAE as a leading hydrogen producer by 2031. The country has set a target to produce 1.4 million tons of low-emission hydrogen annually by 2031, escalating to 15 million tons by 2050.
The Minister identified several key enablers for success in the green molecules sector, including global collaboration, effective policy and regulation frameworks, robust financing and investment mechanisms, research and development (R&D), advanced technology, and sustainable commercial and economic models.
Al Mazrouei also shared insights at a session focused on "Roadmap to Tripling Renewables", where he discussed challenges such as regulatory barriers, the need for innovative financing, and the role of digitalization in accelerating renewable energy deployment in emerging markets.
Reflecting on the UAE's achievements in renewable energy deployment, Al Mazrouei noted a significant increase in capacity. From 2019 to 2022, the UAE doubled its renewable energy capacity. By 2023, there was a 70% growth in installed capacity, reaching 6 GW. These milestones align with the UAE's national net-zero objectives and demonstrate a comprehensive approach involving community engagement, private sector participation, academia, and youth involvement.
The Minister underscored the importance of international partnerships to facilitate technology transfer, secure investment and financing from developed nations and global financial institutions. He also highlighted the role of policy support, capacity-building programs, infrastructure development assistance, knowledge sharing among stakeholders, and risk mitigation strategies for renewable energy projects. These efforts aim to boost investor confidence and expedite the transition towards sustainable energy systems in emerging markets.
Al Mazrouei proudly mentioned the UAE's significant investments in renewable energy both domestically and internationally. The nation has allocated AED200 billion towards clean energy projects locally up to 2030, with AED160 billion already invested. Additionally, the UAE has invested AED185 billion in renewable projects across more than 40 countries. Masdar, the UAE's flagship renewable energy company, plays a crucial role in these investments with a current capacity of 20 GW installed or under development. Masdar aims to expand its global renewables capacity to 100 GW by 2030.
This strategic focus not only positions the UAE as a leader in renewable energy but also underscores its commitment to sustainable development and climate action on a global scale.
With inputs from WAM
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