UAE announce $54 billion investment in energy and renewables

(Patria) - The United Arab Emirates plans to triple renewable energy sources and invest up to $54 billion over the next seven years to meet its growing energy needs, AP reported.

Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE and ruler of Dubai, announced the plans on Monday following a government meeting. They also include investments in low-emission hydrogen fuel and the development of electric vehicle infrastructure. He said the updated national energy strategy "aims to triple the contribution of renewable energy over the next seven years and invest 150 to 200 billion dirhams ($40 to $54 billion) in the same period to meet the country's growing energy demand."

The UAE has pledged to be carbon neutral by 2050, without fully explaining how. The UAE will host the COP28 climate summit later this year.
The UAE's oil wealth has fueled its transformation towards business and tourism. The country needs vast amounts of energy to power desalination plants that irrigate its desert golf courses, air conditioners that cool its sprawling shopping malls, and heavy industries such as aluminum smelters.

The United Arab Emirates has a nuclear power plant, as well as a large solar park in Dubai that met 15% of the city's needs last year, relying on natural gas mostly imported from Qatar.