REM: UAE to invest $54bn in energy, triple renewables to 14.2 GW

The United Arab Emirates (UAE) is to triple its supply of renewable energy to 14.2 GW and invest as much as $54bn by 2030 to meet its energy demand.

The country, a major oil producer, will host the COP28 talks in a few months’ time.

The updated national energy strategy was announced on Monday, 3 July by Sheikh Mohammed bin Rashid Al Maktoum, the UAE’s vice president and the ruler of Dubai.

He said the UAE will also invest in “low emission” hydrogen fuel and will set up an infrastructure for electric vehicles (EVs).

The plan “aims to triple the contribution of renewable energy over the next seven years and invest AED150-200bn ($40-54bn) during the same period to meet the country’s growing demand for energy,” he said.

UAE has a goal of becoming carbon-neutral by 2050.