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24 April 2024

VP unveils UAE energy strategy for next three decades

By Wam

Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, has unveiled the UAE energy strategy for the next three decades.

The new energy strategy, announced in the presence of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, aims to increase the contribution of clean energy in the total energy mix to 50 percent, thus saving AED700 billion by 2050. It also seeks to increase consumption efficiency of individuals and corporates by 40 percent.

Sheikh Mohammed bin Rashid said the UAE Energy Plan for 2050 is targeting an energy mix that combines renewable, nuclear and clean energy sources to meet the UAE’s economic requirements and environmental goals. He also said that the UAE aims to invest Dh600 billion by 2050 to meet the growing energy demand and ensure sustainable growth of the country’s economy.

"Our new energy plan balances between supply and demand, and takes into consideration our international commitments in term of environment. It also ensures a comfortable economic environment for growth across the sectors," he said during the launch of the UAE Energy Strategy for 2050.

The plan is a joint effort of all energy-related authorities and executive councils in the UAE, and comes under the supervision of the federal government, represented by the Ministry of Energy and the Ministry of Cabinet Affairs and The Future.

"The new strategy takes into consideration an expected annual growth of 6 percent, and will work on increasing the contribution of clean energy in the energy mix from 25 percent to 50 percent by 2050 while slashing carbon footprint during power generation by 70 percent over the next three decades. Ensuring the sustainability of energy resources is a guarantee of sustainability of growth in our country. The government has made an achievement by drafting the first unified energy strategy in the country based on supply and demand. He who does not think of energy is not thinking about the future," Sheikh Mohammed said.

"The Gulf countries are similar in their economic structure, and we hope that we will one day have a unified GCC energy strategy in order to ensure sustainable growth for our people and global influence for our economies," he added.

The strategy launch was also attended by Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, CEO and Chairman of the Emirates Group, Minister of Cabinet Affairs and The Future Mohammad bin Abdullah Al Gergawi, Minister of Energy Suhail bin Mohammed Faraj Al Mazrouei, and Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State and CEO of the ADNOC Group, along with a number ministers and senior officials.

The energy equation targeted by the 2050 strategy is as follows: 44 percent clean energy, 38 percent gas, 12 percent clean coal and 6 percent nuclear.

The strategy also aims to change the energy consumption culture through slashing residential energy consumption by 40 percent.

The new energy strategy will be implemented in three phases. The first phase aims to accelerate efficient consumption of energy as well as diversifying and securing it.

The second phase will find new solutions that integrate with energy and transportation solutions. The third phase will focus on research and development in addition to innovation and creativity to supply sustainable energy.