Dubai – The UAE has announced plans to invest up to Dhs600 billion ($163.3 billion) as part of its Energy Strategy 2050, which aims at generating power from sustainable energy sources.
The plan, unveiled by UAE Vice President and Prime Minister and Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum, aims to increase the contribution of clean energy in the total energy mix to 50 per cent by 2050.
It also aims to increase consumption efficiency of individuals and corporates by 40 percent, and enable savings of Dhs700 billion.
“Our new energy plan balances supply and demand, and takes into consideration our international commitments in terms of the environment. It also seeks to ensure a conducive economic environment for growth across sectors,” Sheikh Mohammed said.
According to a statement issued on Tuesday, Strategy 2050 will be implemented in three phases: the first aims to accelerate the move to efficient energy consumption, ensure stable sources of energy and the diversification of energy sources, while the second aims to find new energy-efficient solutions for transportation. The third will focus on research and development and enhancing innovation and creativity in the supply of sustainable energy.
Sheikh Mohammed noted that the new strategy has taken into consideration an expected annual growth of 6 percent, and efforts to increase the contribution of clean energy in the energy mix from 25 percent to 50 percent by 2050.
He added that carbon dioxide emissions from power generation would be reduced by 70 percent over the next three decades.
“Ensuring the sustainability of energy resources guarantees the sustainability of our country’s growth. Drafting the first unified energy strategy in the country based on supply and demand is a significant achievement of the government. He who does not think of energy is not thinking about the future”, the ruler of Dubai said.