Suhail bin Mohammed Al Mazrouei, Minister of Power and Infrastructure, underscored that the UAE’s strategy to surrounding motion is underpinned by way of placing steadiness between monetary expansion and environmental coverage thru leveraging low-carbon power answers.
The Minister made this observation on the “Green Molecules and Hydrogen” consultation as a part of the International Financial Discussion board, being hosted by way of the Saudi capital town, Riyadh, underneath the theme “Global Collaboration, Growth, and Energy for Development”.
He stated, “In 2023, the UAE unveiled its National Hydrogen Strategy 2050 to bolster low-carbon industries, advance climate neutrality, and position the nation as a leading hydrogen producer by 2031. The UAE targets to produce 1.4 million tons of low-emission hydrogen annually by 2031 and 15 million tons annually by 2050.”
Al Mazrouei set off key enablers within the inexperienced molecules industry, together with international collaboration, coverage and law, financing and funding, R&D and complex era, and sustainable business and financial fashions.
Additionally, the Minister participated in a consultation at the “Roadmap to Tripling Renewables”, the place he defined the important thing bottlenecks hindering speedy renewable deployment in rising markets to be regulatory obstacles, leading edge financing, and digitalization and leading edge answers.
Reflecting at the UAE’s progress in deploying renewables, Al Mazrouei stated, “The UAE’s approach to increasing the deployment of renewables is remarkable. Between 2019 and 2022, the UAE successfully doubled its renewables capacity, and by 2023, we witnessed a 70% growth in installed renewables capacity, which reached 6 GW.”
He added, “These achievements were made possible through the translation of our national net-zero goal into actionable policies. We are working in a bottom-up approach with the engagement of all segments of the community, private sector, academia, and youth.”
The Minister highlighted the use of world partnership and collaboration to facilitate era switch, funding, and financing from evolved international locations and world monetary establishments, grant coverage aid, capacity-building programmes, and infrastructure building aid, age selling wisdom sharing amongst stakeholders and serving to mitigate dangers related to renewable power initiatives, improving investor self assurance and accelerating the transition to sustainable power methods in rising markets.
He stated, “The UAE is a major global investor in renewables. It allocated AED200 billion to investments in clean energy projects locally until 2030, having invested AED160 billion so far. Moreover, the UAE invested AED185 billion in renewables projects in over 40 countries. Our flagship renewables company, Masdar, has made substantial renewable energy investments across the world, with a total capacity of 20 GW installed or under development. By 2030, Masdar aims to grow its global renewables capacity to 100 GW.”
Practice Emirates 24|7 on Google Information.
