11 Jan UAE to invest $163 billion in renewable energy projects by 2050
The United Arab Emirates has announced that it will commit US$163 billion to renewable energy projects, in an attempt to generate up to half of the nation’s energy needs from renewables by 2050.
The oil rich Gulf state is looking to balance its economic needs with environmental goals, as it currently ranks 8th on the World Bank’s worldwide list of carbon dioxide emissions per capita.
However Prime Minister Sheikh Mohammed bin Rashid al-Maktoum yesterday announced the UAE’s energy strategy 2050. The Prime Minister tweeted: “Our 2050 goals for energy mix are to utilize 44% renewable, 38% gas, 12% clean fossil and 6% nuclear energy.”
This target will considerably build upon the UAE’s current renewable energy industry, which predominantly centres on solar power.
In June 2016, Dubai revealed it would construct a large-scale solar power plant, to be completed by 2030. This project will contribute to the Gulf nation’s ambitious 2050 renewable energy goals.