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UAE leads in renewable investments globally; on the road to achieving 'ambitious' climate goals

The UAE has invested over $50 billion in renewable energy projects in 70 countries

Published: Mon 30 Oct 2023, 9:15 PM

Updated: Mon 30 Oct 2023, 9:30 PM

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Photo: AFP

Photo: AFP

The UAE is a leader in investments made into renewable energy solutions and advanced technologies not just in the region but globally, said Bruce Douglas, CEO of Global Renewables Alliance, during the Pre-COP event in Abu Dhabi.

Photo: Ashwani Kumar

Photo: Ashwani Kumar

Douglas, who on the opening day of the conference, held a meeting with Suhail Al Mazrouei, Minister of Energy and Infrastructure, among others, and highlighted how the UAE is on the road to achieving its ambitious climate goals.

“The UAE and the Middle East, generally, have fantastic resources. There is solar energy to be exploited,” Douglas, who is representing the global renewables industries, told Khaleej Times.

The UAE has a long-term plan for the future of energy and reducing its emissions. The UAE Energy Strategy 2050 seeks to triple the share of renewable energy by 2030 and raise the contribution of installed capacity of clean energy to 30 per cent of the total energy mix by 2030. Additionally, it aims to achieve financial savings of Dh100 billion and channel Dh150-200 billion to national investments by 2030 to meet the energy demand and sustain the UAE’s economic growth.

“We are seeing significant investments not just from the government but also from the private sector. Masdar, for example, is one of the largest renewable energy developers in the world,” Douglas noted.

The UAE has invested over $50 billion in renewable energy projects in 70 countries, with plans to invest an additional $50 billion in the coming decade. Abu Dhabi Future Energy Company (Masdar) has been significantly contributing to mitigating climate change and greenhouse gas emissions. The company is investing more than $30 billion in sustainable projects, including successfully promoting new technologies that support the sustainability goals of the UAE and the world.

Douglas pointed out that the investments made by the UAE and other countries will not just have a positive environmental impact but improve the quality of lives of its people and enhance economies too.

“Such investments are not without benefits. When you invest in renewables not only can you achieve your climate target but also have social benefits in terms of creating millions of new jobs, access to affordable energy, and security of energy supply.”

Douglas underlined that the ongoing conference, which comes a month ahead of COP28, is an ideal platform for countries, companies, and involved stakeholders to show their commitment to climate action.

“The COP28 Presidency is a good time to be here in the Middle East to enable discussions with the Middle East and the UAE, specifically, on the role renewables can play in the energy transition. We always call for more action, especially in the context of tripling renewables to 11,000 GW. So, we need a lot more action from all the governments on the policy enablers.”

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