The UAE has announced plans to invest up to Dhs600bn as part of its Energy Plan 2050 which focusses on generating power from clean energy sources.
The plan, unveiled by UAE Vice President and Prime Minister and Dubai’s 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 per cent, and enable savings of Dhs700bn, a statement said.
Sheikh Mohammed revealed that the UAE is targeting an energy mix that combines renewable, nuclear and clean energy sources.
“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,” he said.
The equation targeted by the 2050 strategy includes 44 per cent clean energy, 38 per cent gas, 12 per cent clean coal and 6 per cent nuclear. The UAE’s Barakah Nuclear Power plant is expected to begin operations in 2020.
The strategy 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.
“The new strategy takes into consideration an expected annual growth of 6 per cent, and efforts to increase the contribution of clean energy in the energy mix from 25 per cent to 50 per cent by 2050, apart from the reduction of the carbon footprint resulting from power generation by 70 per cent over the next three decades,” said Sheikh Mohammed.
“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 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 plan is a joint effort of all energy-related authorities and all executive councils in the UAE, and was developed under the supervision of the federal government represented by the Ministry of Energy, and the Ministry of Cabinet Affairs and The Future, the statement added.
The UAE has been focussing on increasing clean energy sources in the last few years.
Dubai has already unveiled its Clean Energy Strategy 2050, under which the emirate aims to meet 7 per cent of its energy needs from clean sources by 2020, 25 per cent by 2030 and 75 per cent by 2050.
One of the main initiatives under the plan is the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar energy project in the world, which will produce 1,000MW by 2020 and 5,000MW by 2030.