The UAE on Thursday announced a new Net Zero 2050 Strategic Initiative to reduce carbon emissions.

Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said that the UAE will spend over Dhs600bn on renewable energy until 2050.

“Our development model will take into account this goal and all institutions will work as one team to achieve it,” tweeted Sheikh Mohammed.

Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan also took to Twitter to add, “ The UAE’s Net Zero 2050 Strategic Initiative announced today is consistent with the longstanding vision of the UAE and its people to make a significant contribution to global sustainability efforts while supporting economic and human development both at home and around the world.”

The UAE plans 50 per cent of its energy to come from renewable sources by 2050. The UAE is targeting an energy mix that combines renewable, nuclear and clean energy sources.

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.

It also aims to increase consumption efficiency of individuals and corporates by 40 per cent, and enable savings of Dhs700bn.