The United Arab Emirates plans to take a position as a lot as $54 billion on renewables over the following seven years as a part of efforts to achieve internet zero emissions by 2050.
The nation is concentrating on a threefold enhance within the share of power produced from renewable sources over the interval and can deal with hydrogen as a supply for clear energy, UAE Prime Minister and Dubai Ruler Sheikh Mohammed bin Rashid stated in a tweet.
The plans come because the UAE is ready to host the COP28 local weather summit later this 12 months. Like many oil-producing nations, the push towards a cleaner power system is at present outweighed by the significance of fossil fuels within the economic system. Nonetheless, the UAE was the primary Center Jap state to announce a aim to achieve internet zero by the center of the century.
As a part of the strikes unveiled on Monday, Sheikh Mohammed appointed Mohamed Hassan Alsuwaidi as funding minister. Alsuwaidi is at present the chief government officer at Abu Dhabi wealth fund ADQ and deputy chairman of renewables firm Masdar.
The federal government additionally authorized a call to determine a council for monetary stability to watch danger, assist cope with potential monetary crises and draw precautionary measures to guard the nation’s financial and monetary system.
–With help from Archana Narayanan.