DUBAI, United Arab Emirates (AP) The UAE plans to triple its renewable energy investment and invest up to $54 billion over the next seven years to meet its growing energy needs. Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the United Arab Emirates and Ruler of Dubai, announced the plan on Monday following a meeting of the heads of state. They include investments in weak hydrogen and the development of infrastructure for electric vehicles. He said the updated national energy plan "aims to triple renewable energy contributions over the next seven years and invest 150-200 billion dirhams ($40-54) over the same period to meet The need for energy is growing in the country." . The world's largest oil producer has pledged to be carbon neutral by 2050, without detailing how, and is gearing up for the COP28 climate conference later this year. New measures include the establishment of an investment ministry headed by Mohamed Hassan Alsuwaidi. He is now the vice president of Masdar, a clean energy company that has committed tens of billions of dollars to projects worldwide. Sultan al-Jaber, chairman of Masdar and CEO of Abu Dhabi National Oil Co - a state-owned company that produces millions of barrels of oil per day - the chairman of the upcoming climate conference, which will be held in Dubai. His appointment has drawn criticism from environmentalists, who fear the UAE is resisting efforts to reduce fossil fuel sales. Summit organizers say they expect great results but oil producers must have a seat at the table.
The UAE's oil wealth has helped its transformation into a major business and tourism hub, known for the futuristic cities of Dubai and Abu Dhabi. The country needs a lot of energy to run the hot water industry that irrigates its desert golf courses, the wind turbines that cool its shopping malls, and the heavy industries like aluminum producers. The UAE has a nuclear power plant, as well as a large solar park in Dubai that supplied 15% of the country's needs last year, leaving it dependent on natural gas from Qatar.
