United Arab Emirates to invest $163bn in renewable energy by 2050

Energy - Himanshu Gill - Jan 11,2017

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united arab emirates to invest 163bn in renewable energy by 2050

The United Arab Emirates has announced plans to invest $163 billion in projects aiming to generate half of the country’s power needs from renewable resources.

The top oil producing and exporting Gulf state has targeted to reach this landmark by 2050 and says that it intends to balance economic needs against environmental goals. The country wants to reduce its dependency on fossil fuels to generate power, including nuclear energy.

UAE has a significant amount of solar power potential that can serve as the best possible energy source for the country. At present, UAE stands at 8th position on the World Bank’s global list of CO2 emissions per capita, just below its neighbors Qatar, Bahrain and Kuwait.

UAE prime minister, Sheikh Mohammed bin Rashid al-Maktoum, unveiled the Arab Gulf state’s energy strategies on Twitter saying that his 2050 goals for energy mix are to utilize 44 percent renewable, 38 percent gas, 12 percent clean fossil and 6 percent nuclear energy. He further stated that their plan aims to increase energy usage efficiency up to 40 percent and improve clean energy contributions up to 50 percent.

In the past few months, Dubai and Abu Dhabi have been particularly leading UAE’s push to plough renewable energy sources. In June, Dubai announced its plans of building a 1,000 megawatts solar power plant by 2030, aiming to turn to renewable energies for 25 percent of electricity needs.

In 2013, Abu Dhabi started the world's largest operating concentrated solar power plant, with the capacity to provide electricity to 20,000 homes. South Korean firms are also constructing four nuclear reactors in the west of Abu Dhabi, which are expected to produce 1,400 megawatts by 2020.

According to OPEC statistics, the UAE produces around 2.99 million barrels per day (bpd) of oil, out of which it exports around 2.44 million bpd.