DUBAI: The UAE on Wednesday announced its Energy Strategy 2050, a comprehensive energy-generation plan for the next three decades.
The strategy aims to increase usage efficiency, by individuals and institutions, by 40 per cent, and to increase clean-energy contributions by 50 per cent, accumulating Dhs700 billion in savings, by 2050.
His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai announced the UAE Energy Strategy will integrate renewable, nuclear and clean fossil energy to achieve balance between the country’s economic needs and environmental goals.
The UAE will invest Dhs600 billion by 2050 in order to ensure the initiatives of the Energy Strategy are met, at the same time supporting the continued growth of the UAE economy.
This first-of-its-kind Strategy will be adopted by various entities, including corporations, energy-sector authorities and the Executive Council, under the supervision of the Federal Government, and represented by the Ministry of Energy and the Ministry of Cabinet Affairs and the Future.
Sheikh Mohammed said: “The national Energy Strategy represents a commitment to international environmental regulations and best practice and is an ideal example of balancing environmental sustainability with economic growth by considering the ratios of production and consumption.
“Our goals for 2050 include increasing the usage of clean energy from 25 per cent to 50 per cent, resulting in a 70 per cent reduction in the UAE’s carbon footprint over the next three decades.”
“Preserving our natural resources means preserving our sustainable development,” Sheikh Mohammed continued. “Sustainable energy secures all our futures. This first Energy Plan is a huge breakthrough and accomplishment for our government.”
The first phase of the Strategy involves implementing innovative initiatives including increasing cooperation with the GCC Interconnection Authority, representing one of the most important economic cooperation projects in the GCC.
“All the Gulf States have similar economic structures; we wish to have a unified energy plan, ensuring sustainable development for our peoples, and strong economic growth,” Sheikh Mohammed added: “Our 2050 goals for energy-generation are to utilise and integrate 44 per cent renewable, 38 per cent gas, 12 per cent clean fossil and 6% nuclear energy.”
There are three facets of the Strategy: the first focuses on the diversification of resources to maximize efficiency, the second focuses on finding new solutions for the distribution of energy as well as ensuring the security of energy transmission, and the third focuses on research and development in the field of sustainable energy generation. Ultimately, the Strategy aims to raise awareness in among new generations of the importance of sustainable development, as well as engage the private sector in developing forward-thinking and innovative projects in the field of sustainable energy. The implementation of the Strategy will be followed up in five year increments.