The UAE Cabinet has today approved the updates on the UAE National Energy Strategy 2050, aiming at increasing reliance on renewable energy, improving energy efficiency and promoting the use of clean energy.
The blueprint was endorsed during the weekly session, which was chaired by the UAE Vice President, Prime Minister of the UAE and Ruler of Dubai, His Highness Shaikh Mohammed bin Rashid Al Maktoum.
The strategy will support research and development programmes in energy technologies, in addition to encouraging innovation and investment in the energy sector.
The National Strategy will work on strengthening the country’s capacity to provide clean and sustainable energy, raising its global competitiveness in the energy sector and consolidating its position as one of the most attractive countries attracting innovation and investment in the sector.
The strategy provides new investment opportunities in renewable energy, supports efforts to strengthen cooperation with international partners to achieve sustainability goals in the energy sector, and constitutes a long-term national programme to balance meeting energy needs with ensuring the sustainability of natural resources for future generations.
The strategy aims to triple the contribution of renewable energy by 2030, to reduce the effects of climate change and achieve climate neutrality. The strategy’s objective is to achieve up to AED100 billion financial savings by 2030, and increase national energy investments between AED150 - 200 billion until 2030, in addition to raising the share of clean energy in the total energy mix to 30 percent by 2031.
Under the directives of UAE President His Highness Shaikh Mohammed bin Zayed Al Nahyan, the UAE Cabinet has approved the establishment of the Ministry of Investment, and appointed Mohamed Hassan Al Suwaidi as the minister.
The Ministry will support the UAE's business objectives, and investment policies and promote its world-class infrastructure, as a global platform to attract investments in various sectors.
The ministry will be responsible for proposing the general investment policies of the UAE in coordination with the relevant authorities, in addition to preparing strategies, legislation, plans, projects and national programmes to promote the investment environment in the country and enhance its competitiveness.
Source: Bahrain News Agency