UAE’s commitment to supporting the energy transition through domestic and foreign investment with an investment of $163 billion to diversify the country’s energy mix has been reiterated by Yousif Al Ali, assistant undersecretary for the electricity, water and future energy sector at the UAE ministry of energy and Infrastructure during the Global Energy & Utilities Forum at Middle East Energy 2022.
"With IRENA forecasting that energy transition investments will have to increase by 30% over planned investment to a total of $131 trillion between now and 2050, the UAE is committed to supporting this transition through domestic and foreign investment. To achieve our ambition, we plan to invest $163 billion to diversify our energy mix," he said.
The UAE plans to focus driving clean electrification through solar and nuclear over the next decade and is implementing transparent policies, improving energy efficiency, reducing carbon and methane emissions, and turbocharging innovation to commercialise hydrogen technology and accompany these actions.
"Hydrogen has a key role to play in the energy transition and the UAE’s future energy system and will be crucial to decoarbonise our industries, transportation sector, and the fossil fuel sector. The UAE is determined to lead the decarbonisation and sustainability of the fossil fuel sector. Our national oil company ADNOC aims to decrease greenhouse emissions intensity by around 25% by 2030 and expand their carbon capture capacity by almost 500%, reinforcing ADNOC’s position as one of the least carbon-intensive producers globally," he added.
Addressing the audience, Aisha Al Abdooli, acting assistant undersecretary for green development and climate change, ministry of climate change & environment, discussed the UAE’s roadmap to green development and net-zero goals and highlighted that the ministry of climate change & environment is guided by various national plans and strategies such as the UAE Clean Agenda 2030, the UAE National Climate Change plan 2050 all of which support efforts to mitigate and adapt to climate change and support the achievement of net zero emissions by 2050.
High-level panel discussions and presentations, including the Roadmap to Decarbonisation led by Ras Al Khaimah municipality’s executive director of energy efficiency and renewables, Andrea Di Gregorio, focusing on strategies and approaches being adopted across the region to deliver on energy transition targets including the role of policy, regulation, and regional and international cooperation.
Delegates at the Global Energies & Utilities Forum also took part in a fireside chat with Cornelius Matthes, CEO of Dii Desert Energy, who introduced the MENA Hydrogen Alliance and outlined the potential for green hydrogen in the region.
Discussion on The MENA Green Hydrogen Opportunity highlighted a recent report stating that green hydrogen could stimulate $200billion of revenue in the GCC alone by 2050 and that there is the potential for the region to emerge as a global hub for green hydrogen.
International Renewable Energy Agency (IRENA) has estimated that energy transition technologies will require investments of around $131 trillion by 2050.
