UAE set to exceed green energy target by 2030: Al Mazrouei
The UAE’s flagship renewables company Masdar seeks to boost its global green energy capacity by 500 per cent to 100 GW by 2030, Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, has said.
The UAE is a major global investor in renewables. It allocated Dh200 billion to investments in clean energy projects locally until 2030, having invested Dh160 billion till now. “Moreover, the UAE invested Dh185 billion in renewables projects in over 40 countries,” Al Mazrouei said in his address at the World Economic Forum in Riyadh.
The UAE’s green energy goal would not only be reached but possibly exceeded by 2030, he said.
“The UAE has been offering solar power to aid the world in tripling renewables. We have very few years until 2030, we need to work alongside and encourage countries to achieve by then,” said Al Mazrouei.
Masdar, a global clean energy pioneer and one of the world’s fastest-growing renewable energy companies, has made substantial renewable energy investments around the world, with a total capacity of 20 GW installed or under development.
A key enabler of the UAE’s vision as a global leader in sustainability and climate action, Masdar has become one of the world’s largest renewable energy investors and drivers of the energy transition over the past 17 years. Given the current momentum, the company is expected to accelerate global clean energy growth, expand its renewable energy footprint, and play a vital role in the UAE’s Net Zero by 2050 strategic initiative.
Al Mazrouei said the UAE's approach to climate acti is underpinned by striking a balance between economic development and environmental protection through leveraging low-carbon energy solutions.
The Minister made this statement at the "Green Molecules and Hydrogen" session as part of the World Economic Forum in Riyadh, under the theme "Global Collaboration, Growth, and Energy for Development".
"In 2023, the UAE unveiled its National Hydrogen Strategy 2050 to bolster low-carbon industries, advance climate neutrality, and position the nation as a leading hydrogen producer by 2031. The UAE targets to produce 1.4 million tons of low-emission hydrogen annually by 2031 and 15 million tons by 2050," said the minister.
Al Mazrouei set out key enablers in the green molecules business, including global collaboration, policy and regulation, financing and investment, R&D and advanced technology, and sustainable commercial and economic models.
Reflecting on the UAE's journey in deploying renewables, Al Mazrouei said, "The UAE's approach to increasing the deployment of renewables is remarkable. Between 2019 and 2022, the UAE successfully doubled its renewables capacity, and by 2023, we witnessed a 70 per cent growth in installed renewables capacity, which reached 6 GW."
He said these achievements were made possible by making national net-zero goals into actionable policies. “We are working in a bottom-up approach with the engagement of all segments of the community, private sector, academia, and youth."
The minister highlighted the importance of global partnership and collaboration to facilitate technology transfer, investment, and financing from developed countries and international financial institutions, provide policy support, capacity-building programmes, and infrastructure development assistance while promoting knowledge sharing among stakeholders and helping mitigate risks associated with renewable energy projects, enhancing investor confidence and accelerating the transition to sustainable energy systems in emerging markets.
A panel of ministers and experts gathered at the World Economic Forum to discuss the roadma for tripling renewables by 2030.
Marco Arcelli, CEO of Saudi-based ACWA Power, said he was surprised by the momentum in the region.
“Saudi and the UAE have the most ambitious de carbs programs in the world. There is a speed and dimension you don’t see much elsewhere,” he said.