UAE plans to invest $163B in renewable energy projects

The UAE government has announced plans to invest $163 billion by 2050 in projects to boost clean energy contribution in the country’s total energy mix to 50%.

The new UAE Energy Plan 2050, which intends to boost consumption efficiency by 40%, targets an energy mix that combines renewable, nuclear and clean energy sources to help achieve the UAE’s economic needs and environmental goals, reports EBR.

The strategy is planned to be implemented in three phases with the first phase focusing on accelerating the move to efficient energy consumption while ensuring stable sources of energy and the diversification of energy sources.

The second phase involves finding new energy-efficient solutions for transportation whereas the third phase will focus on research and development as well as enhancing innovation and creativity in the supply of sustainable energy.

Source: EBR