During the World Economic Forum in Riyadh, Suhail Al Mazrouei confirms the UAE’s interest in balancing development and environmental preservation
RIYADH, April 29 / WAM / His Excellency Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Infrastructure, stressed that creating a balance between sustainable development and preserving the environment and spreading and using low-carbon energy solutions represents one of the main pillars of the UAE’s model of climate action, and advancing The wheel of transition to clean ones is moving forward.
His Excellency said, as part of his participation in the ‘Green Molecules & Hydrogen’ session at the activities of the special meeting of the World Economic Forum, hosted by the Saudi capital, Riyadh, under the slogan: ‘International Cooperation, Growth, and Energy for Development’: “The UAE pays great attention to diversifying energy sources as a haven for… It is safe to achieve a balance between sustainable development and environmental preservation. Therefore, last year 2023, we launched the National Hydrogen Strategy 2050, through which we aim to raise the contribution of low-emission hydrogen within the energy mix, and place the country among the ranks of countries producing hydrogen around the world by the year 2031.”
He added that the UAE, through its hydrogen strategy, aims to produce 1.4 million metric tons of hydrogen annually by 2031, reaching the production of 15 million metric tons annually in 2050, in addition to reducing emissions in intensive industrial sectors by 100 percent.
His Excellency identified a set of key factors that would make the process of transition towards green energy a success, most notably international cooperation, enhancing institutional participation (governmental, academic, commercial, and industrial) in leading the transformation, in addition to establishing real partnerships between the public and private sectors, and developing major projects that can bring about… Tangible progress in developing the supply chain and infrastructure.
Regarding the policies and systems that must be implemented to enhance the position of hydrogen within the future energy mix, His Excellency stressed the need to work hard to establish a clear regulatory framework for hydrogen, provide strong political incentives to accelerate investment and increase confidence, and establish standards and systems related to hydrogen to create a “guarantee of origin” certification scheme, in addition to There is a need to evaluate policy measures such as carbon pricing mechanisms.
In order to make the hydrogen economy a success, His Excellency stressed the need for financing to support developers in all areas of the low-carbon hydrogen supply chain, and to provide global financial institutions with sufficient flexibility for the process of financing green projects (the Green Fund), in addition to investing in technological innovation and enhancing confidence among investors in the sector. Emphasizing the need for the global market to establish a clear price formula and standards for hydrogen.
During his participation in a session on tripling the production capacity of renewable energy by 2030, His Excellency identified the main obstacles that hinder the rapid spread of renewable energy in emerging markets, the complex regulatory frameworks and unclear policies that hinder investment in renewable energy, stressing that the transition is one of the political goals. Implementation requires addressing several key issues, and effective planning and transportation, which is a crucial preparedness step, must be undertaken by each country independently.
He pointed out the importance of joint international action to achieve tangible progress in a just and sustainable transition towards clean energy, which represents an urgent necessity and of fundamental global importance to enhance global energy security and climate action.
He said: “The United Arab Emirates has succeeded in its journey towards clean and renewable energy transformation, as it has achieved ambitious achievements in this field over the years. It was able to double the production capacity of renewable energy from 2019 to 2022, and the year 2023 witnessed a remarkable growth of 70 percent.” Its production capacity reached (6) gigawatts,” pointing out that these achievements represent a true translation of the UAE’s goals for climate neutrality.
He stressed that the UAE has laid encouraging foundations for investment in clean and renewable energy, and has ranked highly globally and regionally among the largest countries in the world investing in clean energy projects to enhance sustainability and preserve natural resources for the benefit of future generations. For example, it has allocated more than 200 billion dirhams as investments in clean energy. At the local level until 2030, it has also invested more than 160 billion dirhams to date.
His Excellency the Minister of Energy and Infrastructure added that it has invested more than 185 billion dirhams in renewable energy in more than 40 countries, while the total capacity of the global projects of the Abu Dhabi Future Energy Company “Masdar”, whether operating or under construction and development globally, reached 20 gigawatts. The company aims to raise the production capacity of its projects to more than 100 gigawatts by 2030.
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