United Arab Emirates will invest more than $1.6 billion in clean energy
The Energy Industries Council (EIC), one of the world's largest energy trade associations, has published a report on the state of the UAE's energy sector, which shows the country's diverse energy mix and its status as a major source of renewable energy.
The climate crisis affects everyone without exception, but in different ways. Some regions are more vulnerable to the effects of this phenomenon than others. One of the worst affected regions is the Middle East, where the UN has warned that water supplies and food production systems are at risk. Lack of water is a real problem. According to the World Resources Institute, 12 of the world's 17 "water-stressed" countries are in this region.
"The UAE offers a great mix of energy projects for companies around the world and, in fact, has attracted some of the lowest bids for solar power projects in the history of the industry," said Ryan McPherson, EIC's regional director for the Middle East, Africa and Russia. "What has always been interesting about the UAE is that it has maintained a leading position as a conventional power producer and yet has set out very progressive plans to produce more of its power from clean energy," he added.
The report, titled 'UAE: EIC Country Report', highlights the development of hydrogen energy in the UAE and says that, as of October 2022, six projects are under development in the UAE with a total capital value of approximately $1.66 billion. "The UAE could become a major player and provide 25% of global low-carbon hydrogen production by 2030," the report specifies.
One of the latest projects signed by the Arab country and Turkmenistan is the strengthening of cooperation. In a joint statement, the two countries also emphasised the importance of international cooperation in various fields, especially in trade, where they discussed opportunities and announced their intention to promote joint efforts to strengthen cooperation in priority areas such as oil and gas, oil processing, chemicals and renewable energy.
The presidents of Turkmenistan and the United Arab Emirates emphasised strengthening the leading role of the UN and reinforcing international security, sustainable development and conflict prevention.
The United Arab Emirates is one of the world's leading oil exporters. However, its administration is promoting measures to reduce dependence on fossil fuels, including a strong commitment to solar energy and the construction of a nuclear power plant, according to Al Jazeera.
