UAE, Saudi Arabia join world's leading investors in green energy – Report

SourceMubasher
SectorFinancial Markets
CountryUAE

Mubasher: The UAE and Saudi Arabia are two of the world's leading countries for launching successful green investment projects, which continue to achieve positive outcomes, according to a recent report by Arthur D. Little (ADL), a management consultancy firm. The UAE is forecast to supply 50% of its power needs from renewable sources by 2050 due to nuclear and solar power contributions, as shown by ADL's report "The Green Gambit: Investing for corporate strategic advantage in the post-COVID-19 world". Meanwhile, Mubadala Investment Company, the Abu Dhabi National Oil Company (ADNOC), and ADQ recently reached an agreement to set up the Abu Dhabi Hydrogen Alliance.

Under this agreement, these entities seek to set up a hydrogen economy nationally and establish Abu Dhabi as a trusted leader of blue, grey, green, and pink hydrogen in international markets. As for Saudi Arabia, $50 billion will be invested in the renewable energy sector by 2023, as part of the kingdom's strategy to cut...read more...