UAE updates energy strategy, to invest $54.5bn in renewables

UAE updates energy strategy, to invest $54.5bn in renewables

The UAE Government said it plans to invest around $54.5bn (Dhs200bn) as part of its updated national energy strategy that is aimed at tripling the contribution of renewable energy over the next seven years. The government approved the national hydrogen strategy that is aimed at increasing the country’s investments in hydrogen, which has recently emerged as one of the most important types of clean energy. The strategy seeks to accelerate the growth of the economy and enhance the global position of the UAE among the world’s largest producers of low-carbon hydrogen. “The strategy aims to promote the UAE’s position as a producer and exporter of low-emission hydrogen over the next eight years through the development of supply chains, the establishment of hydrogen oases and a national research and development centre,” Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai said in a tweet. The also approved the national electric vehicles policy, which aims to build a national network of electric vehicle chargers, streamline the market of electric cars and promote associated industries to ensure lower emissions and lower energy consumption. The cabinet granted preliminary approval to the autonomous vehicle project for