The United Arab Emirates on Thursday (7 October) at the Dubai Expo 2020 announced its plan to reach net-zero emissions by 2050 with the cost of 600 billion dirhams ($163 billion) which would go to investments in renewable energy.
The announcement makes the UAE the first in the region, and among the world's major oil producing states, to launch such an initiative to reach the global climate commitment.
“We are committed to seize the opportunity to cement our leadership on climate change within our region and take this key economic opportunity to drive development, growth and new jobs as we pivot our economy and nation to net zero,” said Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the United Arab Emirates and Ruler of Dubai.
Sheikh Mohammed added that the country will play its global role in combating climate change.
The UAE has already invested around $40 billion in clean energy during the past 15 years succeeding in connecting its nuclear power plant with the national grid. The plan now is to produce14 GW of clean energy by 2030, up from about 100 MW in 2015. No exact details on the 600 billion dirhams of investment are given yet.