RIYADH: In a push towards sustainability, the UAE aims to triple the contribution of renewable energy to the country's energy mix over the next seven years with 200 billion dirhams ($54.4 billion) worth of investment.
The country’s Cabinet approved the updated UAE National Energy Strategy 2050 that aims to put renewable energy at the forefront of power developments with massive investment initiatives, the Emirates News Agency, also known as WAM, reported.
Sheikh Mohammed bin Rashid Al-Maktoum, the UAE’s vice president, prime minister and ruler of Dubai, chaired the meeting at Qasr Al Watan in Abu Dhabi and oversaw the launch of several national initiatives.
“As a result of the accelerated economic growth, we approved the updated UAE National Energy Strategy, which aims to triple the contribution of renewable energy over the next seven years and invest 150 to 200 billion dirhams during the same period to meet the country’s growing demand for energy,” Al-Maktoum said.
He further added that the Cabinet approved the National Hydrogen Strategy, which aims to position the UAE as a leading producer and exporter of low-emission hydrogen over the next eight years.
The hydrogen strategy will hasten the development of supply chains, hydrogen oases, and research and development centers in the country.
The meeting also approved multiple policies including the National Electric Vehicles policy which aims to build a national network of electric vehicle chargers.
“We also adopted the first national preliminary approval for autonomous vehicles in the UAE for WeRide company. The company will begin testing all types of autonomous vehicles in the country, reflecting a change in the country’s future mobility patterns,” Sheikh Mohammed said.
Additionally, the Cabinet also approved a federal law establishing the Financial Stability Council which, among others, aims to monitor associated risks, tackle and prevent fiscal crises as well develop proactive measures to manage and protect economic and monetary systems in the country..
Furthermore, under the directives of President Sheikh Mohamed bin Zayed Al-Nahyan, the Cabinet meeting approved the establishment of the Ministry of Investment and appointed Mohamed Al-Suwaidi as the minister.
The ministry will support the UAE’s business objectives and policies while promoting its world-class infrastructure as a global platform for attracting investments in various sectors.
It will also propose the UAE’s investment policies and coordinate with relevant authorities. In addition, the ministry will prepare strategies, legislation and plans as well as projects and national programs to enhance competitiveness.
Moreover, the Cabinet issued a decision to appoint Sheikha Mariam bint Mohamed bin Zayed Al-Nahyan as chairperson of the new Quality of Education Center, which will be responsible for endorsing educational goals and targets across all levels.
The center will also monitor the performance of the education sector and ensure the alignment of its outputs with current and future labor market demands.