UAE targets net-zero emissions by 2050
INITIATIVE WILL SEE DH600B INVESTED IN CLEAN ENERGY
The UAE yesterday announced the UAE Net Zero by 2050 Strategic Initiative to achieve net-zero emissions by 2050, making it the first Middle East and North Africa (Mena) nation to do so.
His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, attended the launch of the initiative at the UAE Pavilion at Expo 2020 Dubai.
“In achieving climate neutrality in the UAE by 2050, we aim to develop an approach that both drives sustainable economic growth and is an exemplar of working together to achieve a better future for humanity,” Shaikh Mohammad Bin Zayed said.
The initiative aligns with the Paris Agreement, which calls on countries to prepare longterm strategies to reduce greenhouse gas emissions and limit the rise in global temperature to 1.5 degree Celsius compared to pre-industrial levels.
Mohammad Bin Rashid: Clear vision for clean future
Hailing the initiative, His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai, said: “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. With an investment of over Dh600 billion in renewable energy, our vision for a clean future is clear.”
The announcement aligns with the Principles of the 50 — the UAE’s roadmap for accelerating national economic development to mark the country’s golden jubilee year.
Environment ministry to execute strategic initiative
The Ministry of Climate Change and Environment will lead and coordinate efforts to execute the UAE Net Zero by 2050 strategic initiative.
The UAE began financing clean energy projects more than 15 years ago, and has invested over $40 billion to date. In 2017, it launched the National Climate Change Plan of the UAE 2017-50, which sets out a framework for managing GHG emissions, adapting to the impacts of climate change, and diversifying the economy through innovation.
Mariam Al Muhairi, Minister of Climate Change and Environment, said: “Our announcement of the Net Zero 2050 strategic initiative is consistent with our drive to diversify and build a knowledge-based economy.”
The UAE has invested in renewable energy ventures worth around $16.8 billion in 70 countries and has provided more than $400 million in aid and soft loans for clean energy projects.