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The United Arab Emirates plans to invest as much as $54 billion on renewables over the next seven years as part of efforts to reach net zero emissions by 2050.
The nation is targeting a threefold increase in the share of energy produced from renewable sources over the period and will focus on hydrogen as a source for clean power, UAE Prime Minister and Dubai Ruler Sheikh Mohammed bin Rashid said in a tweet.
The plans come as the UAE is set to host the COP28 climate summit later this year. Like many oil-producing nations, the push toward a cleaner energy system is currently outweighed by the importance of fossil fuels in the economy. Still, the UAE was the first Middle Eastern state to announce a goal to reach net zero by the middle of the century.
As part of the moves unveiled on Monday, Sheikh Mohammed appointed Mohamed Hassan Alsuwaidi as investment minister. Alsuwaidi is currently the chief executive officer at Abu Dhabi wealth fund ADQ and deputy chairman of renewables company Masdar.
The government also approved a decision to establish a council for financial stability to monitor risk, help deal with potential financial crises and draw precautionary measures to protect the country’s economic and financial system.