UAE announces plans to invest $54B in energy and triple renewable sources
The United Arab Emirates plans to triple its supply of renewable energy and invest up to $54 billion over the next seven years to meet its growing energy demands.Sheikh Mohammed bin Rashid Al Maktoum, the UAE's vice president and ruler of Dubai, announced the plans on Monday following a Cabinet meeting. They also include investments in low-emission hydrogen fuel and developing infrastructure for electric vehicles.He said the updated national energy strategy “aims to triple the contribution of renewable energy over the next seven years and invest 150 billion to 200 billion dirhams ($40 billion to $54 billion) during the same period to meet the country’s growing demand for energy.” The UAE has a nuclear power plant, as well as a large solar park in Dubai that met 15% of the city’s needs last year, leaving it mostly reliant on natural gas imported from Qatar.The country requires vast amounts of energy to power the desalination plants that irrigate its desert golf courses, air conditi...