UAE to invest $50bln to scale up climate action

UAE to invest $50bln to scale up climate action

President of the UAE, Mohamed bin Zayed Al Nahyan, announces future plans to invest an additional $50 billion to scale up climate action.

This major milestone was announced during his participation in the Leaders Meeting of the Major Economies Forum on Energy and Climate, which was hosted by US President Joe Biden.

During this meeting, Sheikh Mohamed stated that the UAE plans to double its investments in renewable energy projects over the next decade; having currently invested over $50 billion in various sustainability projects across 40 countries.

“We have issued environmental protection laws and strategies and rolled out relevant initiatives. We have also adopted a proactive approach to promoting clean energy solutions as the sustainable, alternative energy sources of tomorrow,” Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment, stated.

UAE has participated in various projects in the areas of sustainability and climate change; such as the UAE Hydrogen Leadership Roadmap, the UAE Net Zero by 2050 Strategic Initiative and being the host country for the 28th UN global climate talks in 2023.

“Today, as we gear up to host the 28th UN Climate Change Conference (COP28) next year, we remain determined to enhance environmental protection, advance government agendas, and boost the participation of the private sector through driving innovation and developing cutting-edge climate-smart technologies in the agriculture and food sectors to conserve natural resources,” Almheiri further explained.

Read more: Egyptian Electricity Holding and GE Gas sign 2 decarbonization agreements

If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.