Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai said that the UAE will invest more than 600 billion dirhams ($163 billion) in clean and renewable energy over the next several years to achieve net-zero emissions by 2050.
This initiative is a apart of government’s target to combat climate change and this will help in meeting the commitments of the country.
“All institutions will work as one team to achieve it. The UAE will invest more than 600 billion dirhams in clean and renewable energy until 2050 and will play its global role in combating climate change,” Sheikh Mohammed said.
The UAE announced a huge investment in bringing down carbon footprints to net-zero in around three decades.
Masdar has signed an implementation agreement with Iraq’s Ministry of Electricity and the National Investment Commission to develop the following projects: a 450-megawatt (MW) plant in the Dhi Qar Governate in southern Iraq; a 100 MW and a 250 MW plant, both located in Ramadi in central Iraq; a 100 MW plant in Mosul in the north; and a 100 MW plant in Amarah in the southeast.
The project is expected to help Iraq’s efforts to achieve its clean energy and climate change goals.
Last year, the UAE increased its commitment to combat climate change and bring down greenhouse gas emissions in about a decade.
In its second “Nationally Determined Contribution” (NDC), the UAE aims to reduce emissions by 23.5 percent compared to “business as usual” by 2030.
The NDC paper was submitted to the Secretariat of the UN Framework Convention on Climate Change as part of the UAE’s commitment to the Paris Agreement, a global treaty on climate change.
The country also pledged to raise the installed clean power capacity, including solar and nuclear, to 14 GW, as well as plant 30 million mangrove seedlings by 2030.