Suhail bin Mohammed Al Mazrouei, the Minister of Energy and Infrastructure, said that the UAE launched 11 environmentally-friendly energy projects of AED159 billion in the year 2022.
Al Mazrouei in an interview stated that UAE’s clean-energy production in 2021 was 7,035.75 megawatts. This demonstrates the country’s innovative efforts in this sector.
He also spoke out about the UAE Energy Strategy 2050. This is the UAE’s first unified energy strategy. It aims to combine renewable and clean energy to reach a balance between climate goals and economic needs.
He said that the UAE had adopted, to ensure the sustainability of the renewable energy sector, the most recent innovations that drive sustainable development. Noting that the UAE was one of the first countries to ratify the Paris Agreement, he added.
The Minister of Energy and Infrastructure then pointed out the key features of the future of the energy sector for the next 50 years. This includes revising the National Energy Strategy 2050 and drafting the National Hydrogen Strategy. It also relies on the accomplishments of the past fifty decades.
Al Mazrouei highlighted that clean energy contributed 19.63% to the energy mix by 2021, while renewable energy contributed 12% and peaceful nuclear energy contributed 7.55%.
He said that the global turmoil in energy supplies has caused challenges in energy security. This will lead to a focus to use the lowest-priced resources locally to meet the country’s energy needs and an increase in non-oil exports from the UAE.
The UAE has a lot of potential in the area of solar power. Its low cost will increase the country’s energy security, its competitiveness, and also play a key role towards achieving carbon neutrality. He noted that transportation upgrades are required and storage technology investments to ensure a reliable energy supply.
He said that long-term storage technology will play an important role in the decarbonization of the grid, due to the anticipated decrease in storage costs.
Al Mazrouei spoke out about the future performance of international oil markets in 2023. He highlighted several factors that will impact prices in 2023. These include the US decision to replenish the Strategic Oil Reserve and the US’s decision to end China’s zero-COVID strategy. The sanctions imposed upon Russian seaborne oil products and the ongoing global inflation.
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