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A senior official stated that the UAE’s increased cooperation with India in climate and clean energy will support New Delhi’s ambitions to reach 450 gigawatts of renewable energy capacity installed by 2030 as well as net zero carbon emissions by 2070.
Mohammad Ali Rashed Lootah (President and CEO of Dubai Chambers of Commerce) said that both countries are “old energy partners”, India being the third largest importer and consumer of crude oil of UAE.
Lootah stated that the UAE is aiming to increase its clean energy capabilities in order to achieve the UAE Energy Strategy by 2050 targets and the UAE Net Zero by 2050 Strategic Initiative ambitions.
Lootah highlighted the benefits of signing the UAE-India Comprehensive Economic Partnership Agreement, (CEPA), last year and stated that the agreement would increase bilateral trade between the UAE and India to USD 100 billion within five years.
Lootah stated that CEPA gave India and the UAE new opportunities to collaborate and take advantage of the many growth opportunities presented by the energy transition.
He stated that “Both countries work together to ensure a more sustainable world. Therefore, we expect increased cooperation in renewable energy, especially solar power, and hydrogen.”
“CEPA came into effect in May 2022. It is too early to know which sector has been most benefited.” Lootah said that both countries have agreed to increase bilateral trade by USD 60-100 billion in the next five years.