The International Monetary Fund (IMF) has urged the United Arab Emirates (UAE) to invest in the green transition, saying that the country could benefit from the economic opportunities presented by a low-carbon future.
In its latest Article IV assessment of the UAE, the IMF said that the country’s oil and gas sector is “under pressure” from the global energy transition. However, the IMF also noted that the UAE has “significant opportunities” to invest in renewable energy and other green industries.
The IMF said that the UAE could “benefit from a green transition by attracting new investment, creating jobs, and reducing its reliance on oil and gas exports.” The IMF also said that the UAE could “play a leading role in the global green economy.”
The IMF’s recommendations are in line with the UAE’s own plans for the green transition. The UAE has set a target of achieving net-zero emissions by 2050, and it is investing heavily in renewable energy projects.
The IMF’s report said that the UAE’s green transition “will require significant investment,” but it said that the country is “well-positioned” to make the transition. The IMF also said that the UAE’s green transition “could create up to 200,000 jobs by 2030.”
The IMF’s report is a sign that the international community is increasingly recognizing the economic opportunities presented by the green transition. The UAE’s green transition could help the country to diversify its economy, create jobs, and reduce its reliance on oil and gas exports.