UAE to invest $160 billion to to achieve net zero carbon emissions by 2050

The United Arab Emirates ( UAE ) has become the first country in Gulf region to invest more than $160 billion to achieve net zero carbon emissions by 2050.

The vice president and prime minister of the UAE and ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, said:

“We are committed to seize the opportunity to cement our leadership on climate change within our region… as we pivot our economy and nation to net zero.”

At Expo 2020 in Dubai, The Government of UAE made the announcement that the target would bring the OPEC member into alignment with the Paris agreement on climate, which is going to limit the rise in global temperature to 1.5 degrees celsius compared to pre-industrial levels.

The pledges come ahead of the United Nations COP26 climate talks in November, The decision will likely elevate the UAE’s standing as it seeks to distinguish itself as a global climate leader in a region still dominated by fossil fuels. The government has also been lobbying to host the COP28 global climate summit in Abu Dhabi in November 2023.

UAE being the major oil and gas producer. The country produced an average of 4 million barrels per day of petroleum and other liquids in 2019, according to the US Energy Information Administration, ranking it seventh in the world.

ADNOC national oil company of UAE got an approval to invest $122 billion in developing new oil and gas deposits, With oil set to remain critical for the future of its economy, policymakers will be pressed for details on how the plan can realistically be achieved.

The minister of industry and advanced technology, Sultan Al Jaber, said:

“Today’s announcement of the UAE Net Zero by 2050 strategic initiative epitomizes the vision and foresight of our wise leadership and continues the UAE’s tradition to contribute progressive solutions to global problems.”