UAE Cabinet Approves National Energy and Hydrogen Strategies
The updated UAE National Energy Strategy, which aims to triple renewable energy's contribution during the next seven years, has been approved by the federal government of the United Arab Emirates.
At a cabinet meeting, Prime Minister His Highness Sheikh Mohammed bin Rashid Al Maktoum approved the Strategy and announced that US$40 to US$55 billion will be invested during the same time period to fulfil the nation's rising energy needs.
The National Hydrogen Strategy, which has recently emerged as one of the most significant forms of sustainable energy, was also approved at the meeting.
Through the creation of supply chains, hydrogen oases, and a national research and development centre, the strategy intends to strengthen the UAE's position as a producer and exporter of low-emission hydrogen over the course of the next eight years.
His Highness Sheikh Mohammed announced the establishment of the Ministry of Investment and appointed Mohamed Hassan Al Suwaidi as the minister. H.H. stated: "Our aim is to develop the investment vision of the UAE, and promote the investment environment and the competitiveness of this sector in the country."
The UAE Cabinet meeting was held at Qasr Al Watan, Abu Dhabi, in the presence of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister; H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister; and H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior.