As per the UAE Energy Strategy 2050, the nation wants to double the contribution of clean and nuclear energy and reduce the carbon footprint of its power generation processes by 70 per cent.
In order to reach this goal investments in the power sector will continue to be a priority across the region, expecting to reach $109 billion over the next five years.
By 2050, the UAE will have invested Dh600 billion to meet its energy demand and according to official projections is predicted to have generated Dh700 billion in savings.
In June this year The Noor Abu Dhabi solar power plant became the cheapest operational solar plant in the world, marking the third time within two years that the UAE has broken the record for cheap solar.
At 2.94 US cents per kilowatt-hour, Noor demonstrates that large-scale renewable energy can compete with fossil fuels, which today typically cost in the range of 4-6 US cents per kWh.
The significant cost decline in solar power has been driven primarily by technological innovation but also the innovation in project structuring and financing.
Development of renewable energy will help the country become a leader in environmental policy and in job creation. Investing in renewable energy creates approximately three times more jobs than oil and gas and the UAE plans to create more than 90,000 jobs in renewable energy by 2030.
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