Suhail Al Mazroui, the UAE's energy minister, presented the new Emirati energy strategy this week at the World Future Energy Summit (WFES) in Abu Dhabi.
Speaking today at a WFES panel titled "meeting the UAE's renewable energy targets", the minister said his country had decided that 44% of the installed power capacity in 2050 will come from renewable energies. Nuclear energy, green gas and clean coal will contribute a further 6%, 38% and 12% respectively, said the energy minister, who highlighted that fossil-based energy technologies are becoming also cleaner.
The state will be the off-taker of the generated electricity, said Al Mazroui at another WFES presentation earlier this week. However, all future investments, for both renewable and conventional power plants, will need to come through private investors, requiring about US$ 190 million of investment, he added.
Equally interesting was Al Mazroui's note that the UAE government understands that fossil fuel subsidies are a barrier to the market's development, thus the government has started gradually removing the subsidies for diesel and gasoline.
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