UAE to Invest Up to 70 Trillion Won Over 7 Years in Renewable Energy Sector

UAE to Host the 28th UN Climate Change Conference of the Parties This Year

[Image source=Yonhap News]

The United Arab Emirates (UAE) has decided to invest up to 70 trillion won in the renewable energy sector over the next seven years, according to a report by the state-run WAM news agency on the 4th (local time).

According to the report, the UAE Cabinet held a meeting the previous day and decided to invest 150 to 200 billion UAE dirhams (AED, 53 to 70 trillion won) in the renewable energy sector by 2030. The UAE is the host country for the 28th United Nations (UN) Climate Change Conference of the Parties (COP28) this year.

The UAE has upgraded its existing "National Energy Strategy 2050." Accordingly, the UAE plans to save about 100 billion AED in finances by 2030 and invest 150 to 200 billion AED by 2030 to increase the share of renewable energy to 30% of total energy consumption by 2031. The UAE government also explained that it aims to become the world's largest clean hydrogen producer by 2030.

Meanwhile, COP28 will be held in Dubai, UAE, from the end of November this year.

This content was produced with the assistance of AI translation services.