The United Arab Emirates announced that it will invest $35 billion in clean energy by 2021 as it seeks to reduce its dependence on fossil fuels following crude’s global price slide.
Energy Minister Suhail al-Mazrouei said “By 2021, our investments in nuclear and solar projects will reach $35 billion ”
He added that the UAE’s four nuclear reactors currently under construction will, once operational, “provide 24-25 percent of electricity consumption in the country.”
Mazrouei said “Our aim is to increase the share of renewable energy to 30 percent between now and 2020/2030, and to reduce that of natural gas to 70 percent,”.
He explained ” this diversification seeks to ensure price security and stability for consumers that as overall demand continues to grow, the UAE’s gas production would follow suit.