The UAE may surpass its target of tripling renewable energy capacity by 2030 due to low clean energy prices and as more solar capacity is installed to produce green hydrogen, the country's energy minister said on Sunday.
Renewable energy is the cheapest and reduces the levelised cost of electricity – the average cost of generating power over the lifetime of a power plant – Suhail Al Mazrouei said during a panel session at the World Economic Forum’s special meeting in Riyadh.
“We can say with certainty that our plans will be reached and maybe we'll reach even higher than tripling the capacity because it does make sense. It's the cheapest,” Mr Al Mazrouei said.
“In addition to that, what we're doing for hydrogen is also going to increase significantly the installed capacity for solar,” he added.
The Emirates, the Arab world’s second-largest economy, aims to reach hydrogen production of 1.4 million tonnes annually by 2031, and 15 million tonnes annually by 2050.
The country is planning to develop at least two hydrogen production hubs, or oases, by 2031.
Gulf countries have been heavily investing in renewable energy while simultaneously lowering emissions from their oil and gas operations as part of their plans to achieve net-zero emissions by 2050 or beyond.
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