On the occasion of the World Utilities Congress 2024, which kicks off on Monday in Abu Dhabi, he said: “The The UAE From 2019 to 2022, it has succeeded in doubling its renewable energy capacity, as part of the path to achieving the goals of the UAE Energy Strategy; to add installed capacity three times by 2030, towards our commitment to achieving the energy transformation goals according to the UAE’s historic agreement at “COP28”.
He added that in 2023, the UAE achieved a remarkable growth of 70 percent in installed renewable energy capacity, which reached 6.1 gigawatts, and made progress in competitive indicators for renewable energy, including: achieving a qualitative leap from sixth to second place in the per capita energy consumption index from renewable energy sources in the latest report on the Statistical Review of World Energy 2024 prepared by the World Energy Institute.
He said about the UAE establishing encouraging rules for investment in clean and renewable energy: “The total value of implemented new and renewable energy projects is estimated at more than 45 billion dirhams ($12.25 billion), not including only new operational projects.”
He explained that work is underway according to the plans set to implement the UAE Energy Strategy 2050, noting that among the most important renewable and clean energy projects under implementation, as well as new and future ones, are the sixth phase of the Mohammed bin Rashid Solar Park with a capacity of 1.8 gigawatts and the second phase of converting waste into energy project. Dubaithe 1.5 GW Al Ajban PV project in Abu Dhabi, and the Al Khazna PV project in Abu Dhabi 1.5 GW capacity, Hatta Hydroelectric Power Project, Sharjah 60 MW photovoltaic project, and the commercial operation project of the fourth reactor of the Baraka Which was recently put into operation.
Suhail Al Mazrouei stressed that low energy prices for AI-related businesses and energy-intensive sectors created immediate savings, providing them with the opportunity to reinvest and expand. Low operating costs mean increased profit margins regardless of revenue growth, and contribute to improved cash flow, allowing companies to take full advantage of emerging opportunities.
Regarding the current and targeted annual carbon capture capacity in the UAE, the Minister said that carbon management projects are among the most important of which are the projects of the company “ADNOC“Which continues to play a leading role in implementing permanent and safe carbon capture and storage technologies as part of its efforts to accelerate the achievement of climate neutrality by 2045, through plans to double the target of increasing its carbon capture capacity to reach 10 million tons annually by 2030.
He pointed out that the UAE achieved first place in competitiveness in production. Green Hydrogen In the Green Hydrogen Report 2024 prepared by Alvarez & Marsal, it also ranked first in hydrogen market readiness in the Middle East and North Africa region in the Roadmap for Low-Carbon Hydrogen Enabling Measures in the Middle East and North Africa report prepared by the World Economic Forum for the year 2023.
Regarding the details of the Federal Regulations for Energy Management in Industrial Facilities, Suhail Al Mazrouei said that the “Regulations” are the first of their kind in the industrial sector related to sustainability and reducing energy demand in industrial facilities in United Arab Emirateswhich will ensure the implementation of sustainability and energy efficiency standards in the country’s factories by activating a highly efficient system for managing energy systems.
He added that the Federal Regulations for Energy Management in Industrial Facilities will contribute to reducing energy demand in the industrial sector by 33 percent by 2050 and improving air quality by 32 percent, thanks to its contribution to reducing carbon emissions by the equivalent of 63 million tons by 2050, in addition to its role in achieving financial savings worth 14 billion dirhams by 2050.
