Rystad Energy highlights UAE to invest over US$50 billion by 2030 to meet its energy demand
It was great to catch up with Frederick Oliver of Rystad Energy last week to discuss the firm’s latest analysis on the renewables and clean energy market in the UAE. The firm’s Energy Transition Outlook report published in July makes insightful reading. https://lnkd.in/d_ysybpc
In the Middle East context, Rystad Energy reports that on 18 July the UAE approved an updated UAE National Energy Strategy, aiming to increase the share of clean energy from renewables and nuclear from approximately 10% currently to 30% by 2030 and to 50% by 2050. The country also announced its UAE National Hydrogen Strategy, aiming to become one of the world’s top producers of low-emissions hydrogen.
A huge theme at the SPE ADIPEC 2023 will also be the UAE’s drive to decarbonise the petroleum sector which will run in parallel with their renewables and clean energy strategy.
In this context, the Global CCS Institute has just published its "State of the Art CCS Technologies2023". https://lnkd.in/dBF7vf7w
It was also great to be involved in the Aberdeen-based Net Zero Technology Centre pre-ADIPEC presentation to the GlobalScot network this week. NZTC recently announced a collaboration with ADNOC Group to launch a global competition to find innovations that will reshape the global energy
landscape. The Decarbonization Technology Challenge is also being supported by Amazon Web Services (AWS), bp and Hub71.
Overall, the UAE plans to invest up to US$$54 billion over the next seven years to meet its energy demand, including via investments in hydrogen fuel and developing infrastructure for electric vehicles (EV). Most of the growth in renewable energy will come from solar, accounting for 85% of
the total installed renewable energy capacity by 2030.
The strategy aims to create an energy mix combining different clean sources. By 2050, the country aims to have its power mix comprise renewable energy (44%), gas (38%), clean coal (12%) and nuclear (6%). The updated national energy strategy also targets similar 2050 goals.
Hugh Fraser International is keen to play its part in supporting its clients ventures within these market opportunities with our HFI Net Zero Legal Solutions initiative focussing on clean energy including carbon capture and hydrogen and HFI Petroleum Technology Legal Solutions focusing on decarbonisation, smartwells & intelligent completions, plugging & abandonment and other advanced technologies.