“The United Arab Emirates offers a great array of energy projects for companies around the world and indeed has attracted some of the lowest bids for solar energy projects in industry history,” said Ryan McPherson. , EIC Regional Director for the Middle East, Africa and Russia. , and IEC.
The report highlighted hydrogen developments in the UAE, indicating that as of October 2022, the country had six projects under development that could result in combined capital expenditure of around $1.66 billion. “The UAE could be a key player and supply 25% of the global low-carbon hydrogen market production by 2030,” the report said.
The United Arab Emirates, home to the headquarters of the International Renewable Energy Agency (IRENA), will host the 28th session of the Conference of the Parties (COP 28) in November 2023. The country has the fifth largest proven oil reserves in the world, or approximately 111 billion dollars. barrels.
Regarding nuclear power, the report said that the fourth and final unit of the UAE nuclear power plant is expected to come into operation in 2023, as it is currently in the final stages of commissioning.
While conventional thermal power plants in the UAE are largely fueled by natural gas – almost 86% of installed capacity, the country has a combined installed capacity of almost 3 gigawatts generated from solar and power plants. from waste.
“The country is pioneering the renewable energy sector in the GCC,” the report said. The UAE plans to increase the share of clean energy to 50% of its energy mix by 2050.
The Gulf nation plans to increase its oil production to five million barrels a day by 2025, after advancing the five-year target. By 2030, this capacity should reach six million barrels per day.
Gas, a key fuel for the energy transition, is another resource that the UAE is developing strongly. “Abu Dhabi has an abundance of untapped gas resources that could be used to power the United Arab Emirates for many decades,” the report said. In 2020, Abu Dhabi’s recoverable unconventional gas reserves were estimated at 160 trillion cubic feet (Tcf).