Abu Dhabi Renewable Energy Investments

07 Dec 2021   |  Abu Dhabi

Following the United Arab Emirates' Net Zero 2050, Abu Dhabi's Department of Energy has announced nine additional projects that would catalyze the country's journey to reduce CO2 emissions previously significantly produced by power and water generation. The plan expects to cut over 20 million tonnes of power generation emissions by 2025 by shifting towards clean power generation. One of the most sought-after projects is the UAE's first nuclear power plant, the Barakah Abu Dhabi. Barakah Abu Dhabi would provide 14 gigawatts (GW) of clean power generation capacity by 2030.

Abu Dhabi Renewable Energy Opportunity

As a major oil producer, Abu Dhabi has emphasized investments in renewable energy, committing to oversee USD 163 billion investments in the sector. Today, the government has invested over USD 40 billion in clean energy, mainly developing nuclear power plants. As a result, the Barakah nuclear energy plant has started the second unit in the western region of Abu Dhabi, positioning itself as the first atomic power station throughout the gulf region and planning to start its commercial operations in April 2022. Moreover, the Barakah nuclear power system has become the benchmark of international collaboration in developing Abu Dhabi's renewable energy sector. The project was primarily done by Korea Electric Power Corp (KEPCO) that enabled four reactors with a combined capacity of 5.600 megawatts (MW) to cater to 25% of the UAE's demand.

Moreover, Abu Dhabi plans to conduct the World Future Energy Summit on the 17th to 19th January 2022 as a part of the Abu Dhabi Sustainability Week to showcase innovations in renewable energy in collaboration with countries such as Germany, Switzerland, France, Austria, Nigeria, India, Netherlands, South Korea, Japan, and China. The summit will be one of the leading annual international events in renewable energy as an action to comply with the 2021 United Nations Climate Change Conference (COP26). The conference has mandated global economies to eliminate carbon emissions.

The World Future Energy Summit as Catalyst

Abu Dhabi Renewable Energy Investments

The World Future Energy Summit aims to provide Abu Dhabi renewable energy players opportunities to exchange ideas and support the journey towards a sustainable future. As the leader of the summit, Mubadala has recently signed an agreement with the Abu Dhabi National Oil Company and the Abu Dhabi Developmental Holding Company to form a partnership in producing green and blue hydrogen. The association has resulted in the inauguration of MENA's first green hydrogen production facility operating with solar power, inviting an initial investment of up to USD 11 million and set to produce over 20.5 kilograms per hour.

The Energy Transition Accelerator Financing (ETAF) Platform has also secured USD 400 million to fund Abu Dhabi's renewable energy development and act as the country's first strategic partner. The plan was to finance 1.5 GW of renewable energy power by 2030, eventually catalyzing the renewable energy sector as Abu Dhabi's economic backbone. Throughout the partnership, ETAF will be managed by IRENA through the organization's Abu Dhabi headquarter, further mitigating investment risks and helping smaller renewable energy players to secure the required capital for innovations regarding clean energy.

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