UAE President announces $50bn investment for climate action

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The UAE President made the announcement on Friday as part of his participation in the Leaders Meeting of the Major Economies Forum on Energy and Climate…reports Asian Lite News

Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment, stated that the announcement made by President His Highness Sheikh Mohamed bin Zayed Al Nahyan of plans to invest an additional US$50 billion to scale up climate action through the deployment of clean energy solutions at home and abroad is yet another milestone in the UAE’s long track record spanning close to three decades.

The UAE President made the announcement on Friday as part of his participation in the Leaders Meeting of the Major Economies Forum on Energy and Climate.

“Due to the future-oriented vision of its wise leadership, the UAE has joined the ranks of countries at the forefront of the fight against climate change. We have issued environmental protection laws and strategies and rolled out relevant initiatives. We have also adopted a proactive approach to promoting clean energy solutions as the sustainable, alternative energy sources of tomorrow,” Almheiri went on to explain.

She noted that in line with its steadfast commitment to climate action and the Paris Agreement, the UAE has introduced multiple roadmaps along the way that reaffirm its keenness to build a sustainable future for the next generations. These include the UAE Hydrogen Leadership Roadmap that seeks to position the country as a leading producer and exporter of green and blue hydrogen in the pursuit of net zero, and the UAE Net Zero by 2050 Strategic Initiative, the first of its kind in the MENA region.

The Minister added, “Our country has repeatedly underscored its dedication to developing and implementing long-term strategies aimed at reducing greenhouse gas (GHG) emissions and limiting global warming, as is evident in its Nationally Determined Contribution (NDC). Today, as we gear up to host the 28th UN Climate Change Conference (COP28) next year, we remain determined to enhance environmental protection, advance government agendas, and boost the participation of the private sector through driving innovation and developing cutting-edge climate-smart technologies in the agriculture and food sectors to conserve natural resources.”

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