UAE Sees $192 Billion Savings in Switch to Green Power From Gas

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The United Arab Emirates forecasts that savings generated by switching half its power needs to clean energy by mid century will outstrip the investment costs.

The Gulf state plans to invest $150 billion in renewable power to 2050, weening the country from dependency on subsidized natural gas power in stages, Minister of Energy Suhail Al-Mazrouei said at a conference in Berlin. Clean energy sources will help it save $192 billion, he said.

The UAE leadership is “bullish” about achieving the goal after realizing that the nation can forgo subsidies in the switch to clean power from LNG, Al-Mazrouei said. Sticking to the strategy will “save the environment and at the same time save us lots of money,” he said.

As the costs for solar power fall rapidly, Gulf and Middle East states are reevaluating their power strategies, which currently rely subsidiaries for electricity generated with liquid natural gas. The UAE has set an “incredibly ambitious” clean power target, starting from scratch just a few years ago, according to Bloomberg New Energy Finance.


https://www.bloomberg.com/news/articles/2017-03-27/uae-sees-192-billion-savings-in-switch-to-green-power-from-gas