Oil-rich UAE moving focus towards renewable energy
The UAE is continuing to shift its attention towards renewable energy suggesting renewables will be a major focus in the future of energy development in the UAE.
The nation's commitment to developing renewable energy is represented perfectly at the Masdar Institute for Science and Technology. The institute has invested huge amounts of money into green energy which some are viewing unusual in a region so focused in the oil and gas industry.
The UAE sits on 5.9% of the world’s oil reserves and an additional 3.1% of natural gas but despite this wealth of resources the UAE is aware they need to greatly expand their renewable energy market.
“We understood that for us to maintain our leadership in the (energy) sector, we have to get into renewables, and we have done that” Masdar Chief Executive Officer, Ahmad Belhoul.
The UAE is expected to invest $35 Billion in alternative energy projects by 2020, including $20 Billion into the Barakh 5.4 gigawatt nuclear power project.
The UAE is leading the renewable energy revolution in the middle-east becoming the only OPEC country that not only exports oil but also exports renewable energy around the world.