UAE to Produce 1.4 Mmt of Hydrogen Annually by 2031

UAE Minister of Energy Suhail Al Mazrouei. (WAM)
UAE Minister of Energy Suhail Al Mazrouei. (WAM)
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UAE to Produce 1.4 Mmt of Hydrogen Annually by 2031

UAE Minister of Energy Suhail Al Mazrouei. (WAM)
UAE Minister of Energy Suhail Al Mazrouei. (WAM)

The UAE aims to produce 1.4 million metric tons of hydrogen per year by 2031, and 15 million metric tons annually in 2050, thanks to efforts aimed at reducing emissions in industrial-intensive sectors by 100 percent.

Minister of Energy Suhail Al Mazrouei said his country was looking forward to establishing two hydrogen oases in 2031 to produce clean electricity.

He explained that the goal was to increase the number of hydrogen oases to five by 2050, in addition to establishing a hydrogen center for research and development in 2031 with the aim to turn it into a globally recognized innovation center for hydrogen by 2050.

The minister added that the UAE was seeking to increase the contribution of clean energy to reach 32 percent in 2030, including renewable and nuclear energy.

Regarding the strategic objectives in light of the UAE’s hosting of the 28th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP 28), Al Mazrouei said: “The UAE achieved the second place in the Global Energy Transition Index in the year in which it will host COP 28. This is a clear message of the country’s leadership in the speed of transformation through qualitative renewable energy projects.”

He stressed that the main message of the conference, scheduled for November, was to triple the production of energy projects, which is reflected in the updated strategy.

The minister also underlined that the energy and hydrogen strategy, as well as the transport sector, serve as the basic perspective of COP 28, pointing to the UAE’s commitment to presenting tangible and realistic projects to address climate challenges.



US Treasury's Bessent Urges IMF, World Bank to Refocus on Core Missions

 Treasury Secretary Scott Bessent speaks, Wednesday, April 23, 2025, to the Institute of International Finance Global Outlook Forum at the Willard Hotel in Washington. (AP)
Treasury Secretary Scott Bessent speaks, Wednesday, April 23, 2025, to the Institute of International Finance Global Outlook Forum at the Willard Hotel in Washington. (AP)
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US Treasury's Bessent Urges IMF, World Bank to Refocus on Core Missions

 Treasury Secretary Scott Bessent speaks, Wednesday, April 23, 2025, to the Institute of International Finance Global Outlook Forum at the Willard Hotel in Washington. (AP)
Treasury Secretary Scott Bessent speaks, Wednesday, April 23, 2025, to the Institute of International Finance Global Outlook Forum at the Willard Hotel in Washington. (AP)

US Treasury Secretary Scott Bessent on Wednesday called on the International Monetary Fund and World Bank to refocus on their core missions of macroeconomic stability and development, arguing that they have strayed too far into vanity projects such as climate change that have reduced their effectiveness.

Bessent, in remarks outlining his vision for US engagement with the IMF and World Bank on the sidelines of the institutions' spring meetings, said that they serve critical roles in the international financial system.

"And the Trump administration is eager to work with them - so long as they can stay true to their missions," Bessent said in prepared remarks to the Institute of International Finance.

"The IMF and World Bank have enduring value. But mission creep has knocked these institutions off course. We must enact key reforms to ensure the Bretton Woods institutions are serving their stakeholders - not the other way around," he said, calling on US allies to join the effort. "America First does not mean America alone."

Bessent said the IMF needed to focus on its key mandate and adhere to strong standards in its lending.

"The IMF was once unwavering in its mission of promoting global monetary cooperation and financial stability. Now it devotes disproportionate time and resources to work on climate change, gender, and social issues. These issues are not the IMF's mission."

"And sometimes, the IMF needs to say 'No.' The organization has no obligation to lend to countries that fail to implement reforms."

Bessent added that the World Bank must be "tech-neutral and prioritize affordability in energy investment. In most cases, this means investing in gas and other fossil fuel-based energy production."

He added that it could also finance renewable energy projects along with systems to manage energy latency in wind and solar.