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UAE to Invest $163 Billion in Clean Energy to Achieve 2050 Net-zero Targets

Sheikh Mohammed bin Zayed listens to Mheiri’s explanation in the presence of Sheikh Maktoum bin Mohammed bin Rashid and Jaber at the UAE pavilion at "Expo 2020 Dubai" (Asharq Al-Awsat Arabic)
Sheikh Mohammed bin Zayed listens to Mheiri’s explanation in the presence of Sheikh Maktoum bin Mohammed bin Rashid and Jaber at the UAE pavilion at "Expo 2020 Dubai" (Asharq Al-Awsat Arabic)
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UAE to Invest $163 Billion in Clean Energy to Achieve 2050 Net-zero Targets

Sheikh Mohammed bin Zayed listens to Mheiri’s explanation in the presence of Sheikh Maktoum bin Mohammed bin Rashid and Jaber at the UAE pavilion at "Expo 2020 Dubai" (Asharq Al-Awsat Arabic)
Sheikh Mohammed bin Zayed listens to Mheiri’s explanation in the presence of Sheikh Maktoum bin Mohammed bin Rashid and Jaber at the UAE pavilion at "Expo 2020 Dubai" (Asharq Al-Awsat Arabic)

The United Arab Emirates announced the UAE Net-Zero by 2050 Strategic Initiative, a national drive to achieve net-zero emissions by 2050.

The initiative aligns with the Paris Agreement, which calls on countries to prepare long-term strategies to reduce greenhouse gas emissions and limit the rise in global temperature to 1.5 C compared to pre-industrial levels.

The UAE will invest more than 600 billion dirhams ($163.3 billion) in clean and renewable energy over the next several years to achieve net-zero emissions by 2050, Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, confirmed on Thursday.

The UAE will "play a global role in combating climate change", Sheikh Mohammed posted on Twitter.

"The UAE’s Net Zero 2050 Strategic Initiative announced today is consistent with the longstanding vision of the UAE and its people to make a significant contribution to global sustainability efforts while supporting economic and human development both at home and around the world."

Minister of Industry and Advanced Technology and Special Envoy for Climate Change Dr. Sultan bin Ahmed Al Jaber said, "The UAE Net Zero Strategic Initiative is an open invitation to the world to collaborate with the UAE in developing practical solutions, boosting multilateralism, and creating opportunities for sustainable socio-economic development.”

Minister of Climate Change and Environment and Minister of State for Food Security Mariam Al Mheiri stressed that research will play a key role in dealing with climate change in the coming years.

The energy strategy revealed by the UAE back in 2017 aims to increase efficiency in personal and corporate energy consumption by 40 percent, bring the total share of clean energy from 25 percent to 50 percent and save up to 700 billion dirhams ($190.5 billion) by 2050.

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Oil Prices Ease but Remain Near 2-week Highs on Russia, Iran Tensions

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
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Oil Prices Ease but Remain Near 2-week Highs on Russia, Iran Tensions

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo

Oil prices retreated on Monday following 6% gains last week, but remained near two-week highs as geopolitical tensions grew between Western powers and major oil producers Russia and Iran, raising risks of supply disruption.
Brent crude futures slipped 26 cents, or 0.35%, to $74.91 a barrel by 0440 GMT, while US West Texas Intermediate crude futures were at $70.97 a barrel, down 27 cents, or 0.38%.
Both contracts last week notched their biggest weekly gains since late September to reach their highest settlement levels since Nov. 7 after Russia fired a hypersonic missile at Ukraine in a warning to the United States and UK following strikes by Kyiv on Russia using US and British weapons.
"Oil prices are starting the new week with some slight cool-off as market participants await more cues from geopolitical developments and the Fed’s policy outlook to set the tone," said Yeap Jun Rong, market strategist at IG.
"Tensions between Ukraine and Russia have edged up a notch lately, leading to some pricing for the risks of a wider escalation potentially impacting oil supplies."
As both Ukraine and Russia vie to gain some leverage ahead of any upcoming negotiations under a Trump administration, the tensions may likely persist into the year-end, keeping Brent prices supported around $70-$80, Yeap added.
In addition, Iran reacted to a resolution passed by the UN nuclear watchdog on Thursday by ordering measures such as activating various new and advanced centrifuges used in enriching uranium.
"The IAEA censure and Iran’s response heightens the likelihood that Trump will look to enforce sanctions against Iran’s oil exports when he comes into power," Vivek Dhar, a commodities strategist at Commonwealth Bank of Australia said in a note.
Enforced sanctions could sideline about 1 million barrels per day of Iran’s oil exports, about 1% of global oil supply, he said.
The Iranian foreign ministry said on Sunday that it will hold talks about its disputed nuclear program with three European powers on Nov. 29.
"Markets are concerned not only about damage to oil ports and infrastructure, but also the possibility of war contagion and involvement of more countries," said Priyanka Sachdeva, senior market analyst at Phillip Nova.
Investors were also focused on rising crude oil demand at China and India, the world's top and third-largest importers, respectively.
China's crude imports rebounded in November as lower prices drew stockpiling demand while Indian refiners increased crude throughput by 3% on year to 5.04 million bpd in October, buoyed by fuel exports.
For the week, traders will be eyeing US personal consumption expenditures (PCE) data, due on Wednesday, as that will likely inform the Federal Reserve’s policy meeting scheduled for Dec. 17-18, Sachdeva said.