The United Arab Emirates said success in transitioning towards a future energy system aims to reduce emissions while maintaining growth, progress, and development.
Dubai Ruler and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum inaugurated on Monday the Abu Dhabi Sustainability Week (ADSW), the global platform for accelerating sustainability hosted by Masdar, Abu Dhabi Future Energy Company.
Sheikh Mohammed highlighted the importance of ADSW, the first global gathering of its kind after the 2021 United Nations Climate Change Conference (COP26), saying it paves the way for COP28, which will be held in the UAE in 2023.
This year's edition of ADSW is part of Dubai Expo 2020, which provides an opportunity for global expertise to stimulate constructive dialogue and push efforts towards implementing innovative solutions.
Minister of Industry and Advanced Technology Sultan Al Jaber addressed the challenge of maintaining economic progress while turning back the clock on emissions.
The minister, who is also UAE's Special Envoy for Climate Change and Chairman of the Board of Directors of Masdar, said: "Globally, we see a bright future for the renewable energy sector as at least $3 trillion will be invested in renewable energy over the next ten years. Through Masdar, we have invested in solar and wind energy projects in 40 countries around the world."
According to the minister, while the world still needs oil and gas, the UAE is committed to making the current energy system work more efficiently with much less carbon.
He announced that ADNOC produces one of the least carbon-intensive hydrocarbons globally, and, as of 17 days ago, 100 percent of ADNOC's grid power now comes from zero-carbon energy sources.
The Abu Dhabi National Oil Company (ADNOC) is one of the world's least carbon-intensive oil and gas producers.
Energy Minister Suhail al-Mazrouei said the UAE had adopted a transparent green transformation strategy, which includes investing in green energy, crowned by the announcement of its plan to achieve carbon neutrality by 2050.
Mazrouei noted that hydrogen is a source of green energy that will support the country's green transformation efforts.
The UAE has the first green hydrogen production plant in the Middle East, and it aims to obtain a quarter of the global hydrogen market.
He stated that the UAE is making significant efforts to make hydrogen a reliable global source of energy, and it also possesses natural and technological resources that support the country's future direction.
The UAE plans to lead in hydrogen production and help achieve carbon neutrality as part of its leadership's directives to find solutions to issues caused by climate change, he said.
He added that solar power, peaceful nuclear power, and hydrogen play a crucial role in future international efforts to reduce carbon emissions.
The UAE is researching the possible utilization of green and blue hydrogen production through the Abu Dhabi Hydrogen Alliance.
It is committed to developing a market for sustainable hydrogen as a fuel source through international partnerships, as reaching the target of zero emissions is a crucial challenge for countries and requires further innovation and collective action, he affirmed.