The UAE launches the "Dh300 billion Action" energy strategy, increasing the installed capacity of renewable energy to 30GW in the next ten years

According to reports, the UAE recently launched a new energy strategy called "AED 300 billion", which plans to increase its industrial output value contribution from the current AED 133 billion to AED 300 billion in the next 10 years (approximately AED 300 billion). US$81 billion).

Relevant parties in the UAE stated that this goal will be largely achieved by creating 13,500 industrial companies, covering electricity, natural gas, mining, and manufacturing.

As part of the UAE's "Circular Economy Policy 2021-2031", the "AED 300 billion Action" is also an aid to the sustainable development of the country's energy sector. Among them, the development goal of renewable energy is to increase its proportion from the current 5% to 30% by 2030, and to increase the installed capacity from the current 18 GW to 30 GW.

Some media reports pointed out that at the end of March, the UAE officially launched the Murban crude oil futures contract transaction to lead the "Dh300 billion operation" to attract more oil trade contracts and strengthen the UAE as an oil export hub in the Gulf region. Status.

As part of the UAE's "Circular Economy Policy 2021-2031", the "AED 300 billion Action" is actually an aid to the sustainable development of the country's energy sector. According to the "Circular Economy Policy 2021-2031", ADNOC will further increase oil production by 2030 from the current 4 million barrels per day to at least 5 million barrels per day.

Based on the aforementioned energy strategy, ADNOC stated that it is considering listing its drilling subsidiary ADNOC Drilling in the UAE.

According to data, ADNOC Drilling is the largest drilling company in the Gulf region, operating 63 onshore drilling platforms, 20 offshore jack-up drilling platforms, and providing drilling rigs and other related services.

According to Reuters, ADNOC hopes to complete ADNOC Drilling's initial public offering this year, and the fundraising scale is expected to exceed $1 billion.

In recent years, ADNOC has gradually begun to decentralize its business, including the sale of equity in the pipeline business, the establishment of joint ventures in the upstream and downstream, etc. Last year, it also reached the largest energy infrastructure investment in the Gulf region, and its core business is gradually being "monetized" to attract Foreign capital and maximize the value of assets.

TAQA, which is responsible for the development of the UAE's renewable energy industry, said that it has introduced new sustainable development goals, which will further strengthen the position of solar energy in the field of renewable energy.

TAQA's goal is to increase the proportion of UAE's renewable energy in the energy business from the current 5% to 30% by 2030, and to increase the installed power generation capacity from the current 18 GW to 30 GW.

TAQA also stated that it will announce its own carbon emission reduction targets and measures in the second half of this year.

Data show that as of 2020, the UAE has 2.3 GW of renewable energy power installed capacity, accounting for 7% of its total power installed capacity, of which solar power is mainly used.

"The latest goal is consistent with the general direction of the country's renewable energy development. In the next step, we will increase clean energy assets, especially solar energy, on a larger scale. Not only will we develop more local projects, but also overseas projects."

The CEO of TAQA said, "We hope to transform TAQA into a leading company in the UAE's low-carbon sector and help the UAE energy industry achieve sustainable strategies."

It is reported that the UAE plans to increase the proportion of clean energy in the energy structure to 50% by 2050, of which 44% comes from wind and solar energy, and 6% comes from nuclear energy.

At present, TAQA puts more energy into two local solar power projects-Noor Abu Dhabi Solar Park and Al Dhafra Solar Project.

Noor Abu Dhabi Solar Park is located in the eastern part of Abu Dhabi. It covers an area of 780 hectares and has a total installed capacity of 1.2 GW. Construction started in May 2017 and commercial operation in April 2019. It can serve 90,000 local households. Provide sufficient power and reduce 1 million tons of carbon dioxide emissions.

The Al Dhafra solar project was jointly built by TAQA and Abu Dhabi renewable energy developer Masdar, with an installed capacity of 2 GW and a hydrogen demonstration plant. At present, the project is progressing smoothly and is expected to be put into operation in 2022. By then, it is expected to have the world's most competitive solar feed-in tariff, which can provide electricity to 160,000 local households, which is equivalent to reducing the emissions of 470,000 vehicles.