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“The major economic opportunities offered by the net zero route directly support a vision to make the UAE the most vibrant economy in the world,” the government said in a statement.
Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum said the UAE will invest 600 billion dirhams ($ 163 billion) in renewable energy as part of the pledge.
The United Arab Emirates is a major producer of oil and gas. The country produced an average of 4 million barrels per day of oil and other liquids in 2019, according to the United States Energy Information Administration, ranking it seventh in the world.
The net zero commitment could put pressure on neighboring Saudi Arabia, the world’s largest oil producer, to move away from fossil fuels. But the change will not happen overnight.
Less than a year ago, the United Arab Emirates’ national oil company ADNOC obtained approval to invest $ 122 billion in the development of new oil and gas fields. It plans to increase oil production capacity to 5 million barrels per day by 2030.
In an interview with CNN’s Becky Anderson, UAE Minister of Climate Change and Environment, Mariam bint Mohammed Saeed Hareb Almheiri, said the nation would continue to produce oil and gas “if it is still needed.”
“We can’t just turn off the tap. It’s a transition,” Almheiri added.
– Zeena Saifi and Kareem Khadder contributed reporting.
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