UAE says insufficient investments in oil and gas could lead to price hike
UAE says insufficient investments in oil and gas could lead to price hike
A UAE minister said insufficient investments in the oil and natural gas industry could lead to an increase in energy prices.
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About 30 percent of the UAE's gross domestic product is directly based on oil and gas output, according to figures from OPEC [source: Getty]
United Arab Emirates Energy Minister Suhail al-Mazrouei said on Monday insufficient investments in the oil and natural gas industry could lead to a hike in energy prices.
Oil and gas are needed to ensure a reliable supply of energy during the transition period required to implement non-carbon emitting projects, he told the Africa Oil Week conference in Dubai.
The UAE, he added, is willing to invest in African solar and wind projects, and sees potential in developing hydrogen as an energy source.
The Gulf state announced in October a plan to reach net-zero emissions by 2050, providing for 600 billion dirhams ($163 billion) in investment in renewable energy.
This announcement comes as the COp26 UN Climate Change Conference starts its second week.
From extreme heat to worsening hunger and water shortages, accelerating climate change threatens unimaginable health consequences, scientists and health officials warned on Saturday.
Jeni Miller, executive director of the Global Climate and Health Alliance, emphasised that many more national climate plans need to take into account health threats - and that cutting emissions will be key to curbing those risks.
"The decisions made at COP26 will define the health and well-being of people ... for years to come," she said.
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