Largest Oil Producing Country to invest in Renewable Energy
Largest Oil-producing Country to invest in Renewables – A report by Wall Street Journal, a leading US newspaper claimed that United Arab Emirates (UAE), the largest oil producing country according to OPEC is emerging as the highest investing country to spend their money on renewable energy, as they need to shift their dependency and focus from oil and gas to renewable.
Largest Oil-producing Country to invest in Renewable Energy
In recent years, with the rising oil prices, the UAE is strongly funding major mega projects that are related to renewable sources of energy like wind and solar energy for its citizens as well as building projects (smart buildings in UAE) in other countries like Saudi Arabia. With the increase of energy efficiency in UAE, they have given their word to supply clean power to 100 Million Africans in Africa by the year 2025. It has also pledged to invest a total of $400 million to help developing nations adopt green energy solutions.
To prevent climate change from happening, along with its funding in renewable energy, they are also spending $4 billion on inventing newer and innovative technologies for agriculture and food production to have low carbon emission globally.
With the rise of the power and energy industry, the Emirati’s who are working as government officials feel that this move will not only help UAE in making it a mixed – economy, wherein they no longer need to be dependent on its oil production but also shift people’s perception towards GCC Countries.
Since 2006, Mubadala Investment Company, an Emirati-owned company that is diversifying its capital in the most promising industries has raised beyond $20 Billion in green electricity mega projects. This is found by a New York based research firm Global SWF. The investments are higher, but not more than the oil and gas industry sector. Global energy industry investments and offshore wind energy investments are predicted to reach high in the future years to develop a sustainable future.
By the beginning of the year 2030, the Seventh largest oil producing country, according to OPEC wants to generate 100 gigawatts of renewable energy by developing significant mega projects in UAE and foreign countries. This amount of electricity is equivalent to 4X times to its today’s commitment toward its transition to renewable energy. There are many kinds of renewable energy sources. Some examples are hydro, wind, and solar including their integration with combined cycle, biomass, biofuel, municipal waste, and other sources that are renewable.
Largest Oil-producing Country to invest in Renewables – To attain its key milestone, Dubai Government is highly focused on bringing the three national oil companies: TAQA, ADNOC, and Mubadala together in acquiring the stake and making them partners in Masdar, which is the largest renewable energy solution company in the world. This merger will account for all the UAE renewable energy projects development under one brand and to become net zero emissions by the year 2050.
In a statement by Sultan Al Jaber, the Minister of Industry & Advanced Technology, member of the UAE Federal Cabinet, the UAE Climate Change Special Envoy & Chairman of the Board of Trustees of the Mohamed bin Zayed University of Artificial Intelligence stated that the transition from oil to renewables could only happen with the help of hydrocarbon producers.
RSE FZE is helping the country to achieve this milestone by producing key components like cylinders, shafts, blades, and many more that are used in renewable energy technologies like wind turbine, hydraulic turbine, floating wind turbine, mechanical seals, abrasive blasting, gravity batteries, etc. for its industrial and commercial customers so that they can do businesses without causing any harm to human and its planet. Our company has experienced professionals in power systems engineering. We ensure that our products provide environmental management solutions for various environmental issues.
Being the CEO of the oil company, he also mentioned looking at oil and gas as a part of the solution, not as a challenge. It should be seen as a bridge connecting to achieve the UAE Goal as many oil companies are ready to invest in renewables and they are a part of supplying huge amounts of energy across the globe. The forging industry (forging vs casting) is also having a future in the industry. Various types of forging methods like closed and open die forgings are used for manufacturing the mechanical parts used in the implementation of renewable energy harvestings. Even EVs are predicted to dominate the forging industry.
John Kerry, a Climate Envoy in the United States has visited the United Arab Emirates two times to encourage and assist Gulf Countries to bring their commitment into action and favor them to cut their emissions as much as possible. The United States very well knows the net worth of the Gulf Countries and it wants them to use their finances to help the world in becoming a better place. Mr. Kerry also happened to visit World Economic Forum (WEF) in Switzerland during the month of May this year and clearly expressed his views regarding the importance of shifting from oil to clean energy for all the Gulf Countries.
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