UAE announces plans to invest $54B in energy and triple renewable sources

DUBAI, United Arab Emirates (AP) — The United Arab Emirates plans to triple its supply of renewable energy and invest up to $54 billion over the next seven years to meet its growing energy demands. The plans also include investments in low-emission hydrogen fuel and developing infrastructure for electric vehicles. The UAE’s vice president announced the plans on Monday following a Cabinet meeting. The major oil-producing nation has pledged to be carbon-neutral by 2050, without fully explaining how, and is hosting the COP28 climate summit later this year.