The UAE, the Arab world’s second-largest economy, is investing “way more” in renewable energy than in oil and gas, Minister of Energy and Infrastructure Suhail Al Mazrouei said on Monday.
The Emirates’ investments in clean energy surpass the investments in hydrocarbons, but funding oil and gas projects is necessary to avoid high prices going into the transition, Mr Al Mazrouei said during a panel session at the Cop28 climate summit.
If not done correctly, higher oil and gas prices could “hinder” the transition to clean energy in many countries where affordability is crucial, he said.
Mr…
