Emirates backs New Delhi’s ambition of 450 GW of renewable energy by 2030
The United Arab Emirates is expanding its climate and clean energy collaboration with India to support New Delhi’s ambition of achieving 450 gigawatts of renewable energy installed capacity by 2030 and net-zero carbon emissions by 2070, a senior official mentioned on Tuesday.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers of Commerce, called the two countries “old energy partners”, adding India is the third leading importer and consumer of UAE crude oil.
The ambition is in line with the Emirates’ plans to expand its clean energy capabilities in order to achieve the goals of the UAE Energy Strategy by 2050 and the targets outlined in the UAE Net Zero by 2050 Strategic Initiative, Lootah told PTI on the sidelines of the India-UAE Partnership Summit.
He also underscored the advantages of the signing of the UAE-India Comprehensive Economic Partnership Agreement (CEPA) in 2022. CEPA entered into force last May and is expected to help both countries “boost bilateral trade from $60 billion to $100 billion within the next five years.”
The landmark agreement would encompass multi-faceted cooperation and developments in trade, science, health and technology, defence, investment, food security, tourism, and clean energy, Lootah informed. “We expect enhanced cooperation in renewable energy, especially solar power and hydrogen,” he added.
The two countries have showcased strong cooperation in healthcare and medical best practices during the Covid-19 pandemic, and are ready for new health partnerships supported by the latest research and development, medical technologies, and innovation.
Lootah has called pharmaceuticals a significant part of health cooperation.
The agreement is also expected to make India a reliable food security partner for the Mideast nation.