UAE to Invest $150 billion in Green by 2050

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UAE plans to invest $150 billion to go green by the year 2050. UAE and other middle eastern countries rely primarily on their usage of fossil fuels such as natural gas for energy production. This proves to be harmful to the environment and increases their dependency on fuel that will eventually be phased out in the coming decades.

UAE realizes that switching half the country’s power needs to renewable energy will net them a profit of around $190 billion. Minister of Energy Suhail Al Mazouei says “Open power plants are very low efficiency, it doesn’t make sense to continue using them. The reason they are used is because gas is subsidized.”

One of the first countries to primarily depend on renewable energy was Germany. Other countries to follow suit in reducing their carbon footprint include Britain, China and Costa Rica, who are all on track to reduce their fossil fuel dependency and increase production of renewable energy sources in the next 5-7 years.

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