The UAE is emerging as one of the world’s biggest state financiers of clean energy, seeking to become as influential in renewables as it currently is in oil and gas, a report in the Wall Street Journal said.
The report also highlighted that while the UAE lays focus on renewables, the country "also remains a major investor in traditional oil and gas", said a Wam news agency report.
Since November, when global nations agreed to accelerate emissions-cutting plans at a United Nations summit, the UAE has said it will fund development of thousands of megawatts of solar-energy projects in countries across the world. It has committed $400 million to enable developing nations’ transition to clean energy and pledged to help supply green electricity to 100 million Africans by 2035, the WSJ report said.
The Gulf state, alongside the US, also has promised to raise $4 billion to invest in technologies that would transform agriculture and food production to limit climate change.
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