Will GUYANA sell Oil Blocks to the UAE?
17 Mar 23Chem Chat
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03 March 2023Enviro Chat
The UAE is set to serve as a reliable partner in supporting India’s renewable energy goals, according to a senior official in the Dubai Chambers of Commerce. Speaking late last month, CEO and President Mohammed Ali Rashed Lootah told assembled journalists on the fringes of the India-UAE Partnership Summit that the two nations were “old energy partners” and he expected more cooperation to follow in the era of sustainability.
At present, India is the third biggest importer and consumer of crude oil from the UAE. As such, the relationship between the two already runs deep and with the nations sharing similar aims of expanding their renewable energy generation capacity, it makes sense for them to pool their resources and drive towards a greener tomorrow.
The Indian government has announced highly ambitious plans to transform its energy infrastructure, earmarking a target of 450GW of clean energy generation by 2030. It’s also aiming to achieve net-zero on its carbon emissions profile by 2070, giving it just under half a century to complete the task. In a country of almost 1.4 billion people, that’s no easy ask.
Meanwhile, the UAE is also in the process of remodelling its energy and economic infrastructure. Like many of its Gulf neighbours, the country has built vast stores of wealth based upon its reserves of fossil fuels. However, with awareness growing about the damaging side-effects of these power sources, the UAE has poured significant resources into alternative forms of energy generation.
In particular, it has focused its attentions on solar power and green hydrogen in recent years. It’s no surprise, then, that these are the two areas in which Mr Lootah expects the majority of collaborative efforts to be concentrated. “Both countries work together for a more sustainable future, and therefore, we expect enhanced cooperation in renewable energy, especially solar power and hydrogen,” he explained.
Apart from the aforementioned crude oil importation links, the UAE and India have also increased cooperation in the last few years. In 2022, for example, the two countries signed the UAE-India Comprehensive Economic Partnership Agreement (CEPA), which is expected to provide a significant boost to bilateral trade. At the time CEPA came into force in May last year, bilateral trade stood at $60 billion USD, but that figure is expected to surpass $100 billion within five years.
With such an agreement in place, it will be easy for the UAE to support India’s climate goals with the relevant financing and industry expertise, thus bolstering its own UAE Energy Strategy and UAE Net Zero by 2050 Strategic Initiative in the process. However, there are plenty of other sectors which stand to benefit.
Already, CEPA has helped two areas of recent collaboration which became more of an immediate concern during the pandemic – agritech and healthcare. With UAE reliant on exports for the vast majority of its food consumption, the establishment of a corridor between the Emirates proved to be mutually beneficial. The UAE accessed plentiful supplies of produce, while Indian farms, producers and other food hubs received substantial investment. CEPA will only enhance the possibilities of that situation further.DOWNLOAD PDF
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