The United Arab Emirates believes a $150bn investment in renewable energy will ultimately save the gulf state much more in the long term.

Bloomberg reports that the UAE believes it can save $192bn by switching half of its power needs to clean energy by 2050
Suhail Al-Mazrouei
Minister of Energy Suhail Al-Mazrouei said at a conference in Berlin that the move would improve the country’s finances and end reliance on subsidised natural gas power.

Sticking to the strategy will “save the environment and at the same time save us lots of money,” he said.

Noting the ongoing drop in costs associated with solar power, Al-Mazrouei said Middle East states need to break their reliance on subsidized gas power.

“We have so many open-cycle power plants it doesn’t make sense to continue with them – they’ve very low efficiency,” said the former Abu Dhabi Investment Authority executive. “The reason they are there is because gas is subsidized.”

He added that gas power plants would only be considered where they can show they will not require subsidy.