Suhail al-Mazrouei, the Energy Minister of the United Arab Emirates, said on Monday that insufficient investments in the oil and natural gas industries could lead to an increase in energy prices.
He stated in the Africa Oil Week conference that took place in Dubai, that oil and gas are needed to ensure a reliable supply of energy during the transition period that is required to execute non-carbon emitting projects.
He went on to say that the United Arab Emirates is willing to invest in projects in Africa to produce energy using solar and wind power and that it sees hydrogen as a potential energy source.
In October, the Gulf state announced a plan to achieve net-zero emissions by 2050 by investing 600 billion dirhams ($163 billion) in renewable energy.
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