India’s objective of adding 500 gigatonnes of sustainable energy in the next seven years is both real and powerful. As one of the largest renewable energy investors, the UAE and Masdar (a renewable energy investment firm) will explore all opportunities for collaboration with India to contribute to its high-growth-low-carbon path. Keeping the 1.5 degree Celsius objective alive entails taking action to cut greenhouse gas emissions in order to limit global warming to 1.5 degrees Celsius above pre-industrial levels and avoid the worst effects of climate change.
The United Arab Emirates (UAE) has made many initiatives to help India meet its ambitious aim of 500 GW of renewable energy capacity by 2030. In 2020, Abu Dhabi National Oil Corporation (ADNOC) announced a $1.4 billion investment in India’s Reliance Industries to construct a petrochemicals plant and a renewable energy complex. Furthermore, the Abu Dhabi Investment Authority (ADIA), the UAE’s sovereign wealth fund, has committed to investing $750 million in India’s National Investment and Infrastructure Fund (NIIF), which focuses on infrastructure and renewable energy projects, in 2021.
The funding is intended to help India construct infrastructure projects, particularly renewable energy initiatives. The UAE has been an important partner of India in the renewable energy sector, with various UAE corporations and organizations participating in solar and wind generating projects in India. Masdar Clean Energy of the UAE won a bid to create a 200 MW solar power project in India in 2018, and the Abu Dhabi National Energy Corporation (TAQA) purchased a 50% stake in a 2 GW solar power project in India in 2020.
In addition, the UAE and India have inked a number of agreements to collaborate in the sector of renewable energy. In 2018, they formed the International Solar Alliance (ISA) with other governments to promote solar energy around the world. In 2019, the UAE also hosted the ISA’s first-ever global preparatory conference.
Sultan Al Jaber, the COP28 president-designate, stated on Wednesday that the UAE will explore all partnership opportunities with India in order to contribute to New Delhi’s high-growth-low-carbon path. He also stated that the objective of keeping global warming to 1.5 degrees Celsius over pre-industrial levels is “absolutely non-negotiable.” According to Al Jaber, India is on its way to becoming the world’s third largest economy, making it one of the largest consumers of energy. As a result, India’s sustainable growth is vital not only for the country, but for the entire world. “We need a true, comprehensive paradigm shift in our approach to adaptation, mitigation, finance and loss and damage,” he said.
These efforts and collaborations demonstrate the UAE’s dedication to advancing India’s renewable energy goals and encouraging sustainable development. The UAE’s investments and collaborations with India are intended to assist accelerate the country’s growth of renewable energy and contribute to a cleaner, more sustainable future. The support of international partners like the UAE will be crucial in achieving this goal, and the recent investment by ADIA is a positive step towards strengthening the partnership between the two countries in the renewable energy sector.
