London (CNN Business) The United Arab Emirates (UAE) is now the first nation within the Persian Gulf to commit to net zero carbon emissions in 2050. But it's not turning back on oil until 2050.
The UAE government announced the news during Expo 2020 in Dubai on Thursday. The achievement of the goal would allow UAE as an OPEC participant to a level in line with Paris Agreement on climate, which aims to limit the temperature rise by 1.5 degrees Celsius in comparison to the pre-industrial era.
"The significant economic opportunities provided through the route towards net zero directly contribute to the vision of developing the Emirates to become the most dynamic economy around the globe," the government said in an announcement.
The Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum stated his country's ruler that UAE is planning to invest 600 billion dirhams ($163 billion) in renewable energy in line with the pledge.
The UAE is an important oil and gas producer. In 2019, the country produced an average 4 million barrels daily of oil and other liquids in 2019 as per the US Energy Information Administration, which ranks it seventh in the world.
Zero commitment might cause pressure on the neighboring Saudi Arabia, the world's largest oil producer, to shift towards a non-carbon fuel. But this change won't happen over night.
In less than a year, UAE national oil company ADNOC received permission to spend $122 billion in the development of new gas and oil deposits. The company plans to boost the production of oil to 5 million barrels per day by 2030.
Interview with CNN's Becky Anderson, UAE climate change and minister of the environment Mariam bint Mohammed Saeed Hareb Almheiri declared that the UAE will continue to produce gas and oil "if it's needed."
"We aren't able to turn on the faucet. It's a process," Almheiri added.
— Zeena Saifi and Kareem Khadder contributed reporting.
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