Per CTV News

The United Arab Emirates is planning to reach net zero emissions by 2050. In order to do this, they are planning to invest $54 billion into renewables like low-emission hydrogen fuel and EV development infrastructure over the next seven years.

The news came from Dubai's ruler and UAE's vice president Sheikh Mohammed bin Rashid Al Maktoum in a recent Cabinet meeting. The goal would be fore the next seven years, they want to triple renewable energy contributions.

UAE is reportedly hosting the COP28 climate summit this 2023 and despite announcing plans for 2050, the report notes that they didn't yet fully explain how. Abu Dhabi National Oil Co CEO and Masdar chairman Sultan al-Jaber was appointed the upcoming climate summit's president.

The summit is expected to happen in Dubai.

At the end of March, Saudi Arabia reportedly joined a China-led security bloc and trade alliance with China, Russia, India, Pakistan, and others. So far, Beijing is Riyadh's largest trading partner, with bilateral trade worth $87.3 billion in 2021.

Recently, Saudi Arabia hosted a gathering with China designed to boost business interest. This comes as the kingdom was trying to strengthen its relationships with China instead of the US.

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