section_path: Economy/Energy
section_name: Energy
paragraph_text: Energy
  
  Oil and gas production is an important part of the economy of the UAE. In 2018, the oil and gas sector contributed 26% to overall GDP. The UAE leadership initiated economic diversification efforts even before the oil price crash in the 1980s, resulting in the UAE having the most diversified economy in the Middle East and North Africa (MENA) region at present. Although the oil and gas sector continues to be significant to the UAE economy, these efforts have yielded great resilience during periods of oil price fluctuations and economic turbulence.The introduction of the VAT has provided the government with an additional source of income – approximately 6% of the total revenue in 2018, or 27 billion United Arab Emirates dirham (AED) – affording its fiscal policy more independence from oil- and gas-related revenue, which constitutes about 36% of the total government revenue.
  
  The Barakah nuclear power plant is the first on the Arabian peninsula and expected to reduce the carbon footprint of the country.
  
  The UAE has solar generation potential, and its energy policy has shifted due to the declining price of solar. The Dubai Clean Energy Strategy aims to provide 7 per cent of Dubai's energy from clean energy sources by 2020. It will increase this target to 25 per cent by 2030 and 75 per cent by 2050.
  
  In 2023, ADNOC and its CEO Sultan Al Jaber closed at least 20 business deals worth nearly $100 billion. The state oil firm was alleged of exploiting the UAE’s COP28 presidency to pursue oil and gas deals. As per leaked documents, Al Jaber’s team targeted 16 nations to lobby firms, delegates or ministers on such deals. ADNOC sought deals with companies from 12 countries, which included 11 of the 16 target nations. Al Jaber and senior ADNOC officials openly discussed deals. COP28 organising teams were excluded from meetings and replaced by ADNOC officials, leaving a closed group that made deals.