The United Arab Emirates are about to launch a “pricing mechanism” aimed at stimulating private sector investment in electric vehicle charging station infrastructure. The Arab country, which is preparing to host the COP28 summit on climate change, has the aim of bringing the share of electric and hybrid vehicles on the roads to 50 percent by 2050, as announced by Suhail Al Mazrouei, Minister of Energy and Infrastructure, at the global green economy summit in Dubai. Currently, the national share of electric and hybrid vehicles is approximately 1 percent.
Global sales of electric cars, according to the International Energy Agency, are expected to reach 14 million in 2023, up from 10 million the previous year. Goldman Sachs Research predicts that electric vehicles will make up about half of new cars sold globally by 2035, in line with the acceleration towards net-zero carbon emissions.
The UAE, committed to becoming carbon neutral by 2050, has already invested considerably in renewable energy projects and electric vehicle infrastructure. In April, Adnoc Distribution, the country's largest fuel and food retailer, has announced a plan to accelerate the installation of electric vehicle charging points at its locations by 2024.