UAE says insufficient investments can cause oil, gas price hikes

United Arab Emirates' Oil Minister Suhail Mohamed Al Mazrouei speaks during the International Carbon Capture, Utilization and Storage Conference 2020 in Riyadh, Saudi Arabia February 25, 2020. REUTERS/Ahmed Yosri

DUBAI, Nov 8 (Reuters) - United Arab Emirates Energy Minister Suhail al-Mazrouei said on Monday insufficient investments in the oil and natural gas industry could lead to a hike in energy prices.

Oil and gas are needed to ensure reliable supply of energy during the transition period required to implement non-carbon emitting projects, he told the Africa Oil Week conference in Dubai.

The UAE, he added, is willing to invest in African solar and wind projects, and sees potential in developing hydrogen as an energy source.

The Gulf state announced in October a plan to reach net-zero emissions by 2050, providing for 600 billion dirhams ($163 billion) in investment in renewable energy. read more

Reporting by Yousef Saba, writing by Maher Chmaytelli; Editing by Kim Coghill and Shailesh Kuber

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