The UAE is confident of achieving 44% of clean energy targets by 2050, UAE Minister of Energy Suhail Al Mazroui said on Wednesday. 
"With the technological advancements in the renewable energy sector, we are confident of achieving our target in clean energy. We will be investing in different forms of renewable energy including normal photovoltaic, concentrated solar power and other forms," Al Mazroui said at the World Future Energy Summit in Abu Dhabi. 
He said they will allow natural competition in bidding process to achieve best tariffs in generation of solar power. 
"We want both fossil fuels and greener forms of energy in balance. Most of the developed nations are also reaching a similar conclusion to have a balance in energy mix," he added. 
The UAE government announced its clean energy strategy last week. According to the strategy, the UAE's energy mix will include clean coal, gas, nuclear energy, solar and wind power, and biofuels. The energy equation targeted by the plan includes 44% clean energy, 38% gas, 12% clean coal and 6% nuclear. 
The minister said they took into consideration concerns of various entities in finalising the policy. 
"We took a bottom up approach. We did not want to go for the policy that is not supported by different entities. We formed a team that drove the policy and made sure there is a balance between fossil fuels and greener forms of energy." The strategy will aim to invest Dh600 billion to meet demands for energy and ensuring the sustainability of growth in the UAE's economy. The government estimated that the new strategy will result in savings of Dh700 billion, the Online (Gulf News) reported. 
Speaking at the same event, Adal Saeed, director of privatisation at Abu Dhabi Water and Electricity Authority, said Abu Dhabi is targeting 7% of renewable energy by 2020. 
"In line with this plan, contracts were about to be awarded for building more than 800 mw solar plant at Sweihan that broke world record in prices," he said. 
Saeed Mohammad Al Tayer, managing director and CEO of Dubai Water and Electricity Authority, said they are diversifying to increase the share of clean energy in the energy mix. 
The emirate is targeting 25% of clean energy by 2030 and 75% by 2050. 
"Dubai is the only city in the Middle East and North Africa to start such strategy until 2050. We are preparing to bid farewell to the last drop of oil." "Mohammad Bin Rashid Solar Park is the largest single site solar park in the world with a plant capacity 5,000MW by 2030. It will help to reduce 6.5 million tonnes of carbon emissions annually. We have made significant achievement in the development of the park." Dubai is also planning to build hydroelectric power station in Hatta with a capacity of 250 megawatts. The project will have a lifespan of sixty to eighty years and is expected to create 6,000 jobs, Al Tayer said.