The United Arab Emirates currently have no coal power stations but are planning to diversify their electricity mix away from gas. Although the UAE Premier recently broke ground for the world’s largest single-site concentrated solar power project in its “Clean Energy Strategy”, the government aims to generate 12% of its energy from coal by 2050. Therefore, Acwa Power and others are currently constructing the 3,600 MW Hassayan coal plant. When completed, it will be run on imported coal as the Emirates - while rich in oil - have no coal reserves. Standard Chartered supports this through underwriting Acwa’s bonds.
Find out more in our Coal Report page 16: