The UAE’s ambitious plans to capitalize on the economic opportunities presented by the energy transition were backed by the IMF this week. In its latest Article IV assessment, the IMF encouraged the emirates to “continue implementing reforms necessary to achieve the UAE’s ambitious green transition goals.”

The IMF notes that “direct hydrocarbon revenues amount to over 60% of total fiscal revenues,” underlining the extent to which the economy remains dependent on oil and gas. “Recent efforts to expand non-hydrocarbon revenue and promote sustainable finance will also help reduce fiscal reliance on hydrocarbons over time, while the build-up of green investments under the reform program will mitigate longer-term vulnerabilities to climate change and deliver substantial economic gains,” the Fund says. (CONTINUED - 840 WORDS)