The United Arab Emirates (UAE) has recently revealed a plan to shell out $163 billion in a bid to supply around 50% of its power needs from renewable energy sources.

The plan, which includes building nuclear facilities, will also help the country (a leading exporter of oil) with reducing its dependency on fossil fuels. Unveiling UAE’s Energy Strategy 2050, Prime Minister Sheikh Mohammed bin Rashid al-Maktoum said on a Twitter post:

“Our aim is to balance our economic needs with our environmental goals.

“The country’s energy mix by 2050 will comprise 44 percent from renewables, 38 percent from gas, 12 percent from clean fossils and six percent from nuclear energy.

“The plan aims to increase usage efficiency by 40 percent and increase clean-energy contributions to 50 percent.”

In 2013, Abu Dhabi has already opened the largest operating plant of concentrated solar power in the world, which is capable of providing electricity to 20,000 homes. In June 2016, the UAE had also announced plans to construct a 1,000 MW solar power plant by 2030, which is the time by which the country should have already turned to renewable energies for 25% of its electricity needs.

Aside from these developments, South Korean companies are currently constructing four nuclear reactors in the emirate that will generate 1,400 MW of power by 2020.