Suhail al-Mazrouei, the UAE’s Energy Minister, said on Monday that insufficient investment in the oil and gas industry could lead to an increase in energy prices.

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

He went on to say that the UAE is willing to invest in African solar and wind projects, and that it sees potential in developing hydrogen as an energy source.

The Gulf state announced in October a plan to achieve net-zero emissions by 2050, with 600 billion dirhams ($163 billion) in renewable energy investment.