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NEW YORK, 22nd September, 2022 (WAM) — Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Special Envoy for Climate Change, joined world leaders, ministers and experts today at the Bloomberg ‘Emerging + Frontiers Forum’, Held on the sidelines of the UN General Assembly in New York to highlight the need for a just, affordable and successful energy transition to drive economic growth and climate action.
In his keynote speech, Dr. Al Jaber said that the energy transition requires a realistic, practical and economically viable plan to successfully achieve climate progress as well as energy security and economic growth.
“If people’s basic energy needs are not met, economic development will slow and climate action will slow. And if we underinvest in today’s energy system, until tomorrow’s energy system is ready, we will only make things worse.”
“Globally, there is less than 1.5 million barrels of remaining oil capacity, or less than 2% of global consumption. In a world where markets could face further disruption, that doesn’t give us much leeway. In fact, this is the recipe for disaster, and what we need is the recipe for progress.”
Dr Sultan added: “The fundamental challenges of the energy transition are as follows:
-one. How to keep the economy moving forward while curbing emissions.
-two. How to maintain energy security and climate progress at the same time.
-Three: How to make sure no one is left behind. I believe we can, we must, and in fact we have no choice but to address these challenges together. “
“Before finding solutions, we must recognize that the current energy system is large, complex and multifaceted. The transition to a new energy system requires a system-wide response. It requires measured, pragmatic and sober planning.
In short, we need a realistic strategy to limit global temperature rise to 1.5 degrees while expanding access to affordable energy. “
The minister welcomed the fact that wind and solar accounted for more than 80 percent of all new electricity generation last year, a sign that the power sector is rapidly shifting to renewables. However, he reminded the audience that the hard-to-abate industries that consume the most energy are still very dependent on traditional energy sources.
Dr Al Jaber noted, “More investment in mitigation technologies and zero-carbon energy is needed to effectively transform heavy industry, manufacturing, construction, transport and agriculture. The funding gap is large here and it is important to understand the numbers. Although global investment in renewable energy exceeded $365 billion last year, less than 5% of that investment was in energy storage, carbon capture and the hydrogen value chain. This is simply not enough. In fact, according to some industry estimates, the energy transition There will be more than $200 trillion in demand over the next 30 years—more than $6 trillion a year. Clearly, no single country or company will be able to pay for that.”
Dr. Al Jaber stressed that the expansion of renewable energy and the decarbonization of existing hydrocarbons must go hand in hand. With renewables making up only 4% of the global energy mix, oil and gas remain critical to meeting global energy needs.
A regional leader in renewable energy, the UAE has invested $50 billion in renewable energy projects in 70 countries, with plans to invest another $50 billion in the coming years. The UAE has three of the world’s largest single-site solar power plants and is the host country of the International Renewable Energy Agency (IRENA). At the same time, the UAE is leading efforts to decarbonize the hydrocarbon industry, investing heavily in carbon capture and storage, and exploring other innovative technologies.
Dr. Al Jaber’s speech at the Bloomberg Emerging Frontiers Forum comes as the world faces growing energy insecurity and increasing pressure to better address the threat of climate change. With its extensive experience in energy, including traditional oil and gas and renewables, and leadership in climate action, the UAE is well-positioned to help shape the UAE’s global energy transition heading into COP28.
The COP28 UAE Climate Summit, scheduled for November 2023 at Expo City in Dubai, will also see the conclusions of the first-ever global stocktake of the Paris Agreement, a “progress report card”. Dr. Al Jaber noted that a just energy transition is essential to address gaps and accelerate progress.
“Success depends on adopting the latest technologies to reduce emissions from the energy we use today, while creating the energy of tomorrow. Success means leaving no one behind and enabling progress and prosperity for all, not just the few. Success An integrated approach is needed that includes all stakeholders who can influence the outcome, especially the energy industry. Because, at the end of the day, the energy transition represents the most complex and capital-intensive engineering project in history. No one knows anything about the energy industry than, delivering complex capital-intensive engineering projects.”
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