UAE's Plan 2050 is an important step towards energy security
The UAE has embarked on a comprehensive energy transformation to boost clean energy and reduce carbon emissions, said a UAE minister on Friday.
"As we diversify the energy mix, hydrocarbons will continue to play a vital role in meeting the global demand. By the end of this year, global demand for oil alone is set to break a record 100 million barrels per day," said Dr Sultan bin Ahmad Al Jaber, Minister of State and chief executive of Abu Dhabi National Oil Company (Adnoc).
"The fast evolving energy landscape has pushed us all in our industry to form new strategies, rethink business models and basically up our game. As the Abu Dhabi National Oil Company, we have begun a significant transformation aimed at pivoting towards new smart energy unlocking and maximising value and optimising our capital structure. In short, we are redefining the rule-book for how an NOC should operate."
Dr Al Jaber was giving a key note speech at the second annual Atlantic Council Global Energy Forum that opened in Abu Dhabi on Friday.
The premier gathering of government, industry and thought leaders will set the global energy agenda for the year and anticipate and respond to dramatic changes in the world of energy. The two-day forum precedes Abu Dhabi Sustainability Week and the World Future Energy Summit.
"We are encouraged by the global economy to ensure the sustainability of energy resources as we look towards ensuring the country's economic growth. This is what all countries should do," said Al Jaber.
"The UAE Energy Plan 2050 aims to cut carbon dioxide emissions by 70 per cent, increase clean energy use by 50 per cent and improve energy efficiency by 40 per cent by the middle of the century, resulting in savings worth Dh700 billion."
He noted that the new policy was an important step towards energy security, which was the backbone of all economic and development activity.
Addressing the forum, Suhail bin Mohammed Faraj Faris Al Mazrouei, UAE Minister of Energy, said: "In line with the UAE Energy Plan 2050, the Atlantic Council Global Energy Forum provides a platform for regional and global industry leaders and policy makers to jointly set the energy agenda for 2018."
"As the demand for energy increases, it is vital to ensure the sustainability of energy resources for strong economic growth and a healthy environment for the future. The combined vision established at the Global Energy Forum will provide a lasting positive contribution to our collective energy future."
Fredrick Kempe, president and CEO of Atlantic Council, said the UAE has been on the forefront of energy transformation and has done a lot of incredible green energy projects including providing of solar power to its people at remarkable low-rates.
"The UAE has played a pivotal in boosting renewable energy through its institutions like Masdar, and giving incentives to people using green energy," he said.
"The transformation in energy is also part of the reasons in the extra-ordinary global change. In the geopolitical growth, we face issue ranging from rise of populism, China expanding its economic influence on other regions to the rise and fall of Daesh, to regional powers throughout the Middle East."
Kempe added: "Our mission is to work together with allies and partners to secure the future. We figure out the most crutial roles in helping to adapt revitalise and defending rules based on orders for the 21st century and the few more important partners in this endeavour is the UAE."
The forum is hosted under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. It is convened in partnership with the UAE Ministry of Energy, Adnoc and Mubadala Investment Company.
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