His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC managing director and group CEO, rallied the energy industry to lead the world to the next phase of sustainable socioeconomic growth during a keynote address at the opening ceremony of ADIPEC 2024.
During his address, Al Jaber detailed how the energy industry can capitalize on the opportunities of the three global megatrends: the rise of emerging markets, growth of artificial intelligence (AI) and energy system transformation. He explained that harnessing the megatrends requires unprecedented cross-sectoral integration to accelerate sustainable growth.
Al Jaber noted that targeted investment, enhanced grid and energy infrastructure, and enabling policies and regulation are crucial to unlocking the transformative potential of the megatrends.
Energy sector transformation
“We stand at the dawn of a new era of hope and possibility, defined by three megatrends: first, the rise of the global south and emerging markets. Second, the transformation of energy systems, and third, the exponential growth of AI. These three megatrends present mega opportunities that demand mega solutions,” Al Jaber stated at ADIPEC 2024.
He added that by 2050, the world’s population will grow by another 1.7 billion, mostly in the Global South. As a result, energy markets must shift and grow, and energy systems must be transformed.
“Wind and solar will expand seven times. LNG will grow by 65 percent. Oil will continue to be used for fuel and as a building block for many essential products,” he added. As the world becomes increasingly urban, electricity demand will double. Further adding to this demand is AI.
AI’s impact on energy demand
During his address at ADIPEC 2024, Al Jaber also explained that AI is one of the era-defining breakthroughs that is changing the pace of change itself. “But the exponential growth of AI is also creating a power surge that no one anticipated 18 months ago,” he added.
ChatGPT, in particular, led that growth. Al Jaber explained that a single prompt on ChatGPT needs 10 times more energy than a Google search. As AI expands, the need for data centers and computational needs will grow. He expects that in the next six years, data centers will more than double, requiring at least 150GW of installed capacity by 2030 and double that again by 2040.
Al Jaber added that no single source of energy is going to be enough to cater to this demand. Therefore, meeting this demand sustainably will require harnessing diverse energy sources, from renewables and nuclear to LNG, alongside advanced infrastructure and increased investment.
Leveraging AI to transform energy systems
Al Jaber also highlighted the interconnectedness of energy and AI and urged an integrated, cross-sectoral response that meets the fast-growing energy needs of AI and leverages AI to transform energy systems during his address at ADIPEC 2024.
The UAE has built a thriving AI ecosystem that is fostering growth and low-carbon development. For instance, the adoption of AI is accelerating ADNOC’s strategy as the company reaps the benefits of its early investments in the technology.
“We chose to be one of the earliest adopters because we saw it as a strategic imperative to drive efficiency, unlock value, enhance growth, lower emissions and future-proof our business,” he added. He also explained that ADNOC’s AI-driven strategy is a strategic imperative to future-proof the company and drive efficiency at scale.
ADNOC launches ENERGYai
Commenting on ADNOC’s AI strategy, Al Jaber announced ENERGYai (Energy to the Power of AI) at ADIPEC 2024, ADNOC’s new transformative solution which it developed in partnership with AIQ, G42 and Microsoft. This pioneering platform will be the first to apply agentic AI at scale within the energy industry. The platform is capable of autonomously analyzing vast datasets, making real-time decisions, and driving significant operational improvements.
“It will not only analyze petabytes of data, it will proactively and autonomously identify operational improvements. It will perceive, think, learn, and act,” Al Jaber said. He added that the platform will also speed up seismic surveys from months to days and increase the accuracy of production forecasts by up to 90 percent. Moreover, it will be a powerhouse for value creation, efficiency, and sustainable energy production that can benefit the whole industry.
Read: ADIPEC 2024 to feature AI zone with breakthrough solutions for AI energy needs, emissions
Charting paths for future growth
During his address, Al Jaber urged leaders across sectors to adopt a unified, integrated response to the challenges and opportunities presented by these megatrends. He added that for this reason, he convened global leaders in energy, technology and investments at the ENACT Majlis in Abu Dhabi. He added that the engagement reinforced how interconnected the megatrends are and helped to identify the solutions needed for sustainable growth.
“We need more infrastructure that is fit for purpose and fit for the future. We need investment in the power sector to grow to at least 1.5 trillion dollars per year,” he stated. Al Jaber also emphasized the need for more enabling policies and regulations to accelerate and protect those investments. “We need to leverage AI’s potential to optimize energy sources, predict peaks and dips in demand, and enhance battery storage,” he added.
Closing his address, Al Jaber urged industry leaders to embrace the power of these transformative forces and use ADIPEC 2024 as a launchpad for action and impact. “The train is leaving the station. What we decide right now will decide our destiny. This is a moment that will separate leaders from those who are left behind. And, when called on to lead, this industry always steps up” Al Jaber said.
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