The UAE is “fully committed” to the energy transition, though “more realism about the scale of the challenge” is needed to properly address it, said Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Special Envoy for Climate Change.
This came during the Bloomberg Emerging + Frontier Forum 2022, which was held on the sidelines of the UN General Assembly 2022 in New York, in the presence and participation of government officials and leaders from the energy, financial, and business sectors.
Reduced investment in the current energy sector prior to the readiness of a future energy system, according to Al-Jaber, will have a negative impact on energy security, economic growth, and climate action progress.
In addition, he noted that oil reserves are currently less than 2 percent of consumption, indicating that the global energy system requires more investment to ensure market stability.
He pointed out that the transition to a new energy system necessitates a comprehensive response, increased cooperation, greater ambition, and a practical plan that strengthens industrial partnerships and collaboration between the public and private sectors.
On the other hand, the UAE Minister of Industry welcomed statistics indicating that solar and wind energy accounted for more than 80 percent of total new energy added last year, reflecting the energy sector’s rapid transition to renewable energy sources. He explained that the sectors that use the most energy are still heavily reliant on traditional sources.
“With the COP27 deadline approaching and the UAE preparing to host COP28, the UAE seeks to leverage its proven track record and extensive experience in the energy and clean technology sectors to achieve a realistic, practical, and economically viable transition that boosts energy investment,” Al Jaber added.
