In the midst of a global focus on the energy transition and initiatives to increase investment in the renewables sector, the 2023 World Future Energy Summit seeks to offer a “crucial sustainability blueprint.”
The three-day event will take place from January 16 to January 18 at the Abu Dhabi National Exhibition Centre, according to organizers. Energy industry leaders and policymakers from all over the world will attend.
The summit serves as the focal point of Abu Dhabi Sustainability Week, a global initiative supported by the UAE and Masdar, a company that produces clean energy in Abu Dhabi, to speed up sustainable development and advance social, economic, and environmental advancement.
The event takes place at a time when the UAE is preparing to host COP 28 next year.
Read more: COP 27: Egypt signs deals worth $83 bn in renewable energy
Middle Eastern nations like the UAE, Saudi Arabia, Jordan, Oman, and Egypt are increasing their investments in the clean energy industry.
In order to achieve net zero emissions by 2050, the UAE is investing 600 billion dirhams ($163.5 billion) in clean and renewable energy projects over the next three decades.
It is constructing the Mohammed bin Rashid Solar Park in Dubai, which has a capacity of five gigawatts, as well as the world’s largest solar plant, with a capacity of two gigawatts, which is anticipated to be finished next year in Abu Dhabi’s Al Dhafra region.
In an effort to achieve carbon neutrality by 2060, Saudi Arabia, the largest economy in the Arab world, has also announced a number of new renewable energy projects.
Egypt, the most populous country in the Arab world, aims to derive 42 percent of its electricity mix from renewable sources by 2035.
Investment in renewable energy increased in tandem with global efforts to transition to a greener economy. According to a Rystad Energy report, capital investments in renewables are expected to surpass oil and gas spending for the first time in 2022 as high power prices push nations to further diversify their energy sources.
According to an energy consultancy based in Oslo, investment in renewable energy is expected to reach $494 billion in 2022, surpassing the $446 billion spent on upstream oil and gas that year.
