GMIS 2021: Hydrocarbons not going out of anyone’s energy mix soon
Gradual expansion of renewables and clean energy will go on simultaneously
Dubai: Keep the investments and plans going for hydrocarbons.
“Hydrocarbons will always play a role in global energy requirements,” said Sharif Al Olama, Undersecretary for Energy and Petroleum Affairs at the UAE Ministry of Energy and Infrastructure. “That is why the UAE is well-placed to play a leading role in the global energy sector for years to come.”
The UAE has always sought an energy mix, beginning in 1973 with the formation of ADNOC LNG, the first company in the Middle East to liquefy natural gas and eliminate offshore flaring. He outlined other factors solidifying the UAE’s reputation as a first mover in the energy industry:
- Establishment of Masdar in 2006
- UAE’s ratification of the Paris Agreement in 2015;
- Launch of the UAE Energy Strategy 2050 in 2017, and;
- UAE Hydrogen Leadership Roadmap and the UAE Net Zero by 2050 Strategic Initiative.
“The international community has recognized UAE as a serious climate action leader,” said the official. “However, this doesn’t mean the end of hydrocarbons - there has to be a proper and right energy mix. And hydrocarbons will be a part of that energy mix.”
Not headed for zero
“I see no scenario in which there will be zero hydrocarbons required,” he added. “If we see our oil production fall by half, it will be the countries with lower cost of production, who have the volumes that are low in carbon intensity. These are the producers that are going to survive and the UAE is in a good position.”
Forging new partnerships
The Global Manufacturing and Industrialisation Summit (GMIS) has signed four MoUs with international knowledge partners. Under these dealss, leading manufacturing associations from around the world will join GMIS to leverage insights and resources to promote inclusive and sustainable industrial development.
The partnerships were signed with:
- Confederation of Employers and Industries of Spain (CEOE);
- Confederation of Zimbabwe Industries (CZI);
- Manufacturing Association of Israel (MAI); and
- The National Industry Confederation of Brazil (CNI)
Collaborative efforts will progress through workshops, webinars and bilateral exchanges. GMIS has played as a platform for promoting industrial growth, advanced technology adoption and sustainable economic diversification. By focusing on the latest developments in Big Data, digitalisation and artificial intelligence (AI), GMIS is convening the world’s major industrial players to usher in a new, sustainable era in manufacturing and industrialisation.