Watch: 'Maximum energy with minimum emissions' is UAE's formula for global energy security
UAE's Sultan Al Jaber says drastic cuts will make today's 'shocks seem like minor tremors'
Dubai: ‘Maximum energy with minimum emissions' – that’s the ideal way to ensure global energy security, according to Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC.
“A few days ago, as I was updating our President His Highness Sheikh Mohamed bin Zayed Al Nahyan, I asked for his advice. His response was reassuring,” said Dr. Jaber at the opening of the 38th ADIPEC industry event.
“He told me ‘we cannot ignore the realities on the ground. We need to face them. We don’t shy away from challenges. We address them by adopting a positive mindset and by working out solutions with like-minded partners.’
“And then he added: ‘And remember, pursuing progress is in our DNA.’”
The comments come as global energy markets head into an uncertain winter and with oil prices still under the $100 a barrel mark. Simultaneously, there is the need to keep the challenges of climate change in perspective and keep committing the multi-billion dollar investments into renewable and clean energy capacity.
Set off shock waves
But not at the expense of investments in oil and gas.
“If we zero out hydrocarbon investment, due to natural decline, we would lose 5 million barrels per day of oil each year from current supplies,” said Dr. Jaber. “This would make the shocks we have experienced this year feel like a minor tremor. If this year has taught us anything, it taught us that energy security is the foundation of all progress – economic social and climate progress.”
“Our world is on its way to being home to 9.7 billion people by 2050. To meet their needs, the world will have to produce 30 per cent more energy than today. And as we meet that need, we will be helping to bring electricity to almost 800 million people who don’t have it today.
“We will also be helping to transform the lives of the 2.6 billion people who have no access to clean cooking and heating fuels."
Dr. Al Jaber address at ADIPEC’s opening came in the presence of Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidential Court, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Member of the Abu Dhabi Executive Council, Chairman of Abu Dhabi Executive Office and Chairman of the Executive Committee of ADNOC’s Board of Directors, ministers, senior government officials and chief executives from the energy industry.
We need to hold back emissions, not progress. The world is looking for solutions and I believe the energy industry can unite a divided world in finding them
More long-term investments
“Energy is everybody’s top priority” as the global energy landscape goes through ‘a perfect storm’. And that now is not the time to point out that long-term under-investment in oil and gas has made a difficult situation even worse as ‘the data is clear’.
“The world needs all the solutions it can get. It is not oil and gas, or solar, not wind or nuclear, or hydrogen. It is oil and gas and solar, and wind and nuclear, and hydrogen. It is all of the above, plus the clean energies yet to be discovered, commercialized and deployed.
"At ADNOC, we have connected our operations to zero carbon nuclear and solar power. We are electrifying our offshore operations to cut their carbon footprint in half. And, we are pressing down harder and harder on our methane intensity, even though we already have one of the lowest levels in the world.
"Maximum energy, minimum emissions."