Proper support can achieve sustainable energy goals

Abu Dhabi: Leading experts have said that despite appearing ambitious, the universal sustainable energy targets set by United Nations Secretary-General Ban Ki-moon are certainly achievable — given the right kind of government and private sector support.

Calling upon developed countries — including the Arab World — to provide the necessary financial backing, the experts, who are part of initiative's taskforce, also urged developing countries such as India, Brazil and China to share their energy access solutions with the world at a World Future Energy Summit panel yesterday.

"We now have an international understanding of the possibilities of renewable energy sources, as well as a massive development of technology and deployment in many countries. If things go right, this target may even be less ambitious," said Adnan Ameen, director-general of the International Renewable Energy Agency (Irena).

According to the goals set by the UN chief, universal energy access should be achieved by 2030, as the rate of energy efficiency and the share of renewable energy in the global energy mix are doubled.

Currently, renewable energy such as wind and solar power forms only 16 per cent of the global energy mix.

"We already see immense commitment to sustainable energy in emerging economies like India, China and Senegal, with India and Senegal becoming the only two countries to have ministers for renewable energy," the UN chief said at the panel.

"This kind of dedication is what is needed, especially as energy access is so closely linked to numerous other global concerns, including climate change and gender empowerment."

Explaining the need for sharing knowledge on energy deployment, Ameen said many nations already had the basic capacity to use renewable energies in their mix.

"What energy-poor countries need is specialised knowledge on how to deploy energy to all using their current infrastructure. For this, international collaboration and information sharing is required, as well as a commitment to such solutions from countries that are rich in fossil fuels, as the UAE has done through Masdar," he said.

"In addition, governments also need to guarantee long-term stability and a low-risk policy structure in order for the private sector to make the substantial investments that are necessary," Ameen added.

According to the panel, achieving these targets requires around $1 trillion (Dh3.67 trillion) invested in a mix of energy sources — including wind, solar, biomass and fossil fuel sources — over the next 18 years.

Maria van der Hoeven, executive director at the International Energy Agency, said this translated into an annual investment of about $58 billion globally — an amount which seems like a lot of money at first glance.

"However, we need to remember that in 2010, $406 billion was spent on energy from fossil fuels. So the finances are available, but must be directed towards the right energy solutions for each country," she said.

During the panel, Farooq Abdullah, India's Minister of New and Renewable Energy, called on Arab nations to invest in global energy solutions.

Abdullah said: "As we work to provide energy to our rural populations using a variety of sources in India, we are also willing to discuss these initiatives with banks and financial institutions so that they may be willing to undertake the risks of investing in energy sustainability at a global level. efficiency and sustainability on a global basis."