On our National Day, we must take stock of our accomplishments and momentum only 42 years after our nation’s establishment. Thanks to the vision of our leaders, the United Arab Emirates has transformed into a modern and progressive nation with one of the highest standards of living in the world.
Although the UAE’s prosperity rests in part on our hydrocarbons reserves, it is our nation’s leadership, vision and determination that have been integral to our stability, security and economic success. Today, we are taking yet another step forward as we strategically invest our hydrocarbon wealth to diversify our economy and transition into a knowledge-led economy, one in which human capital and technological innovation will keep our country competitive and prosperous for the long term.
Such a strategy is necessary as we adapt to a world in which the population will reach 9 billion by 2050 and competition for the world’s resources, including energy, increases. Hydrocarbons will always remain as an important pillar of the UAE’s energy portfolio, but we are also developing new sources of energy to complement our oil and gas reserves. Investments in new technologies to meet rising domestic and global energy demands will ensure the UAE continues to be a responsible energy leader.
In addition to our evolving energy strategy, we must enhance our human capital with tools to innovate and generate new businesses and technologies so the UAE will be a strong competitor in the global marketplace. To that end, our country now devotes significant resources to education and the creation of new industries to guarantee a competitive, stable and secure economy for the 21st century.
The UAE’s future is one that depends on our people reaching their full potential. In a competitive world we must develop our local talent so we can lead the global energy sector through innovation. Our institutions of higher learning, including Zayed University, UAE University, Khalifa University and Masdar Institute, are an integral part of this strategy because they provide the foundation to cultivate these minds. Our commitment to building capacity in the UAE, which entails strengthening our expertise in energy and technology, will allow our nation to thrive, compete and lead in a globalised economy.
Abu Dhabi is already emerging as a global authority on energy as the world increasingly turns to our capital to discuss energy trends, policy, technology and investment. For example, Abu Dhabi is home to the International Renewable Energy Agency (Irena), the intergovernmental organisation tasked with driving the adoption of renewable energy across the developed and developing world. Having the headquarters of Irena in the UAE further reinforces our position as a global hub of knowledge for all energy sources, whereupon experts and policy makers from more than 150 countries regularly convene in our capital to advance the development of renewable energy. Such dialogue is further reinforced by the annual World Future Energy Summit (WFES), held under the banner of Abu Dhabi Sustainability Week, during which over 30,000 delegates congregate in Abu Dhabi to encourage the partnership and investment necessary for the clean energy industry to thrive.
Irena and WFES are just the beginning of our nation’s emergence as the centre of expertise for both conventional and renewable energy. Our progress in nuclear energy and renewable energy are additional factors behind the UAE becoming a model of energy and economic diversification for developed and developing nations alike.
Masdar is one of many key UAE players driving our nation’s economic transformation. The company’s proactive approach towards renewable energy has quickly led to commercial opportunities in the UAE and abroad. Today, the UAE supplies the world with nearly 1GW of clean energy capacity alongside roughly 2.7 million barrels per day of crude oil.
In addition to those large scale commercial opportunities, Masdar has supported international development projects in close collaboration with the Abu Dhabi Fund for Development (ADFD). This year, collaboration between ADFD and Masdar resulted in the opening of a solar power plant in Mauritania and a wind farm in the Seychelles. Currently breaking ground is a 500-kilowatt solar plant in Tonga, which will deliver about 13 per cent of the South Pacific nation’s electricity demand.
Our decision to pursue renewable energy back in 2006 was initially met with uncertainty across the region, but our success in developing projects and demonstrating the economic benefits of a diversified energy mix has encouraged our neighbouring countries to follow in our footsteps. Our achievements have positioned the UAE as a model and the region’s pioneer of renewable energy adoption and sustainable growth. These accomplishments also provided tangible evidence of the UAE’s commitment to sustainability—one of the subthemes of the Dubai Expo 2020. With the successful bid to host the World Expo, the UAE has proven to the global community that we can guide the world into a future where sustainability and economic opportunity can be symbiotic.
It is our visionary leadership’s unwavering dedication to secure World Expo 2020, as well as our people’s unity, enthusiasm and positive energy that together led to our success in bringing one of the world’s most prestigious events to the UAE.
As we celebrate the establishment of our nation today, let us not only focus on our achievements and momentum at home: we must also be mindful of how we can inspire the rest of the world to follow our lead as we diversify the world’s energy portfolio, expand energy access to more people across the globe and become a strategic centre for technological innovation. Our leaders gave us the keys to what has become an impressive economic engine: now it is up to us to drive these opportunities forward, explore how they can contribute to our country’s evolving economy and keep our nation secure, stable at home and competitive in the global marketplace.
Dr Sultan Ahmed Al Jaber is UAE Minister of State and CEO of Masdar.
