The Gulf region will play an increasingly important role in protecting global energy supply chains in the coming decades as the world transitions to alternative forms of energy, a UAE official has said.
Speaking at Global Energy Forum, organised by Atlantic Council in partnership with the World Government Summit Organisation, Musabbeh Al Kaabi, CEO, UAE Investments, Mubadala Investment Company said that governments must develop initiatives to mitigate supply chain challenges to meet net-zero carbon targets.
The forum at World Government Summit (WGS2022) in Dubai focuses on meeting short term energy challenge and examining the geopolitical, energy market, and climate change to shape the energy system.
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Al Kaabi added: “This region has a significant role to go forward by acknowledging challenges and ways to embrace our supply chains and to ensure energy supply and security in the next 50 years”.
Al Kaabi noted that global energy security will extend beyond oil as the UAE and its neighbours’ transition to become leaders in clean energy production, to generate highly competitive energy, referring to the UAE’s achievements in reducing the cost of solar energy in 2020 when tariffs for solar photovoltaic energy in the country dropped few cents amid significant investments in solar energy infrastructure. The investments were part of the UAE’s National Energy Plan 2050 that aims to increase the contribution of clean energy in the total energy mix from 25 per cent to 50 per cent by 2050 and reduce the carbon footprint of power generation by 70 per cent by 2050.
Mubadala’s UAE Investment chief also referred to the UAE’s investments in green and blue hydrogen as the country aim to reach diversity in energy sources and economy. “We have embraced renewable energy, as well as we embraced natural gas.”