Ministry of Energy & Infrastructure: H.E Suhail Al Mazrouei states: “We support the world’s drive to a low-carbon future”

His Excellency Suhail Al Mazrouei, Minister of Energy and Infrastructure, said: “The world aspires to accelerate the energy transition towards a low-carbon future and seeks to reduce emissions, and we in the United Arab Emirates seek to reduce the carbon footprint through the implementation of the Energy Strategy 2050, which aims to reduce carbon dioxide in the country by 70%. It is therefore imperative that this transformation also guarantees the continuing and growing social and economic well-being of all of the world’s population, and we strongly support this approach”.

His Excellency added during a session entitled “The Continuing Role of Oil and Gas in the Energy Sector”, which was organized on the sidelines of the Global Energy Forum organized by the American Atlantic Council: “It is with the expectation of an increase in the global demand of (clean) energy over the next three decades, 3 main challenges are evident, namely; how to meet the growing demand for energy, the ways to ensure access to reliable, affordable and easily accessible energy; and the extent to which it is possible to continue along the path of a low-carbon energy future. He stressed that overcoming these challenges lies in the exploitation of hydrocarbon sources to obtain energy, especially low-carbon ones, which means that during the coming period, the focus will be on clean and environmentally friendly energy sources.

His Excellency added: “With the development of the future low-carbon energy system, everyone must work to achieve the same goal by changing the status quo of the current energy systems to meet these challenges effectively and responsibly”. He pointed out that the energy transition requires joint efforts towards economic, social and environmental sustainability, based on the Paris Climate Agreement; and that achieving a balance between the elements of energy security and affordability to meet the increasing demands for energy and the energy transition varies from one country and region to another. He pointed out that all future global energy projections anticipate growth in demand for oil and gas; so the aim is to seek clean and renewable energy; relying on innovations and technology associated with this vital sector, and the primary goal is to additional reduction of the greenhouse gas emissions during the transitional period.

H.E Al Mazrouei said: “We are moving towards the production of low-carbon fuels, and the increasing dependence on natural gas, which is one of the cleanest sources of energy, and that will preserve the requirements of energy systems budget. There are many strategies available for diversification in the oil and gas industry, and transferring assets to include projects of wind energy, solar energy or hydrogen production, which achieves positive opportunities and results. H.E stressed the aspiration to implementing sustainable solutions and a low-carbon future for the energy sector; and it is necessary to adopt the concept of a circular carbon economy where every component is carefully managed to ensure that carbon is reduced, reused or recycled and that ADNOC aims to reduce carbon intensity by 25% by 2030.

H.E the Minister of Energy and Infrastructure also spoke about the growing role of oil and gas sector during the coming decades to cover the growing demand and ensure reliable and affordable supplies, stressing the capability to maximize energy supply opportunities across countries and continents, and support the growing global demand. “UAE is keen to diversify the energy sources to keep pace with the growing demand, as it adopted diversification between traditional sources of energy that include oil and gas, and the conclusion of international agreements and partnerships to adopt best practices. This contributes to the adoption of sustainable solutions for renewable energy; and the reduction of side effects on the environment,” said the Minister.

His Excellency stated: “Technology will undoubtedly play a vital role in supporting carbon removal, including the technology of carbon capture, usage, storage, utilization and storage (CCUS), while technologies of the Fourth Industrial Revolution will support improving production and operations. The energy sector needs to strengthen research and development and focus on raising the level of efficiency in oil and gas operations, in addition to low-carbon technologies; and that hydrogen energy can be one of the ways to achieve sustainable development in UAE. It can be produced from available and traditional sources such as oil and gas, or from renewable sources such as solar energy, Wind energy, geothermal energy, and organic sources, while hydrogen production from fossil fuel sources in our region is currently the most competitive, costing $ 1.5 per kilogram.

H.E stressed the importance of the growing role of carbon capture, utilization and storage technology in reducing greenhouse gas emissions; pointing out that the joint venture” Al-Reyadah ” between ADNOC” and Abu Dhabi Future Energy Company “Masdar”, proves that the technology of capturing and storing carbon represents a feasible commercial solution to reduce industrial emissions of carbon dioxide; and that the country is preparing for the next 50 years as part of 2071 Agenda. The oil and gas sector is committed to a low-carbon future to achieve our common goals in the sustainable transformation of energy, and support the growing demand for energy, and that oil and gas – natural gas in particular, will remain an essential part of the energy mix”.