The Climatic Hurdle to be viewed as an Economic Prospect

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Image Credit: - Ivan Thommas/Pixabay.com

The UAE’s Minister for Industry as well as Advanced Technology, and the Specialist Envoy for Climatic Change, His Excellency Dr. Sultan Ahmed Al Jaber, stated out that how UAE’s overall commitment to raise up a progressive climatic action process can power out a greater economic prospect. He stated out in a joint conversation along with the President and CEO of the prominent US think-tank the Atlantic Council Fred Kempe, that: “Progressive climate action is not only necessary, it can also be a powerful economic driver, and if we do it right, it can actually put the world on a new low carbon/high growth development trajectory. So, we need to start looking at the climate challenge as an opportunity.”

The UAE is leveraging these profitable realities and its record of leadership in clean technologies to rally local aid for an accelerated climate action ahead of COP 26. Talking days before the White House convenes a Leaders Summit on Climate that will fetch together 40 nations, that includes the UAE, H.E. Dr Al Jaber measured the significance of US Special Envoy John Kerry’s current visit to the UAE for the MENA Regional Climate Dialogue to be arranged in Abu Dhabi.

His Excellency also distinguished that the commercial case for investment in renewable energy has at no time been so sturdier, citing recent data from IRENA that confirmed that 2020 witnessed out the principal upsurge in installed renewable capacity in the history of the sector, with 260 GW added, despite the economic hurdles that were the outcome by the global pandemic.

The US Special Envoy’s presence at the UAE regional dialogue, alongside COP 26 President Alok Sharma, collected with the high-level participation of 10 MENA economies also facilitated for creation of a huge momentum in what is deemed as the crucial year for climatic progress.

The Dialogue brought about in two joint statements, one between the territory as well as other one between the UAE and the US, binding for raising climatic action ambitions ahead of COP 26 that will take place in Glasgow in November.

His Excellency, Dr. Sultan Ahmed Al Jaber also added out that: “His visit was significant, because it brought together one of the world’s largest hydrocarbon producers and the world’s largest economy, which is also a major hydrocarbon producer, in a partnership to turn climate action into economic prospects. He also noted that while the relationship between the US and the UAE is already robust, this kind of climate diplomacy delivering tangible outcomes, really reinforces their relationship.”

He also further stated out that: ““We have been very successful at leveraging private and concessional capital to get projects from planning to completion ahead of deadline and under budget. And we are always open to bringing new partners on board, wherever we see opportunities.”

H.E. Dr Al Jaber stated that the UAE would figure on its track record of renewable and clean tech investments within over 70 nations globally by grabbing on new prospects that make commercial sense.

He further elaborated out that “Given that reality, producers must make that oil and gas as low carbon as possible. At ADNOC we have a long history of responsible production that goes back to our origins as a company 50 years ago. We were one of the first oil companies to initiate a zero flaring policy and the first to bring industrial scale carbon capture utilization and storage to the region. These proactive measures have helped make our barrels some of the least carbon intensive in the world. In fact, our crude grade- Murban- has less than half the carbon intensity as the industry average, and we are always looking to improve our environmental performance with a strategy that will reduce the carbon intensity of our operation another 25 percent by 2030.”

H.E. Dr. Al Jaber also explained the vitality and productive role that the UAE’s hydrocarbon industry will show in the energy shift, particularly as the global economy lingers to rely on oil and gas for decades.

As the part of the UAE’s future plans for lower carbon energy, H.E. Dr. Al Jaber distinguished that the nation is investing in new, zero-carbon fuels such as hydrogen. Although hydrogen currently has a restricted market, it could form a sizeable sector of the energy system in the subsequent 20 years, when the UAE will have the dimensions to become a significant provider of both blue and green hydrogen.

H.E. Dr. Al Jaber further added out that “At ADNOC, we are well positioned to leverage our existing gas infrastructure and commercial-scale CCUS capabilities to develop blue hydrogen. In addition, we are exploring green Hydrogen through the Abu Dhabi Hydrogen Alliance, bringing together key energy and industrial players in the UAE. We recognize that the key to developing the hydrogen economy of the future will be aligning supply and demand, and developing the value chain connecting suppliers with customers in key markets. So, we are identifying viable international market opportunities and developing a roadmap to create a Hydrogen ecosystem to serve both the UAE and the global market.”

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