The boss of Abu Dhabi National Oil Company (ADNOC) has said fossil fuels must be part of the energy mix in the future to meet global demand.
ADNOC Managing Director and Group CEO and Minister of Industry and Advanced Technology Sultan Ahmed Al Jaber said the world’s population will reach 9.7 billion by 2050 and this will require “maximum energy, minimum emissions”.
Speaking at the Abu Dhabi International Petroleum Exhibition Conference (ADIPEC), he said: “Our world is on track to become home to 9.7 billion people by 2050. To meet their needs, the world would need to generate 30% more energy than today. .
“As we meet that need, we will help bring electricity to the nearly 800 million people who today do not have access to electricity. We will also help transform the lives of the 2.6 billion people who lack access to clean cooking and heating fuel.
“The world needs all the solutions it can get. It’s not oil and gas or solar, wind or nuclear or hydrogen. It’s oil and gas and solar, and wind and nuclear and hydrogen. It is all of the above, plus clean energy yet to be discovered, commercialized and deployed.”
Al Jaber said ADNOC is exploring technologies including carbon capture and storage and hydrogen, using nuclear and solar power and reducing methane intensity.
“If we zero out hydrocarbon investment, we will lose five million barrels of oil per year from the current supply, due to natural decline. This will make the shocks we experienced this year seem like minor tremors. If this year has taught us anything, it has taught us that energy security is the foundation of all progress – economic, social and climate progress,” he said.
Separately, the UAE and the US signed a partnership in ADIPEC to promote renewable energy production.
The UAE-US Partnership for Accelerating Clean Energy (PACE) involves deploying 100 gigawatts of clean energy by 2035 in the US, UAE and emerging economies around the world. It will also “catalyze $100bn in financing and other support”.
Amos Hochstein, US Special Presidential Coordinator, said: “PACE is a testament to the deep commitment our countries share to solving the climate crisis – as soon as possible.
“Together, we will encourage massive investment in new energy technologies, in our own countries, around the world and in emerging economies. PACE will help deliver a secure and reliable global energy system that can cleanly power the world for generations to come.”
The UN COP27 climate conference begins in Egypt on November 6.
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