ADIPEC 2024 builds on 40-year legacy of energy leadership to drive collaborative action

Held under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, ADIPEC 2024 builds on its 40-year legacy of energy leadership to unite communities, nations and industries worldwide to drive collaborative action towards affordable, secure and sustainable energy for all. In an exclusive interview, His Excellency Suhail Mohamed Faraj Al Mazrouei, UAE Minister of Energy and Infrastructure, shares his thoughts on the global energy landscape and how the world’s largest and most influential energy event will engage and unite the industry this year for accelerated progress.

Your Excellency, in the extended Year of Sustainability, how is the UAE setting the global standards for a clean, secure and prosperous energy future for all?

The UAE’s pivotal role in ensuring stable and secure energy supplies worldwide has assumed even greater significance in light of the complex global energy landscape that we operate in. As demonstrated by the global success of COP28 last year, the UAE is a strong believer in the need to act swiftly and proactively when it comes to shaping a sustainable future for all.

From embarking on a holistic approach for energy diversification and security more than 15 years ago and setting up Masdar, the Abu Dhabi Renewable Energy Company, way back in 2006 to becoming the first country in the Middle East and North Africa (MENA) region to adopt a Net-Zero by 2050 Strategic Initiative, and forging the landmark UAE-US Partnership for Accelerating Clean Energy (PACE) to deploy 100 GW of clean energy by 2035, the UAE has always been a pioneer of promoting policies and strategies for a sustainable future at home and globally.

Our endeavour is to build a balanced energy system that is both cost-effective and reduces emissions, and that’s reflected in the updated UAE Energy Strategy 2050 that will accelerate the energy transition and increase the share of clean energy in our energy mix to achieve net-zero emissions by 2050.

How is the UAE showcasing the way forward for the global economy in balancing energy security and the energy transition?

The UAE’s pursuit of low-carbon energy is based on the pillars of supply security, sustainability, and a low-carbon future – which is why we have taken proactive measures for decarbonisation, curbing emissions, and attracting the long-term capital investment needed for a sustainable future.

In order to strengthen energy security, boost economic stability and meet global energy demand, we are augmenting the capacity of our hydrocarbons sector and ADNOC today is a global supplier of some of the world’s lowest carbon-intensive oil and gas. ADNOC’s flagship Murban oil has a carbon intensity less than half of the global industry average, and its recent production milestone of 4.85 million barrels per day is in line with the goal of increasing the capacity of lower carbon-intensive hydrocarbons to 5 million barrels per day by 2027.

By leveraging clean grid power and gas-based feedstocks, we are committed to building new low-carbon value chains and expanding our lower carbon product portfolio to drive the UAE’s industrial growth and diversification.

At the same time, the updated UAE Energy Strategy 2050 reinforces our global vision of sustainable development, and sets ambitious targets for 2030, including increasing the contribution of clean energy generation to 32% of our energy mix, tripling the contribution of renewable energy, and achieving a grid emission factor of 0.27 kg Co2/kWh, making the UAE one of the lowest emitters, compared to the global average. Through a progressive vision for the future, the UAE is thus showing the way forward in strengthening energy security while positioning the country at the forefront of the global energy transition.

Your Excellency, how will ADIPEC 2024 help accelerate the energy transition and secure a sustainable energy future?

As the world’s largest energy conference and event, ADIPEC has become a benchmark for the global energy industry to advance a pro-climate and pro-growth energy transition. Reinforcing Abu Dhabi and the UAE’s status as a unifying and convening power at the centre of the global dialogue on the future of energy, ADIPEC 2024 will explore the power of energy in accelerating an economy-wide transformation that delivers for people, the planet and our collective prosperity.

ADIPEC is an excellent opportunity for the global industry to put a spotlight on the action it is taking to meet the world’s energy needs while rapidly decarbonising hydrocarbon production and investing in new and cleaner energy sources and technology. Taking place a week before COP29, I am looking forward to ADIPEC this year as the global platform for showcasing game-changing low carbon solutions and demonstrating tangible actions advancing the energy transition and addressing the energy trilemma.