Frederick Kempe, CEO of American think tank Atlantic Council, said that its oil and gas sector is one of the lowest greenhouse gas (GHG) emitters in the world.
In an interview with the Emirates News Agency (WAM), Kempe said that the UAE is significantly contributing to environmental sustainability efforts.
“The UAE is a significant renewable energy developer and has played a leading role in driving costs down for renewable projects,” he said. “By making green energy competitive, the UAE is setting an example for how to accelerate a transition to a cleaner energy system. Renewable and clean energy sources were impacted the least by the pandemic, and, as a result, far outperformed hydrocarbon sources in 2020. The overall outlook for clean energy is strong as major companies and countries continue to make net zero pledges.”
“While it is quite possible there will be a decline in hydrocarbon demand over the next decades, the UAE is one of the lowest cost and lowest GHG emission producers of oil and gas in the world,” Kempe added. “As a result, the UAE is well-positioned for the energy transition and will be able to provide low-cost, low-carbon energy even as the world transitions to a greener energy system.”
He said that the pandemic could lead to changes in the energy system. “The crisis has indelibly altered the global energy system, causing a dramatic drop in demand. At the same time, governments are willing to spend tremendous amounts on revitalizing economies, which could lead to critical investments in renewable energy development. As a result, 2020 and 2021 could be an inflection point in the fight against climate change.”
He went on to state that in a world where the future of oil and gas demand is at risk, “the energy industry can best protect itself through robust development of low cost and low carbon sources that will be profitable even if we experience another collapse in prices.”
