The global energy transition is an opportunity for the UAE to transform and diversify its economy, Dr. Sultan Al Jaber, the country’s Minister of Industry and Advanced Technology and Special Envoy for Climate Change said Tuesday, state-news agency WAM reported.
Dr. Al Jaber was speaking during a virtual panel session titled ‘Projecting COP Ambitions across COP27 and COP28 and Economic Diversification Priorities Post-pandemic’ at the Abu Dhabi Sustainability Week (ADSW).
“This region has specific advantages that can accelerate the energy transition from our position as energy leaders. Firstly, as long as the world continues to rely on oil and gas we can ensure reliable supplies of the least carbon intensive oil and gas available. We are leveraging this position to further drive down the carbon intensity through expansion of the first in the region carbon capture facility,” Dr. Al Jaber said.
The minister was speaking alongside the Rt. Hon. Alok Sharma MP, President of COP26, and Sameh Shoukry, Minister of Foreign Affairs of Egypt and President-Designate of COP27. The session was moderated by Fred Kempe, President and CEO of the Atlantic Council.
“We are also building on our unique capabilities in hydrogen to lay the foundation for a zero carbon hydrogen market. And, as you know, the UAE has been investing in the solar and broader renewable space for the last 15 years, and we are doubling down on this investment,” Dr. Al Jaber added.
The minster went on to explain that at least $3 trillion is set to be invested in renewable energy globally over the next 10 years. This fact represents a huge opportunity for the UAE and the region, he said.
“In fact, this is the thinking behind our Net Zero Strategic Initiative. Net zero, for us, is about new industries, new skills and new jobs. For us, the business of tackling climate change is simply good business,” the minister said.
When asked on the outcome of the COP26 meeting in Glasgow last November was, Dr. Al Jaber called the event a success, noting that the meeting had united 90 percent of the world’s economy on the path to net zero.
“COP 26 also succeeded in launching many coalitions between governments and businesses to accelerate innovation. AIM for Climate, which the UAE launched with the US and 34 other countries is a good example. This is a growing coalition that directs investment to agri-tech to reduce agricultural emissions, which account for as much a third of global emissions. And critically COP26 finally reached a deal on Article 6 of the Paris Agreement, which lays the foundation for effective carbon markets. All of this creates great momentum and a great platform which Egypt and the UAE can, and will, build on,” he said.
COP28 is set to take place in Abu Dhabi, UAE, in 2023.
“We want Abu Dhabi to be where the world turn pledges into concrete results and help take commercially viable climate solutions to scale around the world. This is why we want COP 28 to be as inclusive as possible, reflecting the views of developed alongside developing countries, the public and private sectors and scientists and civil society,” Dr. Al Jaber said.