Suhail Al Mazrouei, Minister of Energy and Industry, said that there is a steady growth in renewable energy in the UAE. “This does not mean abandoning conventional oil energy projects,” he said.
Al Mazrouei stressed that the UAE has achieved since the beginning of this year and so far the commitment rate of the agreement to reduce oil production more than 100%.
This came in remarks, yesterday, during a press conference to announce preparations for the World Energy Conference, which starts in Abu Dhabi today, with the participation of 15 thousand representatives of major companies and institutions, as well as 300 exhibitors.
Steady growth
In response, Minister of Energy and Industry Suhail Al Mazrouei said that the demand for renewable energy in the UAE is witnessing a steady growth, which is evident in the rise in the number of solar energy projects within the state energy strategy to reach a mix of energy containing 50% of clean sources by 2050.
Al Mazrouei said during a press conference yesterday to announce preparations for the World Energy Conference, which starts in Abu Dhabi today, and will continue until September 12, that «this does not mean abandoning the traditional oil energy projects, as the UAE seeks to maintain a balanced mix to ensure sustainability» He stressed «the start-up in the station Baraka as announced before, and there are no adjustments so far».
He added that «the UAE has achieved since the beginning of this year and so far the commitment to the agreement to reduce oil production by more than 100%», pointing out that «independent international institutions will soon announce figures on this during the coming period».
Market stability
Al Mazrouei said that «what means the countries of the Organization of Petroleum Exporting Countries (OPEC) is to achieve market stability and ensure the existence of sufficient stocks, and that there is no large supply».
He added that «the oil market is not only affected by supply and demand, as the geopolitical factors undoubtedly play a role, in addition to the current economic tension between China and the United States», expressing hope that «calm is achieved to protect global economic growth, and maintain the stability of markets ».
"There is a lot of discussion going on at the next OPEC meeting on the market, and we will see what can be agreed," Mazrouei said.
Facing challenges
“The World Energy Council is constantly engaging opinion leaders and decision-makers in all sectors from around the world to meet the challenges of creating an innovative and inclusive sector system,” said World Energy Council Chairman Yong Hoon David Kim. “Together to shape the future of energy.”
Broad participation
For the first time in the Middle East, the 24th World Energy Conference aims to bring together decision makers, government financiers, government and private organizations and companies, as well as experts and academics from around the world, in a single platform with over 15,000 representatives from leading companies and institutions. In addition to 300 exhibitors and more than 250 official speakers of the most important opinion leaders in the field of energy with the participation of 70 ministers, 500 executives and more than 1000 media in an event spanning more than 40 thousand square meters of debate and dialogue covering various aspects of energy.
250 spokespersons and 70 ministers attending the Energy Conference.
• The World Energy Conference kicks off in Abu Dhabi today, with the participation of 15 thousand representatives of major companies.