Sultan Al-Jaber: The President’s vision of the challenges of the energy sector is reassuring and confident, and his message is to continue to work positively and steadily.

The Minister of Industry and Advanced Technology, Managing Director and CEO of the Abu Dhabi National Oil Company (ADNOC) and its group of companies, His Excellency Dr. Sultan bin Ahmed Al Jaber, stressed that the world needs more energy with less emissions to ensure the security and sustainability of its supplies.. Referring to the directives of the wise leadership to continuously enhance the status of the country The UAE is a responsible and reliable energy provider.

This came during the opening speech delivered by His Excellency at the 38th edition of the Abu Dhabi International Petroleum Exhibition and Conference "ADIPEC 2022", which is held under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the State.

In his speech, His Excellency referred to a meeting he had with His Highness the President of the State about the launch of ADIPEC and His Highness' vision regarding the challenges facing the energy sector. His Highness was optimistic and had a confident vision. He said: "We cannot ignore the facts, but must confront them steadfastly, And to deal with it with a positive mindset, and work to find appropriate solutions in cooperation with partners who embrace the same visions, ideas and directions. His Highness added: Remember that positivity, constructive visions, and the constant pursuit of progress are at the heart and essence of our approach.

His Excellency Sultan Al Jaber explained that ADIPEC is being held under complex conditions facing the world, where global supply chains are still fragile, geopolitical situations have become more complex, dispersed and polarized than ever before, inflation continues to rise, and interest rates increase the cost of borrowing and investment, which This led to the global economy becoming critical.

He noted the questions that some raise about the possibility of an economic recession, expressing his conviction that no one can give a confident answer that includes future predictions on this subject.

After reviewing the features of the economic landscape in the world, His Excellency indicated that energy is a top priority for everyone now, and that the global energy scene is going through unprecedented turmoil at this time.

He said that the world has become aware of the fact that the decline in long-term investments in oil and gas has increased challenges in the energy sector... and that the data and numbers are clear, if we stop investing in hydrocarbon resources, we will lose 5 million barrels of oil per day from the current supplies, due to the natural decline in energy Productivity.. This makes the shocks that the energy sector witnessed this year very simple compared to what will happen in the event of stopping investment in oil and gas.

And if there is a lesson learned from this year, it is that energy security is an essential foundation for progress in various fields, economic and social, as well as in climate action.

He stressed that the solutions we need offer great opportunities for all, explaining that the world's population will reach 9.7 billion people by 2050, and to meet their needs, energy must be produced 30% more than the world produces today.

With this goal achieved, we will have contributed to providing electricity to nearly 800 million people who cannot currently benefit from it.

We will also contribute to improving the lives of the 2.6 billion people who currently do not have access to clean fuels for cooking and heating.

His Excellency Al Jaber added that the world needs all available solutions to secure its energy needs, and we cannot choose between oil and gas, solar energy, wind energy, nuclear energy, or hydrogen. We need all of them in addition to clean energies that will be discovered and applied after ensuring their feasibility. Economic... The solution is to combine all sources, not choose between them.

He said that the world needs more energy with less emissions, and our wise leadership was a pioneer in guiding the adoption of renewable energy more than 16 years ago with the launch of "Masdar", where the UAE was the first country in the region to operate a peaceful nuclear power plant, and this is what drives ADNOC aims to reduce emissions from current energy sources, and to invest in future clean energy sources.

His Excellency Dr. Sultan bin Ahmed Al Jaber cited several examples of steps to reduce emissions in its operations. He said: "At ADNOC, we have connected the electricity grid of our onshore facilities with electricity sources that were generated using clean and emissions-free nuclear and solar energy, and we are also working to operate our facilities. The marine industry is using clean electricity to cut its carbon footprint by half, and we are also doubling our efforts to reduce methane emissions, even though it is currently among the lowest in the world.”

He explained that as we move into the future, technology will be one of the most important enablers of the energy sector.

We have, for example, carbon capture and storage technology that we can apply on a large scale, not only in the energy sector, but in all sectors.

There is also hydrogen, as a few days ago the first shipment of low-emission ammonia from the UAE was delivered to Hamburg, Germany..This was a historic moment, because it represents the first building block in the hydrogen value chain, and a new important opportunity in the energy sector.”

He added, "With the twenty-seventh session of the Conference of the Parties to the United Nations Framework Convention on Climate Change "COP27" next week, in the Arab Republic of Egypt and with the UAE preparing to host COP28 - the UAE Climate Conference - next year, we must focus our efforts and direct them towards A new, bold and realistic path that benefits humanity, the climate, and the economy."

At the conclusion of his speech, His Excellency Dr. Sultan bin Ahmed Al Jaber said: “We need to reduce emissions, not stop growth and progress rates. The world is looking for solutions to challenges, and we are firmly convinced that the energy sector can unite in a divided world to find the desired solutions, because whoever makes the future He is the one who takes the initiative and takes the first step. I offer an open invitation to all our partners and friends to take this step together, and take the initiative towards shaping the features of the future because our concerted efforts will lead us to success."

It is noteworthy that ADIPEC is considered the most influential event in the global oil sector, and a platform where ministers, energy leaders, and professionals meet to discuss and identify opportunities that create new value in the energy landscape. More than 2,000 exhibiting companies are participating in this year's edition, in addition to 28 country pavilions. Participation ADIPEC 2022 will run from October 31 to November 3, 2022.

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