The UAE Minister of Energy, Suhail Al Mazrouei, confirmed that the conditions in the oil market are balanced on the supply and demand side.
He said in press statements on the sidelines of the launch of the activities of the Sustainability Week in Abu Dhabi: “I think that the market is completely balanced, and this is what we see in the oil market..and in the gas market, this is not the case, and for this reason we see fluctuations in gas market“.
It was UAE Minister of Energy He stressed, in previous statements, the great role played by the coalition OPEC+ In supporting the stability and balance of oil markets, and how his administration succeeded during the past period in avoiding any disturbances, as happened in the gas or coal markets and other fuels.
Abu Dhabi Sustainability Week
Al Mazrouei stressed that the UAE is working according to a comprehensive perspective aimed at strengthening international cooperation and joint work with various countries of the world, in order to advance sustainable development, implement many world-leading projects in the field of energy, and enhance its role as a committed and responsible provider of sustainable energy.
He pointed out that his country seeks to reach a carbon-free future, through international cooperation and strengthening the position of leading technologies that support the development of the energy sector.
Energy Minister said EmiratiThe UAE has made great efforts to diversify energy sources and positively influence climate action, and has taken practical steps for a real transition to environmentally friendly (clean and renewable) energy. It possesses the natural and technological resources that support the future direction based on exploiting the sources of this gas to obtain energy.
He added that his country’s investments in renewable energy projects inside and outside the country currently range between $30 billion and $40 billion.
He pointed out that the UAE has committed itself with America to invest $100 billion in renewable energy. The UAE is investing $50 billion in clean energy around the world until 2030.
Today, Monday, January 16, the UAE President, Sheikh Mohammed bin Zayed, officially inaugurated, in the presence of a number of state leaders and representatives, the 2023 session of the “Abu Dhabi Sustainability Week”, the global platform concerned with accelerating the pace of sustainability.
Energy shift
The UAE Minister of Energy stressed that the current and upcoming phases require intensifying the efforts of world governments to develop future plans and strategies to accelerate global transformation in the energy sector, and increase focus on its clean and renewable sources, especially liquefied gas.
He noted that the UAE did not sign any agreement with any of the European countries to meet its energy needs, and that all of the UAE’s liquefied gas contracts were sold mostly to Asian markets, especially to Japan.
He explained that the UAE continues its efforts to achieve the goals of the next 50 years in the sustainability of the energy sector, diversify its sources and accelerate the transition to clean energy from it.
He pointed out that his country is the fastest growing market for clean and renewable energy sources in the region, and it is going to achieve more achievements for the next 50 years, through commitment to the goals of the National Energy Strategy 2050 and the strategic initiative for climate neutrality 2050, through solar energy projects and our national program for peaceful nuclear energy. Hydrogen energy, waste-to-energy projects, and other ambitious projects.
COP28 climate summit
The UAE Minister of Energy stated that Abu Dhabi Sustainability Week supports the UAE’s hosting of the Climate Summit COP 28, noting that the slogan of Abu Dhabi Sustainability Week for this year is “Together to promote climate action leading to COP 28”, which will be held in the Emirates, and it is a session that will have a pivotal role in ensuring Maintaining the momentum of global interest and efforts in sustainability and climate action.
Abu Dhabi Sustainability Week is a global initiative launched by the UAE and hosted by the Abu Dhabi Future Energy Company, Masdar, a world leader in the field of clean energy. The activities of the week include a series of high-level sessions focusing on key priorities for sustainable development ahead of the COP28 Climate Summit, which will be held in the UAE. , during the period from November 30 to December 12 next.
Abu Dhabi Sustainability Week 2023 provides a new platform for the global energy sector by launching the inaugural Green Hydrogen Summit, hosted by the green hydrogen business sector at Masdar. The summit highlights the potential of green hydrogen and its role in the process of decarbonising key sectors and supporting Countries’ efforts to achieve their goals in the field of climate neutrality.
climate challenges
For his part, the Minister of Industry and Advanced Technology in the UAE, Sultan Al Jaber, affirmed that his country is hosting the Climate Summit COP 28 with full responsibility and with full awareness of the importance of the issues and challenges facing the world.
And he stated, during his speech at the opening ceremony of Abu Dhabi Sustainability Week, which was officially launched today, Monday, that it is time to turn words into actual results with regard to facing climate challenges.
Al-Jaber stressed that the UAE has always been up to the responsibility, facing challenges and foreseeing the future, through the great progress it has achieved in 50 years based on its firm conviction in the importance of true partnerships.
The appointed president of the Climate Summit COP 28 explained that for the UAE, sustainable development means not being satisfied with what has been achieved, but constantly raising the ceiling of ambition, constantly thinking about the next step, new achievements and partnerships, and always staying at the forefront and not stopping even for a moment; Because the future never stops and never waits.
He stressed the need for the COP 28 Climate Summit to be a conference in which the countries of the North and South listen to each other, and a conference that moves from setting goals to implement them on issues of mitigation, adaptation, and facing losses and damages, to a conference that allows the world to make new arrangements and mechanisms for climate financing.
He pointed out that the UAE was a regional pioneer in investing in renewable energy and realizing its importance in the future, and when some questioned our capabilities in achieving the objectives of Masdar Company, we continued in our approach, and before others went to reduce emissions, we made sustainability an integral part of our hydrocarbon operations and we will continue to invest in the future energy system. While reducing emissions of energy sources that the world needs today.
Al-Jaber stressed that despite the progress the world is making today; We need to be clear with ourselves and move at a much faster pace; Because we’re trying to keep the planet’s temperature from 1.5 degrees Celsius; Therefore, we need a significant reduction in emissions while increasing the rates of growth and economic progress.
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