The UAE Minister of Energy, Suhail Al Mazrouei, stressed the importance of the role of the OPEC + alliance in controlling the stability of global oil markets. In order to achieve the common interest of consumers and producers.
He said that the Organization of Petroleum Exporting Countries “OPEC” and its allies outside the organization “OPEC +” always seek to achieve a balance in the fundamentals of the market between supply and demand. To avoid any accumulation in the oil stock.
The UAE Minister of Energy added that an increase in global oil stocks may lead to instability and an increase in speculation in global markets, according to data seen by the specialized energy platform.
He stressed that the technical team in “OPEC” continuously monitors the changes in the global oil markets. Then it submits its recommendations to the Ministerial Committee to take the appropriate decisions that would enhance market stability and sustainable growth.
UAE energy strategy
Suhail Al Mazrouei said that his ministry has completed updating the UAE Energy Strategy 2050 and developing a hydrogen strategy, WAM reported.
He added that the two strategies are in line with the UAE’s efforts to achieve carbon neutrality by 2050 by expanding renewable energy and implementing new projects in areas such as hydrogen energy and waste-to-energy conversion, in addition to promoting investments in energy and advanced technology that support the UAE’s climate goals and enhance the sustainability of economic growth in the region. various sectors.
He pointed out that the two strategies constitute a major tool in raising reliance on clean energy sources and promoting efficiency raising technologies, which is a strategic priority for the UAE, especially in support of its efforts to work for the climate in light of the preparations to host the Climate Summit COP 28 by the end of this year in Expo City Dubai with the participation of countries. the world.
Energy shift
Suhail Al Mazrouei affirmed that the UAE has made great progress in the field of energy transition, according to the Global Green Future Index for the year 2023; It moved up 8 places from the previous year, to rank second in the world.
He pointed out that the UAE has witnessed a massive transformation in the energy sector over recent decades. As it is one of the world leaders in the use of modern technology and innovations in the field of energy.
He pointed out that his country possesses important natural resources in the oil and gas sector, and through a long-term strategy, the country was able to diversify the economy and move to a more diversified and sustainable energy mix. It is increasingly focusing on developing renewable energy sources such as solar energy, nuclear energy and hydrogen, and encourages investments in these strategic sectors.
The UAE Minister of Energy affirmed that his country is committed to promoting sustainability and achieving an energy transition towards diversifying more sustainable energy sources.
He said that this growth in the energy sector is expected to continue within the project to update the Energy Strategy 2050. The state promotes investment in renewable and clean energy projects and raises awareness of the importance of achieving sustainable development.
new energy investments
Suhail Al Mazrouei said that the UAE contributes to building the future energy system by investing inside and outside the country in peaceful solar and nuclear energy projects and technologies, carbon capture and storage technologies, and investment in energy efficiency.
He added that the UAE has invested more than $50 billion in clean energy projects in 70 countries around the world, and has pledged to invest another $50 billion in clean energy projects at home and abroad over the next decade.
The UAE Minister of Energy said, “We have provided more than one and a half billion dollars in aid and soft loans for renewable energy projects worldwide, including renewable energy projects in 30 developing island countries.”
He explained that these projects work to improve access to electricity in these countries and meet a large part of their energy needs, in addition to creating job opportunities, supporting the development of local societies and economies, and reducing pollution, and they also enhance the ability of these countries to confront climate change.
The UAE Minister of Energy indicated that in November 2022, the country announced the UAE-US partnership to accelerate the transition to clean energy by stimulating an investment of $100 billion in the implementation of clean energy projects with a production capacity of 100 gigawatts worldwide by 2035.
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