UAE Minister of Industry: The world needs large investments in hydrocarbon energy sources

Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, UAE, said that ensuring energy security is an essential factor for the continuity of sustainable economic and social growth and for making progress in climate action.

Al-Jaber added, at the Energy Intelligence forum, held in London, today, Wednesday, that market sentiment does not reflect the real main foundations, limited spare capacity and long-term demand growth, and confirms the futility of policies calling for the immediate abandonment of the current energy system before developing and operating it. A new system,” explaining that the world needs large investments in hydrocarbon energy sources that will depend on it in the future for the continuation of sustainable economic growth.

The UAE Minister of Industry explained that energy security is a fundamental pillar of progress in all sectors, and as the pioneers of the global energy sector and in light of the changes taking place in the world, our responsibility to ensure energy security has become clearer than ever.

He continued, “We have a commitment to mitigate the effects of the global energy supply shortage while focusing efforts on capturing and removing carbon, not stopping production, and we must always remember that our goal is to reduce emissions and not reduce growth and progress rates.”

Al Jaber pointed out that the UAE is keen to build bridges of cooperation and work with all partners to mitigate the impact of hydrocarbon energy sources on the climate, and to build on its experience and leadership at the regional level as a responsible and reliable producer of low and zero-emission energy.

The UAE Minister of Industry indicated that ADNOC is implementing huge investments to raise its production capacity, as it plans to triple its production capacity of liquefied natural gas to reach more than 15 million tons annually, supported by a natural gas shipping and production station, which has a production capacity of 9.6 million tons, noting that ADNOC is working to expand the use of advanced technologies and take advantage of renewable and peaceful nuclear energy to reduce emissions from oil and gas production operations by an additional 25% before the end of this decade.

By: Mehdi Jabrane

By uzland

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