The World Future Energy Summit is about to be held
- Renewable energy investment continues to rise in the global green transition effort
- Saudi Arabia, the largest economy in the Arab world, has also announced a series of new renewable energy projects, as it seeks to achieve carbon neutrality by 2060
The 2023 World Future Energy Summit aims to provide a crucial blueprint for sustainable development, while focusing on energy transformation and measures to promote investment in the renewable energy industry globally. Energy industry leaders and policy makers from around the world will participate in a three-day event at the Abu Dhabi National Exhibition Center from January 16 to January 18.
The summit is the core of Abu Dhabi Sustainable Development Week, a global initiative initiated by the United Arab Emirates and Abu Dhabi clean energy company Masdar, aimed at accelerating sustainable development and promoting economic, social and environmental progress. This event has developed with the transformation of the energy sector and our economy, said Suhail Al Mazrue, Minister of Energy and Infrastructure. It has now evolved into the most important industry gathering in the Middle East, where clean energy and infrastructure are key components.
Middle Eastern countries such as the United Arab Emirates, Saudi Arabia, Jordan, Oman and Egypt are increasing their investment in the clean energy industry. The United Arab Emirates will invest US $163.5 billion in clean and renewable energy projects in the next three decades to achieve zero net emissions by 2050. It is building the world's largest solar power plant in the Al Dhafra region of Abu Dhabi, with a capacity of two gigawatts, which is expected to be ready next year, and the Mohamed bin Rashid Solar Park in Dubai, with a capacity of five thousand megawatts.
Egypt is the most populous country in the Arab world, and its goal is to source 42% of its electricity portfolio from renewable energy by 2035. The North African country will host Cop27 next month. Mr. Al Mazrouei said that the overview of this new transition event appeared in the right place at the right time, emphasizing the urgent transformation to achieve our clean energy goals and achieve sustainable governance and adopt the methods of consumption and production of natural energy to ensure the quality of life of contemporary and future generations.
According to a report of Rystad Energy, the capital investment in renewable energy will exceed the expenditure on oil and natural gas for the first time in 2022, because the high electricity price will further diversify the energy structure of countries. The Oslo based energy consulting company said this month that the investment in renewable energy would reach 494 billion US dollars in 2022, exceeding the upstream oil and gas expenditure of 446 billion US dollars.
The organizer said that in addition to focusing on energy, water, ecological waste, solar energy, smart cities, climate and environment, the 2023 event will also host the launch of a special hydrogen innovation center, because the global demand for clean fuels rebounded in the efforts of green transformation. The event was held when the United Arab Emirates was preparing to host Cop28 in 2023.Editor/Xing Wentao