As the globe shifts to new types of energy, Musabbeh Al Kaabi, CEO, UAE Investments, Mubadala Investment Company, noted, the Gulf area will play an increasingly crucial role in preserving global energy supply chains in the next decades.
He made this statement while attending the Global Energy Forum, which was co-hosted by the Atlantic Council and the World Government Summit Organization. This year’s event, which will be held in Dubai as part of the World Government Summit (WGS2022), will focus on addressing short-term energy concerns as well as exploring geopolitical, energy market, and climatic trends that will influence the energy system.
During a keynote titled “Investing in Net-Zero: The UAE Approach,” Al Kaabi stated that governments must undertake measures to reduce supply chain difficulties in order to fulfill net-zero carbon ambitions.
Al Kaabi stated that global energy security will go beyond oil as the UAE and its neighbors transition to become leaders in clean energy production and generate highly competitive energy, citing the UAE’s achievements in lowering the cost of solar energy in 2020, when solar photovoltaic energy tariffs in the UAE dropped a few cents amid significant investments in solar energy infrastructure. The investments are part of the UAE’s National Energy Plan 2050, which seeks to boost clean energy’s contribution to the total energy mix from 25% to 50% by 2050 and cut power generation’s carbon footprint by 70%.
The UAE Investment Chief of Mubadala also mentioned the UAE’s investments in green and blue hydrogen as part of the country’s goal to diversify its energy sources and economy. “We’ve embraced renewable energy and natural gas in equal measure.”
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