RIYADH: UAE Minister of State Sultan Al-Jaber said the world “need to accept” that global energy transition will take time.
Al-Jaber, who is also the chief executive officer of the Abu Dhabi National Oil Company (ADNOC) Group, said the world is entering an oil supply crunch.
He added 80 percent of energy demand is still coming from fossil fuel, and the world is “underinvesting” in hydrocarbons.
Al-Jaber urged the world to wake up from the “sleep walk”of the oil supply crunch and understand what it will take in order to achieve the energy transition.
“There hasn't been a real moment when he has taken a step back for the world to reflect deeply and understand what it means to go through an energy transition, a transition takes time,” the minister said.
The world is committed to the shift to renewable energy and are all setting targets to achieve it. The UAE minister insists that this transition will happen but it will take time. “Through a progressive and holistic approach in terms of advancing clean power, renewable energy, and reducing our carbon emissions we must come to terms with the realities on the ground.”
The minister stated that global countries including the UAE are working toward lowering costs and lowering carbon emissions. He said the players in the global transition need to be “mature” and “sober” in carrying out the discussion.
He stated the world needs an energy mix and investments are implemented to make advancements in this mission. The UAE minister emphasized that in the past 7-8 years investments have seen a sharp reduction in the hydrocarbon sector.
The minister called for action to shift gears and restart on the drawing board while accepting the aggressive approach to cleaner fuels. This can only happen through an energy mix with the inclusion of oil and gas in order to meet the global energy requirements of the future.