RIYADH: There are different solutions to make energy a strong tool for economic development, as energy sources to reach mass consumption have to be economically feasible too, said a top industry expert.
As the world has gathered for the 44th IAEE conference in Riyadh, the president of the French Association for Energy Economics, Christophe Bonnery, told Arab News in an exclusive interview that “energy transition has a different meaning from one country to another.”
For instance, France has a big portfolio of nuclear and this is developing the future of the French energy system.
Talking about different renewable energies, he said the strongest one is solar PV. “This is because if you look at the radiation from the sun to the earth, it brings a lot of energy.”
Bonnery pointed out that technology does matter, and so is how you transform it into a form of energy that can be used for different consumers.
“If you look at what is efficient, what is existing today, clearly the most important renewable energy is the hydraulic industry that has been existing for decades, if not centuries.”
According to him, this is the most important technology that is existing today.
“The future also belongs to wind energy and wind has to be developed in countries where you have wind, and it is not the case in every place.”
Bonnery said that all these technologies have come under the same characteristic, which is also the case for nuclear, that it consumes a lot of capital.
“You have to put the capital cost upfront, and this is generating some financing issues, then only a few countries can come under.”
Bonnery pointed out that Saudi Arabia has the chance to be able to finance it, to afford these new technologies. “In some developing countries, it’s more difficult to find financing solutions.”
He said that the Kingdom can help other countries willing to go to energy transition programs to develop their own programs.
The 44th IAEE conference which is taking place at King Abdullah Petroleum Studies and Research Center discussed seven key topics such as energy volatility, security and access, and energy transition and pathways in investment and financing.
