Fossil fuels must be part of the energy mix to ensure security, the ADNOC boss said | Whuff News

The head of the Abu Dhabi National Oil Company (ADNOC) said that fossil fuels will have to be part of the energy mix in the future to meet the world’s needs.

Sultan Ahmed Al Jaber, managing director and CEO of the ADNOC group and minister of industry and advanced technology, said that the world’s population will reach 9.7bn in 2050 and this requires “higher energy, minimum emissions”.

Speaking at the Abu Dhabi International Petroleum Exhibition Conference (ADIPEC), he said: “Our world is on track to become home to 9.7 billion people by 2050. .

“And as we meet this need, we will be helping to bring electricity to nearly 800 million people who do not have it today. We will also be helping to change the lives of the 2.6 billion people who do not have access to clean fuel for cooking and heating.

“The world needs all the solutions it can get. Not oil and gas, or solar, not wind or nuclear, or hydrogen. It’s oil and gas and solar, and wind and nuclear, and hydrogen. All of the above, plus clean energy that has yet to be discovered, sold and distributed. “

Al Jaber said ADNOC was cutting carbon from its operations by using nuclear and solar power and reducing methane emissions, while looking at technologies including carbon capture and storage and hydrogen.

“If we pull out of hydrocarbon investments, because of natural decline, we will lose five million barrels of oil per day each year from the reserves. This would make the shock we have received this year seem like a small shock. If this year has taught us anything, it has taught us that safety energy is the foundation of all economic and social progress,” he said.

In contrast, the UAE and the US have signed a partnership in ADIPEC to increase renewable energy production.

The UAE-US Partnership for Accelerating Clean Energy (PACE) involves delivering 100 gigawatts of clean energy to the US, the UAE and emerging economies around the world by 2035. It will also “stimulate $100bn in funding and other support”.

Amos Hochstein, special liaison to the US president, said: “PACE is a testament to the deep commitment our countries share to tackle the climate crisis – as quickly as possible.

“Together, we will encourage greater investment in new energy technologies, in our countries, around the world and in emerging economies. PACE will help deliver a secure and reliable global energy system that can power the world for generations to come.”

The UN COP27 climate conference begins on November 6 in Egypt.

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