UAE’s Integrated Strategy on Energy
- 19 November 2014
Global energy is undoubtedly witnessing significant changes in terms of price, production, technology and new sources. That is why the ECSSR’s 20th Annual Energy Conference – Future Energy Trends: Innovation, Markets and Geopolitics – organized on 18–19 November 2014, is significant. A large number of specialists in the field participated in the conference. In his speech, delivered at the opening session of the conference, His Excellency Eng. Sohail Mohammed Faraj Al Mazroui, UAE Minister of Energy, said that the country has a clear vision and comprehensive strategy to deal with energy issues.
The UAE’s strategy in this regard has been based on diversification of energy sources, interest in nuclear and renewable power, and rationalization of energy consumption through several means, including the willingness to pass a law, so that the UAE becomes a pioneer in this domain. The country doesn’t politicize the issue of low oil prices and looks at it within the existing economic framework of supply and demand and the need to find a common strategy among oil-producing and consuming countries.
This goes to show the responsible role the UAE has played in international oil markets, in particular, and energy markets in general. It happens to be one of the leading countries, which is interested in renewable and clean energy sources. The UAE has already distinguished itself with initiatives in this domain. There is international confidence in its ability to lead this path, evident in the country winning the right to host headquarters of the International Renewable Energy Agency in Abu Dhabi.
Given that the energy sector is witnessing significant changes around the world, it requires the attention of institutions such as OPEC, International Energy Agency, and think-tanks. The important aspects that should be given importance are those that relate to innovation, markets and geopolitics. His Excellency Dr. Jamal Sanad Al-Suwaidi, Director General of the ECSSR, referred to this during his welcoming remarks at the Energy Conference.
“The Annual Energy Conference this year focuses on innovation, markets and geopolitics, and links them to the future of energy. These aspects are witnessing significant transformations open to a lot of scenarios directly related to global economic stability,” H.E. Dr. Jamal Al-Suwaidi said. There are other dimensions related to the future of energy such as shale gas, price levels, transforming consumption trends, energy security, impact of political tensions and terror on oil supplies, besides the role of technology and its ability to increase demand and negative effects on the environment.