ASTANA, 9th June, 2023 (WAM) — Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, said that energy security is a global issue that affects the entire world.
“The availability, accessibility, and affordability of energy resources are essential for the sustained growth and development of our economies,” the minister said in his remarks before a plenary session titled ‘Rethinking energy security: The need to move beyond simplistic solutions’, which was held as part of the Astana International Forum that started yesterday.
Led and co-organised by the Ministry of Energy of the Republic of Kazakhstan, the session highlighted the most important issues related to ensuring energy security, problems for the development of alternative energy, the need for reliable provision of the world economy with all types of energy without excessive damage to the environment, as well as to identify gaps that need to be addressed.
“There are key steps that have be considered to develop effective energy policy between countries, including enhancing international interconnectivity; driving cooperation through forming new bilateral and multilateral agreements and partnerships and expanding the scope of existing ones, enhancing intelligence capabilities by establishing mechanisms for the exchange of data and insights on energy markets to help make informed decisions on energy production, consumption, and investment; building interconnected energy grids and establishing cross-border energy infrastructure will create a more robust and efficient energy system.”
The minister underscored the importance of diversifying energy sources to include conventional and renewable sources, and exploring alternative supply routes, such as pipelines, interconnectors, and terminals, to mitigate vulnerabilities and enhance energy resilience.
“In 2021, the UAE announced its Net Zero by 2050 Strategic Initiative, with investments of more than 163 billion dollars in clean energy projects until 2050,” noted the minister, noting that the Emirates is home to the world’s three largest single-site solar power plants.
“The UAE is the first country in the region to operate a nuclear power plant that will supply 25% of the country’s electricity demand by 2024,” he added.
With regards to climate change, the minister underscored the importance of aligning energy policies with global climate goals.
“Climate action must be at the core of our coordinated energy policy. Investing in renewable energy, improving energy efficiency, and adopting sustainable practices will not only mitigate the impacts of climate change but also enhance energy security and create new opportunities for economic growth. The UAE Energy Strategy 2050 aims to reduce carbon emissions by 70% in 2050. The updated strategy will increase the share of clean energy to help meet climate commitments and reach net zero by 2050. The federal law regulating linkage of renewable energy production units to electrical grid aims to enable the production of electricity from renewable sources,” said the minister.
The tow-day Astana International Forum was launched by the Kazakh Government to facilitate international dialogue on global challenges. The forum aimed to serve as a platform for eminent delegates from governments, international organisations, business, and academia to engage in a dialogue and seek ways to address current global challenges such as climate change, food scarcity, and energy security.