Sultan Al Jaber: Immediate action needed for securing energy supplies towards sustainable development (3rd Add)
continued.Q - The United Arab Emirates is an important producer of oil and can continue to do so and gain profit for at least 150 years to come. Why invest in an uncertain project such as Masdar? A - Even though the UAE has significantly large hydrocarbon reserves, securing energy supplies towards sustainable development and meeting the needs of the future requires immediate action. Scarcity of fresh water resources in the Arabian Gulf has necessitated reliance on desalination which requires energy and thus energy security has become vital.
The transition to new resources however may take decades since the majority of current power generation systems rely mostly on hydrocarbons.
The best solution, therefore, is to rely on a variety of sources, including traditional energy while promoting clean technologies.
For the UAE, reinvesting a share of its oil revenues into renewable energy will support its transition into a knowledge-based economy. Ultimately, the UAE will benefit from a diverse economic base by minimizing dependence on oil as the main driver and increasing the contributions of non-oil sectors in the GDP.
This will also help maintain the leadership position of the UAE in global energy markets and enhance the growth of the local economy. This strategic approach was reflected in Abu Dhabi?s vision 2030 that underscored the importance of diversifying the economy.
In this context, thanks to the wise directives of His Highness General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, ?Masdar? was established in 2006 as a multifaceted strategic initiative, wholly-owned by Mubadala, to develop and implement renewable energy solutions and clean technology.
Q - Brazil has begun exploiting its marine petrol sources, what advice do you have for the Brazilian government concerning energy-related investments? Today Brazil is the world?s 11th-largest oil producer. By 2020 it is expected to be in the top five, according to a report by The Economist. There is no 'one size fits all' approach towards meeting energy needs. Each country needs to determine its energy mix based on the natural resources available, the geographical and climate conditions.
The Brazilian government is already supportive of conservation of resources; and further diversification of their energy mix will help in the sustainable growth of the country.
When looking to advance the field of renewable and sustainable energy, international cooperation is a key element that enables sharing of knowledge and experience, which is vital for the advancement of any industry.
Q - I would like to know what Masdar can teach Brazil. Will the project Masdar be open, for instance, to exploiting locally produced bio-fuel? A - Masdar is a strong advocator for knowledge sharing and exchange of information between companies and countries. Masdar is keen on collaborating with like-minded companies and countries and welcomes those wishing to explore latest technologies related to renewable energy or clean technology. For example, research related to biofuels may be of common interest to Masdar Institute and Brazilian entities.
Masdar is looking to leverage its presence at the Rio+20 Conference to attract not only the South American but the global community to collaborate in its R&D efforts towards developing alternate energy solutions.---MORE---.