Today's Edition
SARA ALZAABI (ABU DHABI)
Investments, addressing financing gaps, grid preparedness, and overcoming obstacles such as satisfying supply chain demand were among topics that came to the fore during a panel discussion on the second day of the World Future Energy Summit (WFES) at Abu Dhabi National Exhibition Centre on Wednesday.
Titled “Energy decarbonization: Tripling installed renewables by 2030”, the session explored the feasibility of achieving the ambitious goal of tripling installed renewable energy capacity within a decade.
Abdelmuti Murad, Head of the Energy Strategies and Policies Division at the Ministry of Energy and Infrastructure, discussed how the UAE has launched an updated energy strategy aimed at increasing the proportion of renewable energy sources by 2030. This ambitious goal necessitates an investment of Dh150-200 billion from 2023 to 2030, he said.
According to Murad, this investment “creates a plethora of economic opportunities, redirecting funds from natural gas or fossil fuel usage elsewhere and opening doors for investment in the energy sector. Additionally, the establishment of these enabled energy plants would generate significant employment opportunities, with an estimated 50,000 to 60,000 jobs expected to be created. Furthermore, it also paves the way for enhanced economic growth and industry both domestically and internationally.”
International collaboration and stakeholder coordination are crucial for savings and renewable energy deployment, where improved coordination is needed, he noted.
“One of the key aspects of international collaboration is the potential for significant impact through leveraging connections to drive down costs and increase savings in renewable energy deployment,” Murad said.
Bruce Smith, Executive Director of Strategy and Planning at Emirates Water and Electricity Company, discussed the challenge of running a solar and nuclear grid, emphasising the team’s focus on building a grid security system for safe operation. “The real challenge is, having built it, can we operate the grid securely?” Smith said.
The most important aspect of ensuring reliability is securing a steady supply of dependable energy, currently the most economical option, according to Smith.
“The cheapest energy that we can integrate into the grid is not necessarily clean solar energy. Solar energy may be the cheapest option, but it poses real operational challenges for maximising its incorporation,” Smith noted.
Smith further highlighted the importance of building capacity and maintaining grid reliability for the economy.
He also emphasised that internationally, increasing interconnection with countries, such as Egypt and India, is essential for achieving high levels of decarbonisation.
Carlos Gasco Travesedo, Executive Director, Energy Policy Sector, and Energy Policy Advisor, Abu Dhabi Department of Energy, highlighted the need for a 100% renewable energy system.
He held the view that the future will see challenges in reducing clean energy and renewable energy, but also opportunities for improvement.
Travesedo further examined operational challenges, such as maintaining quality electricity supply, emphasising the importance of sound regulation and investment.
“We are going to face challenges in reducing the amount of clean and renewable energy required by the system over a long period of time. We have visibility to triple renewables clean energy in just a few years. While we will continue to face difficulties, we must also recognise the opportunities and improvements ahead,” Travesedo said.
He highlighted that institutional arrangements, market incentives, and international collaboration are crucial for managing renewable penetration and ensuring a smooth transition.
The development of efficient technologies and market tools is essential for meeting targets and ensuring the success of storage approaches and technologies, he said.
“It is essential that the habitat becomes mainstream and competitive for all potential technologies in the semi zone open to get those inputs to ensure that we meet the targets in the best possible way,” Travesedo added.
