CLEAN ENERGY SYSTEMS

Despite the impressive growth of wind and solar power, renewable energy by itself will not be sufficient, particularly to transition industries that are entirely dependent on fossil fuel, according to Sultan Al Jaber, the president-designate of the next UN summit on climate change.
This year’s Conference of Parties (COP-28) of the UN Framework Convention on Climate Change will be hosted by the UAE, which holds one of the world’s largest oil and gas reserves.
Jaber is the UAE’s Minister for Industry and chief executive of the Abu Dhabi National Oil Company.

Carbon footprint

Speaking at the ongoing India Energy Week in Bengaluru on Tuesday, he pushed for more investment in minimising the carbon footprint of hydrocarbons.
Without a breakthrough in battery storage, we must invest heavily in carbon capture, nuclear power, and the hydrogen value chain.
But spending on these fundamental enablers of decarbonisation is less than 5% of what is spent on renewables. This must change.
And when it comes to change, this also applies to the oil and gas industry. The world still needs hydrocarbons and will need them to bridge from the current energy system to the new one. We cannot unplug the current energy system before we have built the new one.
He said that the world’s energy transition must be inclusive and deliver a fair deal to the Global South, a term for developing countries that includes both India and the UAE.
“We need to get more concessional finance to vulnerable communities around the world to lower risk, attract more private finance and turn billions into trillions.
The COP-28 is slated to be held at Expo City Dubai between November 30 and December 12.

SOURCE: THE HINDU, THE ECONOMIC TIMES, PIB

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