How do you assess the UAE and Abu Dhabi’s progress in building a more sustainable energy mix?
The Middle East Energy
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Climate concerns are driving an acceleration in the global transition towards environmentally sustainable energy sources, with signficant implications for emerging markets as they seek to keep pace with high demand growth over the long term.
The coronavirus pandemic has given rise to a global uptick in regional cooperation and interconnectedness as a means to economic recovery. Forming part of this trend, countries in the Arab world have recently moved to expand cooperation with regard to electricity supplies.
A combination of continued production cuts and an increase in economic activity has prompted oil prices to return to pre-pandemic levels – a factor that will be crucial to the recovery of major oil-producing countries in the Middle East and Africa.
– Energy demand and oil prices slumped on the back of Covid-19
– OPEC+ countries agreed on sharp production cuts to stabilise prices
– While coal, oil and gas investment fell, investment in renewables increased
– Rise in sustainable finance looks set to bolster the renewable transition
Articles & Analysis | Will new discoveries help Abu Dhabi boost energy production? from The Report: Abu Dhabi 2020
Home to approximately 95% of the UAE’s total oil reserves and 92% of its natural gas, Abu Dhabi is one of the world’s leading hydrocarbons producers and its energy sector is among the most developed. The main player in Abu Dhabi’s oil and gas industry is Abu Dhabi National Oil Company (ADNOC), the largest company in both the emirate and the...