Excellencies, distinguished guests, ladies and gentlemen,
I would like to take a moment to pay tribute to the five UAE diplomats whose lives were cut short, while trying to bring humanitarian relief to Afghanistan. Their sacrifice reminds us that the values that unite us are stronger than any evil that attempts to divide us.
It gives me great pleasure to welcome you to the first Atlantic Council Global Energy Forum.
This Forum represents an important addition to the Abu Dhabi Sustainability Week…and will add a critical geopolitical perspective to the central challenge… of how we meet the world’s growing demand for energy…
For over a century, politics and economics have influenced the energy sector….but today’s complex, inter-connected world… requires us to have an even deeper understanding of trends… locally, regionally and globally.
The energy outlook for 2040 reveals three major trends:
First: Energy demand will sharply grow by 25 percent.
Second: Most of this new demand will come from non-OECD countries—that will make up two thirds of all energy consumption by 2040.
And Third: A steep reduction in the cost of renewables, especially solar is reshaping the economics of energy.
In fact, a new economic model is emerging, based on the complementarity of new and traditional forms of energy, where both reinforce each other to efficiently and sustainably meet rising demand.
Electric vehicles are a growing segment of the transportation sector, yet oil will remain a primary fuel for decades to come and a staple ingredient for refined and petrochemical products.
And natural gas will play a key role in generating lower emission power, alongside renewable and nuclear energy.
The bottom line is simple: there is no silver bullet solution to the world’s growing energy needs.
Every form will be essential…
All must work in close integration…across borders…multiple geographies …and diverse regulatory frameworks.
Ladies and gentlemen…I would like to take this opportunity to thank the Atlantic Council for convening this important gathering of leaders from the entire energy spectrum…alongside some of the world’s top policy thinkers.
Collectively, we will deepen our understanding of the critical challenges before us… anticipate future scenarios…and together… suggest practical solutions.
I am confident that the combined vision in this room… will make a positive contribution to our common energy future.