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‘Critical’ for investment to flow to lowest-cost, lowest-carbon oil & gas options – UAE minister


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These translations are done via Google Translate
Sultan Ahmed Al Jaber, UAE Minister of State and the Abu Dhabi National Oil Company (ADNOC) Group CEO poses during the interview at the Panorama Digital Command Centre at the ADNOC headquarters in Abu Dhabi, UAE December 10, 2019. REUTERS/Satish Kumar
Sultan Ahmed Al Jaber, UAE Minister of State and the Abu Dhabi National Oil Company (ADNOC) Group CEO poses during the interview at the Panorama Digital Command Centre at the ADNOC headquarters in Abu Dhabi, UAE December 10, 2019. REUTERS/Satish Kumar

Sultan Ahmed Al Jaber, UAE Minister of State and the Abu Dhabi National Oil Company (ADNOC) Group CEO poses during the interview at the Panorama Digital Command Centre at the ADNOC headquarters in Abu Dhabi, UAE December 10, 2019. REUTERS/Satish Kumar

Feb 19 (Reuters) – Investment needs to focus on the lowest-cost, lowest-carbon oil and gas resources, UAE Industry Minister Sultan al-Jaber said at the Munich Security Conference, the state news agency WAM reported on Saturday.

“For our collective security, the world will need to continue using all energy options for a long time,” he was quoted as saying. “As such, it is critical to ensure investment flows to the lowest-cost, lowest-carbon oil and gas resources.”

“We should acknowledge that the energy transition is exactly that: a transition, and transitions take time,” said al-Jaber, who is also the Abu Dhabi National Oil Company (ADNOC) chief executive officer and UAE special envoy for climate.

GLJ

The Gulf state last year announced a plan for net-zero emissions by 2050 and would oversee 600 billion dirhams ($163.36 billion) investment in renewable energy.

GLJ

The country, a major oil producer, has in the past 15 years invested $40 billion in clean energy, the government said.

Abu Dhabi’s Barakah nuclear power plant has been connected to the national grid and the UAE aims to produce 14 GW of clean energy by 2030, up from about 100 MW in 2015, it said.



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