Positive energy, pragmatic actions key to drive global growth: Al Jaber

Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Adnoc Managing Director and Group CEO, Chairman of Masdar and Executive Chairman of XRG, said that positive energy and pragmatic actions were needed to drive global growth and power the rise of artificial intelligence (AI).

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Speaking at CERAWeek in Houston, Texas, Dr Al Jaber called for durable, stable policies to meet the growing demand for energy. “The world is finally waking up to the fact that energy is the solution. Energy is the beating heart of economies, a key driver of prosperity and is fundamental to every aspect of human development. If we want a pro-growth world, we need pragmatic actions and policies that are pro-growth, pro-investment, pro-energy and pro-people.”

Dr Al Jaber said that every energy option was needed and an ‘and-and’ approach that embraces diverse energy options was required to meet the rapid growth in worldwide demand. “We know that by 2035, there will be almost 9 billion people on this planet. In line with this growth, oil demand will increase from I03 to at least 109 million barrels per day. LNG and chemicals will expand by over 40 per cent and total electricity demand will surge from 9,000GW to 5,O00GW, which is a staggering 70 per cent increase. We will need more LNG, more low-carbon oil, more nuclear and more commercially-viable renewables to meet all this demand.”

Dr Al Jaber explained how the UAE's leadership has pursued a pragmatic ‘and-and’ approach, extending its energy leadership in oil and gas to renewables, nuclear, chemicals and low-carbon energies.