The energy supply crises impacting world economies have underscored the need for greater resilience in energy supply and the need for a smarter carbon transition policy, Majid Jafar, the CEO of Crescent Petroleum, told industry and policy leaders gathered for the Atlantic Council Global Energy Forum in Dubai.
Jafar, who leads the Middle East’s oldest private upstream oil and gas company, told an audience of senior industry leaders and policymakers that lasting progress on carbon emissions requires policies that fit the needs and dynamics of each country, particularly in the developing world where energy demand is growing rapidly and where energy security challenges are felt most acutely. And in this regard, the wise energy strategy for 2050 of the UAE recognises the continued importance of oil and gas while also growing the contribution of cleaner energy sources from solar and nuclear power.
“Current events demonstrate that energy policies need to deliver affordable and reliable energy supplies to withstand supply shocks and other challenges. We have witnessed how lower winds in Europe impacted wind generation and how conflict created oil and gas supply and price shocks. The world must account for such challenges while delivering reductions in carbon emissions because an energy transition without energy security will not succeed,” said Jafar.
“The UAE’s visionary energy policy for 2050 highlights how this can be achieved by combining natural gas with cleaner sources such as solar power and nuclear energy to maintain energy resilience while reducing carbon emissions. As the UAE prepares to host COP28 in 2023, this will only reinforce the country’s proven leadership in energy policy and international engagement,” he added.
Jafar made his comments on the opening panel of the Global Energy Forum, the premier international gathering of government, industry, and thought leaders to set the energy agenda for the year, of which Crescent Petroleum has been a founding platinum co-chair sponsor. The panel entitled 'Meeting the 2022 Challenge: Will energy security derail the energy transition?', also included Fahad Alajlan, president of King Abdullah Petroleum Studies and Research Center; Claudio Descalzi, CEO of Eni; and Tim Holt member of the executive board of Siemens Energy AG.
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