[Economics] UAE Minister of Industry and Advanced Technology: Energy markets are witnessing great and unprecedented fluctuations

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Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Special Envoy of the UAE on Climate Change, stressed that energy markets are witnessing great and unprecedented fluctuations.

 

This came during the participation of Dr. Sultan bin Ahmed Al Jaber in the activities of the 15th Energy Forum in Morocco.

 

The Energy Forum kicked off in the Moroccan capital, Rabat, on Monday, with wide international and regional participation, including the United Arab Emirates.

 

Sultan Al-Jaber explained that there is an urgent need to pump more investments in the energy sector to return to the level before the Corona pandemic.

 

The launch of the Energy Forum in Morocco.. Rich agenda Morocco is a strong competitor in renewable energy

He continued, "If more investments are not pumped into the energy sector, there will be a shortage of supply and supply in the coming years, which we do not want. The demand for oil and gas continues globally and the world needs smart diversification in energy sources."

 

 He added that new energy sources are not enough to meet the growth of global demand, saying: "The UAE stresses that the energy transition is an opportunity for sustainable development, an important matter and a strategic priority."

 

He added, "We are continuing to invest in developing oil production capacity and reducing emissions," noting that the UAE began the process of transformation into new and renewable energy 15 years ago.

 

Al-Jaber stressed that there is a bright future in the field of energy and investment in it, adding: "The world is facing a real opportunity in the field of new energy, and we expect to invest $3 trillion in the next ten years."

 

Regarding the relations between the UAE and Morocco, Dr. Sultan Al Jaber said: "Joint projects with Morocco represent a basic pillar that we must build upon, and we are looking forward, through Masdar, to expand with Morocco in the field of hydrogen."

 

He continued, "Morocco and the UAE are full of promising investment opportunities in the energy field. They are ready to explore investment opportunities in fossil energy and liquefied gas projects in the Kingdom of Morocco."

 

He explained that Morocco has worked to establish a great position in the field of renewable energy, saying: "We have confidence in the right policies and sound frameworks to provide the necessary financing for low-carbon growth in Morocco."

 

Al Jaber added that the UAE ranks first in terms of Arab investments in Morocco.

 

He stressed that the UAE is looking forward to cooperating with the world through the COP28 summit to limit the repercussions of climate change, and is looking forward to cooperating with Egypt during its organization of the COP27 climate conference.

 

15th Energy Forum

The 15th Energy Forum, held under the patronage of King Mohammed VI of Morocco, bears the theme "Energy Transition: Progress Report and Prospects for 2035", in which the United Arab Emirates will be the guest of honor.

 

Organized with the support of the Ministry of Energy Transition and Sustainable Development, this conference is an opportunity to present Morocco's progress in the energy transition that began more than a decade ago and to discuss future prospects.

 

It is noteworthy that in 2009, thanks to the efforts and patronage of King Mohammed VI, Morocco began a turning point in its energy policy based on the development of renewable energies and energy efficiency.

 

A policy aimed at reducing Morocco's dependence on external energy, mobilizing the exceptional wind and solar energy available to the Kingdom, as well as seizing the opportunities offered by new technologies in the field of manufacturing and job creation.

 

Morocco aspires to be part of a sustainable development that respects the environment and allows it to honor its commitments to combat global warming.

 

In this context, Morocco decided in 2009 to increase the share of renewable energies in the electric energy mix to 42% in 2020 and 52% in 2030.

 

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