On Friday, UAE Minister of Energy Suhail Al Mazroui called for a timeline of up to 30 years when planning energy resources and warned against destroying the economy as it was solely seeking renewable energies.
At a panel during the Astana International Forum, he said, “Every country needs to have a plan not for 10 years, but for 2050 to achieve net zero emissions.”
The Minister said, ” And we need to identify the practical steps that allowed economic growth because we wouldn’t be practical if we said we can shut down the economy just to achieve that goal.”
He added, “There are things we can do, like in the OPEC + alliance. Besides, we are transitioning, and net zero emissions are significant. Still, if we don’t have the resources for that transition, the global economy will face a problem, and ultimately, all of us will be affected”.
Al Mazroui indicated that he is also promoting electric interconnections with other countries like Kazakhstan, whose Minister of Energy, Almassadam Satkaliyev, mentioned that his government has, in turn, developed a standard electric grid with Russia and other Central Asian partners.
Al Mazroui further affirmed that energy consumption needed to be reduced on an individual and national level, and there should be an inter-nation partnership in the research and development of new technologies to economically produce hydrogen or small modular reactors for nuclear energy, among other things.
Satkaliyev said Kazakhstan plans to become a net exporter of green electricity to Leigh touring countries and Europe, and explained that along with Azerbaijan, the country has begun to explore new projects like laying high voltage cables under the Caspian Sea, connecting Kazakhstan with Turkey and Europe.
He said, ” We understand clean electricity will give us some export references and also cover our needs, but we must not underestimate the role of natural gas as a fuel to replace coal.”
European Banking Reconstruction and Development (EBRD) President Odilr Renaud – Basso said she believed the goals of “growth, energy, security and green transition must go hand in hand.”
Further, she noted that the green transition would carry a cost and retire a lot of investment, especially in emerging economies.
Moreover, she recalled that the World Bank has estimated financial needs for the green transition at 1% over time in developed economies and 7% in emerging markets.
She said that it’s a significant effort in this field. Still, it’s also an excellent opportunity for businesses and new activities, especially if the percentage of renewables in the energy basket increase from 33% to 80% by 2050, according to the prediction by some international estimates.
