Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State and ADNOC Group CEO, participated, today, in the third annual Future Investment Initiative, FII, held in Riyadh, Kingdom of Saudi Arabia, as global leaders from the public and private sectors convened to explore economic opportunities.
Commenting alongside Prince Abdulaziz bin Salman Al-Saud, Minister of Energy of Saudi Arabia, Secretary Rick Perry, Secretary of Energy of the United States, and Andrew Liveris, Special Adviser to the Public Investment Fund of Saudi Arabia, Dr. Al Jaber began by acknowledging the wise leadership of the Kingdom of Saudi Arabia and the status of the country as a major destination for investment. He noted the high-level attendance of international investors and emphasised the importance of the initiative in driving regional and global economic progress and stability.
“Let me begin by acknowledging the wise leadership of the Kingdom of Saudi Arabia and, under the guidance of His Highness King Salman bin Abdulaziz and His Highness Crown Prince Mohammed bin Salman, the leadership’s vision for a sustainable future for the Saudi people and the wider region.
“The Future Investment Forum is a truly global platform that affirms Saudi Arabia’s status as a destination for investment. The high-level attendance demonstrates global confidence in the economic opportunities that Saudi Arabia has to offer,” Dr. Al Jaber said.
He also addressed the need for a fully diversified energy mix as essential for driving sustainable economic development.
“The UAE recognises that the world needs more energy with fewer emissions and nurtures an ecosystem that supports all forms of energy, from oil and gas to renewables, to nuclear. We made a strategic decision to be a first mover in the renewable space and are home to two of the world’s largest solar projects, Noor Abu Dhabi and the Mohammed bin Rashid Al Maktoum Solar Park in Dubai.
“We are proud hosts of the International Renewable Energy Agency, IRENA and Masdar has invested US$12.5 billion in five gigawatts of wind and solar energy in 25 countries. Also, the Barakah nuclear plant will produce thousands of megawatts of clean power once complete,” the ADNOC CEO continued.
Dr. Al Jaber stressed that ADNOC is building on the solid foundation laid by the wise leadership of the UAE as it drives responsible production to meet the growing demand for energy.
“We launched the first commercial-scale carbon capture and storage facility in the Middle East which removes up to 800,000 tonnes of carbon dioxide, CO2, per year and plan to expand the program six-folds by 2030. We are ranked in the top five lowest GHG emitters with less than half the industry average. And ADNOC’s operations have a 0.01 percent methane intensity which is one of the lowest in the industry,” he explained.
Dr. Al Jaber also commented on the need for energy companies to remain resilient as current economic headwinds impact the global energy outlook, noting that the medium term outlook remains positive.
“Economic and geopolitical downside risks are impacting current demand, but medium term, the outlook is robust. Over three times the amount of energy consumed by Europe will be added to global energy demand by 2040. At ADNOC we are focusing on minimising costs, enhancing capital efficiency and maximising value to ensure we remain a reliable, low-cost producer.”
The FII is an international platform for expert-led debate between global leaders, investors and innovators with the power to shape the future of global investment. It is focused on utilizing investment to drive growth opportunities, enable innovation and disruptive technologies, and address global challenges. It is taking place from 29th to 31st October.