7th EU-GCC Business Forum focus on sustainable energy mix, economic diversification

TDT | Manama   

The Daily Tribune – www.newsofbahrain.com

Reported by Zahra Ayaz

The 7th EU-GCC Business Forum, held yesterday at the Ritz Carlton Bahrain, brought together distinguished speakers, industry leaders, and policymakers to delve into the pressing issues of achieving a sustainable energy mix and promoting economic diversification.

With a focus on redefining economics and building a sustainable and diversified future, the forum sparked insightful discussions on the challenges and strategies necessary for addressing these critical issues.

Ibrahim Al Zu’bi, Group Chief Sustainability Officer of ADNOC, highlighted the urgent need for economic diversification while acknowledging the world’s slow progress in reaching targets.

He emphasised the importance of reassessing current approaches and redirecting the focus towards technological innovation. Mr. Al Zu’bi cited ADNOC’s groundbreaking carbon capture project launched in 2016, which successfully reduced CO2 emissions in collaboration with the steel industry.

He pointed out that identifying low-carbon solutions and investing in their implementation are vital to achieving sustainable energy goals. The COVID-19 pandemic witnessed a record number of countries and companies committing to NetZero targets.

Mr. Al Zu’bi stressed the significance of setting short-term targets, such as a 25 percent reduction in intensity by 2030, to ensure progress. He emphasised the need for clear guiding principles, adequate budgets, and well-defined roadmaps to support the transition to a sustainable future.

Addressing the issue of harmful gases, Mr. Al Zu’bi highlighted that methane emissions, which stem from industries and agriculture, constitute 40% of the total. He emphasised the importance of utilising existing technology, such as satellite monitoring, to tackle this challenge.

In this regard, ADNOC launched a knowledge-sharing platform to facilitate the exchange of expertise and promote collaboration among countries. Davide Felugo, Managing Director of Ansaldo Energia, praised the region’s significant strides in the development of large-scale solar plants. He stressed the need to further invest in infrastructure, particularly in the implementation of storage systems.

Mr. Felugo also highlighted the potential of hydrogen as an energy carrier and storage medium, urging collaboration to leverage the existing technological advancements in the oil industry, such as carbon capture, to accelerate the transition to sustainable energy sources.

Embracing new technologies

Dr. Abdulaziz Aljodai, Corporate Programmes Director of Technology & Innovation at SABIC, stressed the importance of embracing new technologies to reduce carbon emissions while sustaining business operations.

He referred to the carbon economy concept, launched during the G20 summit in Saudi Arabia in 2020, which focuses on reducing emissions through renewable energy, energy efficiency, and other means.

Dr. Aljodai said the significance of holistic approaches, including removing CO2 from the air through natural sources or direct air capture, in achieving NetZero goals and carbon neutrality Cornelius Matthes, CEO of Dii Desert Energy, highlighted the importance of considering local benefits and engaging the younger generation in the energy transition.

He pointed out the need to create job opportunities and promote community involvement. Mr. Matthes acknowledged the growing interest among young students in energy-related topics and called for the empowerment of the youth to drive positive change in the field of energy.