The World Future Energy Summit (WFES) will kick off in Abu Dhabi on Monday as the UAE government focuses on increasing the role of renewable energy in the energy mix, while helping to mitigate climate change.
Taking place at the Abu Dhabi National Exhibition Centre, more than 30,000 visitors including investors, innovators, experts and policymakers from approximately 175 countries are expected to attend the summit, which is hosted by Masdar. Energy ministers from Gulf as well as other countries are also expected to attend the summit.
“Over the last 12 months we have seen the growth of the renewable energy sector continue to accelerate, thanks to further advances in technology, greater access to financing and more supportive regulations. Today, the market potential for clean technologies is vast, but this entails challenges as well as opportunities,” said Mohammad Jameel Al Ramahi, Chief Executive Officer of Masdar.
“The World Future Energy Summit is playing a critical role in maintaining the forward momentum the renewables sector has witnessed in recent years, providing a platform for high-level debate and collaboration.”
Renewable energy investment
The UAE Energy Plan 2050, announced in January last year, estimates that the transition to green energy will help save Dh700 billion by 2050.
By 2020, the International Renewable Energy Agency (Irena) has forecast that the MENA (Middle East and North Africa) region is set to attract $35 billion (Dh128 billion) in renewable energy investment.
According to a new energy outlook report by Siemens, the share of renewables in the power mix is expected to more than triple from 5.6 per cent (16.7GW) in 2016 to 20.6 per cent (100GW) in 2035 in the Middle East. However, natural gas is expected to remain the main source of power generation in the region, representing 60 per cent of installed capacity through 2035.