Follow-ups -eshrag News:
RIYADH: The 15th Energy Conference opened in the Moroccan capital Rabat on Monday with the UAE as the guest of honor.
Industry experts seek to take stock of the new energy demand and its repercussions on the economy on a national and international scale.
Speaking at the event, Sultan bin Ahmed Al-Jaber, UAE minister of industry and advanced technology and special envoy for climate change, said energy markets are currently at risk due to undersupply, which is a result of long-term under-investment in hydrocarbons.
He added that global expenditure on oil and gas projects slumped 30 percent to $309 billion in 2020, and had only recovered slightly in 2021.
Describing UAE’s energy strategy, Al-Jaber said: “We must continue to invest to create a viable diversified mix of energy sources, including solar, wind, hydro and peaceful nuclear energy, as well as the least carbon-intensive hydrocarbons.”
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