WEF 2012 Examines Role of Fossil Fuels in Global Economy

Dubai: On day two of the World Energy Forum 2012 held at the Dubai World Trade Centre under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, a Ministers’ roundtable was held on the issue of Fossil Fuels.

The discussion, presided by Mr. Kimball C. Chen, Chairman and CEO, ETG Companies, brought together an array of high profile figures, including Mohammed bin Dha’en Al Hamili, Minister of Energy, United Arab Emirates, Dr. Mohammed Hamad Al Rumhi, Minister of Oil and Gas, Sultanate of Oman, HE Mr. Karim Aftan Al Jumaili, Minister of Electricity, Republic of Iraq, Mr. Youcef Yousfi, Minister of Energy and Mines, People’s Democratic Republic of Algeria, Mr. Jaipal Reddy, Oil and Gas Minister, Republic of India, Mr Jero Wacik, Minister of Energy and Mineral Resources, Republic of Indonesia, HE Mr. Patrick Sendelo, Minister of Lands, Mines and Energy, Republic of Liberia, and Mr. Adama Toungara, Minister of Mines, Petroleum and Energy, Republic of Cote d’Ivoire.

During the roundtable, the ministers tackled myriad discussion topics related to the role of fossil fuels in overcoming the global energy challenge. Despite increasing levels of investment in alternative energy sources and a more diversified global energy mix, fossil fuels continue to account for most of the world’s energy production. The session highlighted the development of oil, natural gas and coal in the global economy as well as the accompanying environmental obstacles and ways that governments and industries are working to reduce negative externalities.

“The UAE has long-recognized the importance of sustainable energy solutions, and harnessing them to power our plans for developing our economy and our society. In 2011, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, initiated the Dubai Integrated Energy Strategy 2030 – a long-term national program which outlines plans to secure a sustainable supply of energy and enhance demand and efficiency of water, power, and fuel. The Dubai Supreme Council of Energy has been tasked with planning and coordinating with concerned authorities and governing bodies to deliver new energy sources while employing a balanced approach to protecting the environment,” said Saeed Mohammed Al Tayer, Vice Chairman of the Supreme Council of Energy.

“The Dubai Integrated Energy Strategy 2030 seeks to diversify sources of energy, reduce energy consumption in Dubai by 30% by 2030, and divert from fossil-fuel energy to eco-friendly sources,” said Al Tayer. “Dubai is concerned with all activities related to energy sustainability. This can be clearly seen through our adopting various important initiatives that conserve resources and promote sustainability and the protection of the environment.” “The Dubai Integrated Energy Strategy 2030 plans to have natural gas generate 70% of overall energy, while the remainder 12% would rely on clean coal and nuclear power, and 5% will be derived from renewable resources, such as solar energy,” concluded Al Tayer.

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