TRENDS Research and Advisory participated in the Fifth Arab-German-Gulf Forum on Security and Cooperation during the period of June 19-20, 2023. The event is organized by the Arab-German Friendship Association, the German Federal Academy for Security Policy, and the Konrad Adenauer Foundation in Berlin. The forum was held under the title "Strategic Partnership in Foreign Relations, Security and Economic fields."
TRENDS was represented at this annual conference by Mr. Saqer Alshareef, the Director of the Training and Development Department at Trends Research and Advisory, Noor Al Mazrouei, Researcher and Head of Conferences Department and Mouza Almarzooqi, Head of Economic Studies section.
Dr. Mohammed Abdullah Al-Ali, CEO of TRENDS Research and Advisory, spoke via a video statement at the panel discussion entitled "Supporting the Future: Opportunities for transformation and cooperation in the field of energy." He explained that the energy transition represents one of the features of the major global transformations, which our world is witnessing today. The world is on the dawn of a completely new era, and this transformation represents the only guarantee for the world to achieve the goal of limiting the impact of global warming and preventing the global warming from exceeding 1.5 degrees Celsius, above pre-industrial levels.
Dr. Al-Ali stressed that energy transition is attracting increasing investments globally, as part of the efforts to address climate change. Governments around the world have allocated about $ 1.34 trillion for clean energy, since 2020. During the recent Global Energy Efficiency Conference, ministers from 45 world governments pledged to continue their investment support to achieve the desired energy efficiency, which means boosting their efforts to increase annual progress in energy efficiency from 2.2% to about 4% annually by 2030.
In his remarks, the CEO of TRENDS explained that the available estimates indicate that investment in fossil fuels achieved a growth rate of 15% during the period 2021-2023, compared to a growth in clean energy investments at a rate of 24% for the same period.
He stressed that interest in the field of energy transition is not limited to governments, as the private sector plays a crucial role in the global efforts to achieve the transition towards clean energy. The private sector plays a pivotal role in technological innovation.
He said that the Gulf efforts to support the energy transition reflected in many forms, most notably the positive interventions of the Gulf countries in the global energy market. The Gulf countries contribute directly to achieving stability in the energy market.
Dr. Al-Ali added that in addition to promoting the growth that the world is targeting to achieve the transition to clean energy, relevant Gulf investments have increased significantly. This has been manifested in the production of green hydrogen, the diversification of renewable energy sources and strengthening the Gulf role as a key player in the global value chain.
While the potential international market for clean hydrogen and its derivatives is estimated at about $400 billion to $700 billion, there are international estimates that the GCC countries will have a leading global share of $70 billion to $200 billion in this market. Gulf investments in other clean energy forms, especially solar and nuclear energy, are steadily increasing.
Dr. Al-Ali stated that the Gulf efforts go beyond the local and regional frameworks to support the global energy market. A special example is the UAE-US partnership to support the world's capabilities for the transition to renewable energy. This practical partnership revealed plans to invest $ 100 billion to produce 100 gigawatts of clean energy in different countries of the world by 2035.
Dr. Al-Ali indicated that the Gulf-Western countries cooperation in general, and Gulf-German cooperation in particular, would help support and promote global energy transition efforts.
At the end of his remarks, Dr. Al-Ali expressed his hope that the Gulf efforts will culminate in supporting the global drive towards clean energy transition.
These efforts shall culminate during the extraordinary edition of the COP28, scheduled to be held next November and December in Expo City in Dubai. The Summit will discuss international policies to reduce carbon emissions. At the top of the COP28 Agenda will be the policies to accelerate the clean energy transition. This exceptional edition of the conference shall emphasize the importance of the Gulf region for the whole world, not only for its key importance in terms of fossil energy supply chains, but also for its pivotal role in accelerating the transition from conventional energy to clean and environmentally friendly energy.
The Trends Center delegation met on the sidelines of the conference, with His Royal Highness Prince Turki Al-Faisal, Chairman of the King Faisal Centre for Research and Islamic Studies and Vice-Chairman of the Board of Trustees of Al-Faisal University, who praised Trends’ active global engagement. The delegation also met with His Excellency Jassim Mohammed Al-Budaiwi, Secretary General of the Gulf Cooperation Council, and Sheikh Thamer Ali Sabah Al-Salem Al-Sabah, member of the NATO Advisory Council, former Kuwaiti Minister of Interior. The delegation met with His Excellency Najeeb Al-Bader, Kuwait Ambassador to Germany, and His Excellency Dr. Ali Rashid Al Nuaimi, Chairman of the Defence, Interior and Foreign Affairs Committee of the UAE’s Federal National Council.
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