The World Future Energy Summit began January 19 in Abu Dhabi with 15,000 delegates set to attend the renewable energy (RE) discussions. The conference, increasing by 25% from last year’s participation, had over 300 organizations represented and more than 20 government delegations also taking part.
The opening ceremony began with a message from the Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan, who addressed the effects the global economic crisis and decreased oil prices had on the RE sector. He elaborated by saying, “The lack of available capital, and lower oil prices, has surely created some doubts about the renewable energy sector and whether it can maintain its relevance and continue attracting investment in these difficult times. However, we should not accept this perspective. Renewable energy continues to make absolute sense, even in difficult times such as these.”
The Crown Prince went on to recognize that Abu Dhabi’s latest energy initiative – to increase the renewable energy sector to encompass 7% of total energy consumption by 2020 – was a daring move for an OPEC-member state.
In addition, Masdar has announced international support from Germany, Denmark, and Spain to establish the International Renewable Energy Agency that would look at incorporating RE on a global scale. The company also announced plans to construct the first grid-connected photovoltaic plant in the MENA region.
However, while all REs are addressed at the conference, what seemed to be a high priority topic of discussion was carbon capture and storage (CCS). Oil and gas supermajor BP discussed its venture into alternative energy. The head of the company’s alternative energy division Vivian Cox told reporters that the company is focused on “solar, wind, biofuels, and looking at lesser known established technologies – particularly CCS.” And as the economy continues on a downward slope, Cox addressed the potential for BP to downgrade or reorganize its alternative energy sector. “We have as a consequence [of the global economy] made some decisions regarding our areas of focus, meaning withdrawal from other areas.”
Economist Professor Lord Stern said that initiatives like newly-elected