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Wednesday, 06 December 2023

Minister of Energy and Infrastructure Participates in Energy Transition Council 8th Ministerial Meeting at COP28

His Excellency Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure, participated in the Energy Transition Council’s 8th Ministerial Meeting, hosted on the sidelines of the 28th UN Climate Change Conference (COP28) to focus on mobilising public and private finance needed to reach the goal of tripling renewable energy and doubling the rate of energy efficiency by 2030.

Addressing council members, the Minister said: “The UAE takes its role as a driver of climate action seriously. This is evident in the UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan’s announcement of the establishment of a US$30 billion fund for global climate solutions that aims to stimulate the raising and investment of US$250 billion by 2030. The UAE has also invested US$100 billion in climate action and renewable and clean energy and is committed to investing an additional US$130 billion over the next seven years.”

He added: “In a world facing climate change, energy security issues, and the need for economic resilience, renewable energy is our best option. The importance of financial support in advancing clean energy is immense. Mobilizing both public and private finance is vital for this transformation, especially in supporting our partner countries in their clean energy transitions.”

The Minister added: “Financing the energy transition presents unique challenges. The scale of investment required is enormous, and the financial markets need to be incentivized to support clean energy projects. This means not only attracting substantial capital but also creating an environment where investors see the long-term value of sustainable energy.

“In this context, the UAE’s commitment of $4.5 billion to enhance clean energy in Africa stands out. This initiative is set to fast-track clean-energy projects in African nations that have established clear energy transition strategies and are developing their grid infrastructures. This venture is a prime example of innovative financing at work, aimed at broadening clean energy use in developing areas, thereby promoting sustainable economic growth and addressing the challenges of climate change. But financing alone is not enough. Collaboration is equally vital. No single nation or entity can tackle the energy transition alone.”

Reflecting on the role of the Energy Transition Council, His Excellency Al Mazrouei said: “The Council is leading this change. Its goals – increasing funding, technical support, and capacity building – are crucial for our ambitious 2030 targets. The Council is not only dedicated to ensuring that nations have the resources and knowledge for a sustainable energy transition but also committed to supporting partner countries in making clean power the most accessible and viable option. Its role in fostering partnerships, encouraging dialogue, and supporting policy reforms is key to a future where renewable energy and energy efficiency flourish.”

He called on participants to not only meet their targets but to exceed them. He said: “To catalyze this change, I call upon each of you to take definitive action. Whether it is by advocating for policy changes, investing in clean energy projects, or fostering international partnerships, your role is crucial.”

The Energy Transition Council is a multilateral platform, co-chaired by the UK and the Philippines, that brings together over 40 Governments and institutions offering global political, financial, and technical leadership in the energy sector.

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