In April, Abu Dhabi will host the Global Summit on Future Energy

The last session of COP 28 in Dubai highlighted the leading role played by the United Arab Emirates in building a sustainable energy future globally. The UAE pledged to contribute $100 million to the Loss and Damage Fund, which was approved by the conference. This fund aims to provide financial support to developing countries that are affected by climate change. The remaining $700 million will be provided by other countries.

After defining the goals and signing agreements at the conference, the 16th World Future Energy Summit 2024, scheduled to be held in Abu Dhabi in April, will discuss ways to utilize the fund to support innovative solutions and address urgent climate challenges, as well as shed more light on the leading vision of the United Arab Emirates regarding energy transformation. The summit will also focus on the future of sustainability and energy.

The upcoming Summit, organized by Mubadala Investment Company, will be hosted at the Abu Dhabi National Exhibition Center from April 16 to 18. This event serves as a continuation of the conference’s strong commitment to providing over 85 billion dollars for climate financing.

It aims to bring together industry leaders, policymakers, investment incubators, and partners from both established and emerging global companies. The objective is to accelerate efforts in building a sustainable future, as outlined in various conference agreements.

Lena El-Sba’ai, the President of the Global Summit on Future Energy and the General Manager of ARX Middle East, highlighted that the conference laid the foundation for a series of innovative and effective working principles.

These principles must be implemented by governments and the private sector to assist in achieving the commitments made in various areas, including addressing climate change, climate financing, sustainability, food security, and emissions reduction.

The summit serves as the ideal motivator to contribute to transforming the conference’s objectives into tangible realities.

The summit aims to enhance the private sector’s commitment to supporting the conference’s goals, which seek to establish stricter plans for reducing emissions, including reducing gas and oil production, and focusing on renewable energy goals.

Renewable energy sources dominate the discussion at the summit, especially in light of experts’ expectations of wide-scale adoption of those sources by 2024.
According to Francesco La Camera, the Director-General of the International Renewable Energy Agency, the global capacity of renewable energy has tripled over the past fifteen years, but it needs to triple again to achieve the goals of the Paris Agreement by 2030.

The United Arab Emirates has shown remarkable political momentum in overcoming this challenging task by setting clear global targets that align with the agency’s expectations of global energy transitions.

It is now time to address the main obstacles that hinder progress by redirecting our infrastructure, policies, and workforce to support the new energy system dominated by renewable sources.

The participants at the summit are looking to attract new investments and find innovative tools to bridge the climate finance gap.

They also aim to enhance private sector engagement with regulatory bodies and governments, while considering carbon emissions in decision-making processes and asset evaluation. Increasing funding for building resilience and adaptability is another goal.

As decision-makers and influential figures from around the world explore ways to triple the productive capacity of renewable energy to 11,000 gigawatts and creatively multiply nuclear power threefold by 2050, they also aim to enhance energy efficiency during the current decade.

Additionally, they seek to achieve near-zero methane emissions by 2030 and reduce global fossil fuel usage in energy generation operations.