World Future Energy Summit focuses on energy transition, investment

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The 16th World Future Energy Summit kicked off in Abu Dhabi on Tuesday, with a focus on discussions to facilitate the global energy transition, promote investment in clean and renewable energy, and create a sustainable future.

Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, president and CEO of the United Arab Emirates (UAE) Independent Climate Change Accelerators, said limiting global warming to 1.5 degrees Celsius requires huge funds, and blended finance, a financial mechanism that combines public and private funds to support projects or initiatives, is considered a key mechanism to provide the financial resources needed to combat climate change.

He added that recent studies show that blended finance in the Middle East and North Africa is still in its early stages, with commitments totaling 14.2 billion U.S. dollars, of which about 7 billion dollars are aimed at climate initiatives.

Francesco La Camera, director-general of the International Renewable Energy Agency, highlighted the critical need to accelerate renewable energy capacity to at least 11 terawatts (TW) by 2030.

Despite the biggest increase in renewable power generation in 2023, he noted that the output still falls substantially short of the annual target of 1,100 gigawatts (GW), especially affecting the Global South.

Leen Alsebai, the head of the summit, said the event provides a platform for discussions on actionable climate strategies.

Organized by the UAE state-owned Abu Dhabi Future Energy Company (Masdar), the energy summit is regarded as a major platform for addressing energy security, water security, climate change, and sustainable development in the Middle East.

The three-day event is expected to attract more than 30,000 participants and exhibitors from more than 170 countries and regions, including government officials, representatives of multinational companies, and delegates from international organizations, according to the organizer.

Source: Xinhua

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