World Future Energy Summit opens in Abu Dhabi


ABU DHABI ― Ministers and industry experts from around the world gathered in the capital of the United Arab Emirates to discuss ways to promote the use of clean energy for sustainable growth.

The 4th annual World Future Energy Summit kicked off Monday hosted by Abu Dhabi-based power company Masdar, wholly owned by the state-run Mubadala Development Company.

“The World Future Energy Summit exemplifies Abu Dhabi’s commitment to providing a platform for the world’s energy industry to come together and help facilitate the search for viable, commercial solutions that address today’s energy challenges,” Masdar CEO Sultan Ahmed Al Jaber said.

Under the theme “Enabling Future Energy Solutions,” this year’s event will focus on addressing multiple issues in public policy, business, technology and finance related to renewable energy, organizers said. The event is taking such an interdisciplinary approach to maximize its potential to achieve tangible results, organizers said.

Around 600 firms from about 40 countries are expected to participate in the event.

Advantages and challenges regarding adopting diverse clean energy technologies such as carbon capture and storage, smart grids, nuclear energy, solar energy and bio fuels will extensively be deliberated by participants at the event, according to Masdar.

Korean Vice Minister of Knowledge Economy Park Young-june attended a ministers’ panel on the day, introducing the country’s ambitious “low-carbon, green growth” project.

President Lee Myung-bak has vowed to voluntarily reduce the country’s carbon emissions 30 percent by 2020, by implementing policies such as renewable portfolio standards and carbon trading.

Park discussed Korea’s intention to curb the use of conventional fossil fuels and boost the use of nuclear and renewable energy as well as its outstanding nuclear power plants and smart grids.

Korea and UAE have been maintaining close energy ties since the landmark $20 billion nuclear deal they signed in 2009. Korea will construct four nuclear facilities in the Gulf nation by 2020.

The UAE, which produces around 10 percent of the world’s crude oil supply, has been at the forefront of seeking alternative, sustainable energy sources.

The country launched the energy forum in 2008 as part of such an effort. In a short period, the event has gained recognition as one of the world’s most influential gatherings of leaders in the clean technology and renewable energy sector.

Meanwhile, devoted to clean energy, Masdar currently operates five integrated business units ― Masdar City, Masdar Power, Masdar Carbon, Masdar Institute and Masdar Capital.

A key project of the firm is Masdar City, an emerging global clean-technology cluster in Abu Dhabi, whose resident companies widely adopt clean and renewable energy. 

By Koh Young-aah (youngaah@heraldcorp.com)

(Korean Herald correspondent)