Abu Dhabi, UAE – ADIPEC 2023, the world’s largest energy exhibition and conference, concluded on 10/05/2023 (Thursday), on an inspiring note, leaving a profound impact on the global energy landscape. With a record-breaking attendance of more than 184,000 visitors from 160 countries, this monumental event set new standards for unity and commitment to combat climate change and embrace decarbonization.
Responding to the impassioned call of Dr. Sultan Al Jaber, President-designate of COP28, more than 40 ministers and 120 CEOs from across the globe united to emphasize that the energy industry is “central to the solution.” This unprecedented gathering transcended geographic and sectoral boundaries, paving the way for cross-industry alignment on the pressing theme of ‘Decarbonizing. Faster. Together.’
As the world grapples with the urgent need to address climate change, ADIPEC 2023 showcased the determination of the global energy sector to play a pivotal role in this endeavor. The event placed a special focus on renewable energy and the United Arab Emirates’ (UAE) unwavering commitment to reducing carbon emissions. This year’s edition marked a significant milestone in the industry’s transition away from conventional fuels while fostering economic diversification.
The resounding response from over 20 major oil and gas corporations that eagerly embraced the call for climate action, as revealed by Dr. Sultan Al Jaber, underscores a remarkable shift in the industry’s approach to environmental concerns. This collective commitment now sets the stage for a more inclusive and equitable COP28, slated to be hosted by the UAE later this year.
ADIPEC 2023, renowned as the largest energy event in the Middle East, featured more than 2,200 exhibitors and welcomed influential speakers, including energy ministers and CEOs of leading oil and gas companies. The event served as a platform to showcase ongoing efforts to reduce carbon emissions and unveiled groundbreaking technologies that are transforming the energy sector.
A prominent theme at ADIPEC was the pivotal role of technology in enhancing efficiency and reducing emissions. Abu Dhabi National Oil Company (Adnoc) secured a groundbreaking $400 million contract with US-based Baker Hughes for all-electric compression systems, a significant leap towards greener liquefied natural gas projects.
In a further testament to the industry’s commitment to carbon capture, Adnoc Gas awarded an impressive $615 million contract to Petrofac, signaling a growing focus on carbon capture projects, particularly in the Middle East and North Africa (MENA) region.
Clean energy adoption was at the forefront, epitomized by the UAE’s locally produced electric vehicle, the Rabdan One. Prominently featured by the Ministry of Industry and Advanced Technology, this innovation underscores the nation’s dedication to sustainable transportation solutions.
Abu Dhabi’s pioneering clean energy company, Masdar, continued its global expansion in renewable energy projects. Collaborating with W Solar Investment, MW Energy embarked on clean energy initiatives in Tajikistan, marking a significant entry into Central Asia. Furthermore, Masdar’s partnership with US aerospace giant Boeing underscored their joint commitment to advancing Sustainable Aviation Fuel (SAF) production.
While celebrating progress towards sustainability, energy executives used the ADIPEC platform to highlight the urgent need for investment in the oil and gas sector. Haitham Al Ghais, the Secretary-General of OPEC, issued a stark warning that insufficient investment poses a significant threat to energy security. Emphasizing the industry’s requirement for a total investment of $14 trillion, equivalent to $600 billion annually, from now until 2045, he stressed the importance of considering the entire energy value chain.
Suhail Al Mazrouei, the Minister of Energy and Infrastructure, expressed concerns about potential long-term undersupply in the market rather than immediate shortages. He indicated that Adnoc’s plan to increase production to 5 million barrels per day by 2027 might still fall short of meeting the growing global demand for oil and gas.
ADIPEC 2023 demonstrated not only the UAE’s unwavering commitment to renewable energy but also the global energy industry’s determination to tackle climate change and adapt to a rapidly evolving energy landscape. As COP28 approaches, the world watches with anticipation for further advancements in climate action and sustainable energy solutions.