DMCC releases key information on global energy landscape ahead of COP28
[ad_1]
DMCC: the world’s emblematic free zone and Dubai Government Authority on commodity trading and business – today published a special edition of its The future of commerce Thought leadership report series focused on the energy sector and energy transition.
Titled “The future of trade: energy markets, trade and transition”, the report compiles unique insights and analysis from leading industry experts to arrive at the main factors impacting and driving the global energy sector.
Published before COP28 At the summit in Dubai this November, the report is a timely contribution to the role of the energy industry, providing a comprehensive analysis of the global energy landscape, the energy transition and the growing opportunities and challenges presented across the supply chain. energy supply.
Focusing on the Middle East and the UAE in particular, the report highlights that the region is set to further strengthen its role in the global energy market through strong upstream capabilities, notable capacity expansions, especially in the UAE and Saudi Arabia, and greater investment. in LNG amid growing interest in Gulf supplies, as well as a strong attraction for foreign investment, mainly in the United Arab Emirates.
The report also examines how the trajectory of the energy transition in the region is becoming clearer with increasing investment in renewable energy and clean hydrogen production. In addition to privileged natural resources and unparalleled infrastructure, strong political support for the deployment of low-carbon technologies promotes regional potential. The report concludes that the UAE is leading the Middle East in installed capacity for renewable and low-carbon energy sources and that Saudi Arabia is expected to make significant progress in this area in the medium term.
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, saying:
“DMCC’s energy ecosystem is one of the largest and most advanced in the region, with 3,147 members across all market segments, including Aramco Trading, Mercuria, Coral Energy, BB Energy Gulf, Lukoil Marine Lubricants, Trafigura PTE, Monjasa and Yellow Door Energy to name a few Located within a region renowned for its hydrocarbon economy, DMCC stands out as a competitive hub not only for conducting business but also for incorporating all aspects of energy into its ecosystem.
This includes renewable energy and energy conservation integrated directly into its infrastructure, and interactive social activities that promote and engage discussions and debates among industry leaders. As a result, we continue to attract businesses to our community and develop our offering in line with our customers’ expectations.”
On a broader global scale, the report sets out four main scenarios for the energy transition with the probability of each: Accelerate (47%), Boost (30%), Explode (19%) and Net Zero (4%) . The synthesis of these scenarios offers an idea of the future prospects and the resulting outcome. The first scenario remains the base case for the energy transition, and reflects the growing momentum of the energy transition in this decade led by rapid technological deployment and strong global policy support. The outcome of the COP28 summit in the United Arab Emirates in November is expected to provide key signals on this issue.
The Future of Trade report outlines a number of important recommendations to help guide the evolution of the energy sector and drive global trade growth, including:
- Reimagine the traditional supply chain: Companies must develop a deep awareness of how the changing geopolitical and geoeconomic landscape impacts traditional energy supply chains and efforts to prepare for the energy transition, in order to identify challenges and mitigate risks.
- Ensure security of energy supply: Governments must maintain a diverse energy portfolio to provide resilience against supply disruptions and fluctuations in renewable energy generation.
- Encourage local and regional partnerships – Partnerships, including public-private ones, should be actively encouraged as they play an important role in establishing market credibility, fostering innovation and facilitating the transfer of advanced energy technologies.
- Promote innovation through industrial clustering: Large-scale investments should be made in R&D and the development of knowledge and production centres, which will facilitate industrial clustering and a multiplier effect on production, innovation, efficiency and trade.
The energy sector has become one of the largest and fastest growing segments at DMCC, recording a notable 15% year-on-year increase in member companies over the past five years. Today, DMCC is home to over 3,000 companies operating in the energy sector, representing approximately 13% of its member base, including a wide range of leading industry players.
The extensive energy market is an important enabler of economic development and growth in the UAE, with the UAE Energy Strategy 2050 aiming to triple renewable energy contributions and invest between AED 150 and 200 billion by 2030 to meet rapidly increasing demand. In line with its mandate to enable and attract trade flows through Dubai, DMCC is consolidating the emirate’s position as a leading global hub for the energy market by providing a comprehensive ecosystem and thriving business environment.
News source: Dubai Press Office
[ad_2]
