Baku [Azerbaijan], November 16 (ANI/WAM): At the 29th UN Climate Change Conference (COP29), taking place in Baku, Azerbaigan, Sharif Al Olama, Under-Secretary for Energy and Petroleum Affairs at the Ministry of Energy and Infrastructure (MoEI), participated in the Ministerial Roundtable on the Announcement of the COP29 Action Agenda Green Energy Initiatives, where he emphasised the critical importance of the development of storage capacity to the tripling of renewables target.
He said, “As we integrate more renewable sources, having robust storage is critical to maintain a stable, reliable energy supply. According to the International Energy Agency (IEA), achieving global renewable energy targets will require a massive increase in energy storage capacity, with investments in storage projected to reach USD 1.2 trillion by 2030.
“A key reason for this investment is to address renewable intermittency. Storage enables us to capture excess energy generated during peak production hours and release it when demand is high. Without sufficient storage, we risk curtailing up to 30 percent of renewable energy produced, which could be lost or wasted by 2030 due to limitations in current infrastructure.”
He added, “In numbers, achieving a tripling of renewable capacity would mean adding around 11,000 GW of renewables globally by 2030. Supporting this requires a dramatic increase in global energy storage capacity from its current 30 GW to approximately 620 GW, underscoring the scale required. In the UAE, we see promising advancements in storage integration.
“For instance, Dubai’s Mohammed bin Rashid Al Maktoum Solar Park, one of the world’s largest solar parks, has incorporated battery storage solutions that allow for the use of clean energy even after sunset. This aligns with the IEA’s projections that hybrid renewable systems, such as solar-plus-storage, are expected to account for nearly 40 percent of new renewable projects globally by 2030, helping countries maximise the use of renewable power around the clock.”
Al Olama noted that storage also plays a significant role in reducing carbon emissions. The IEA estimates that decarbonising the global power sector by 2030 requires a 60 percent reduction in emissions. With effective storage, the world can increase renewable energy penetration, reducing dependence on fossil-fuel-powered plants. Every GWh of stored renewable energy can prevent approximately 1,500 metric tons of CO2 emissions, directly supporting our climate goals.
At COP29, Al Olama participated in a session titled ‘Shifting Gears: Accelerating Clean Hydrogen Deployment by 2030 to Reach Mid-century Targets’.
He said, “Guided by the leadership of His Highness Sheikh Mohamed bin Zayed Al Nahyan, the UAE President, the country has set ambitious targets to meet mid-century climate goals through the deployment of clean hydrogen technologies and renewable energy investments. The UAE was the first country in the Middle East and North Africa to pledge a net-zero target by 2050, highlighting our responsibility and determination to take decisive action on climate change and build a sustainable future.”
He added, “Central to our clean energy agenda is the National Hydrogen Strategy, which will establish the UAE as a key player in the global hydrogen economy. By leveraging our abundant natural resources, including low-cost natural gas and substantial carbon capture, utilisation, and storage (CCUS) capabilities, we aim to produce 1.4 million metric tons of low-carbon hydrogen annually by 2031, scaling up to 15 million tons by 2050. This strategy is crucial for decarbonising hard-to-abate sectors such as heavy industries, transportation, and aviation, while also positioning the UAE as a leading hydrogen exporter to European and Asian markets.”
In a session on ‘Hydrogen: Driving Decarbonisation in Hard-to-Abate Sectors’, Al Olama highlighted the UAE’s commitment to decarbonising hard-to-abate sectors through ambitious targets, strategic investments, and global collaboration, setting a benchmark for sustainable practices and inviting all nations and stakeholders to join in securing a low-carbon future.
He said, “We recognise the crucial role of sectors such as heavy industry, aviation, maritime shipping, and long-haul transportation in our economies and their contribution to global emissions. These industries pose significant decarbonisation challenges due to their high energy demands and complex infrastructures, yet achieving our global climate targets necessitates focused action within these sectors to limit global temperature rise.”
He added, “Under the UAE Energy Strategy 2050 and the UAE Net Zero by 2050 Strategic Initiative, the UAE aims to triple renewable energy by 2030. By 2050, we plan to cut industrial energy demand by 33 per cent, saving AED 14 billion and reducing emissions by 63 million tons, aiming to become one of the world’s lowest grid emitters.” (ANI/WAM)
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