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01 October 2023

High oil price boosts renewable energy industry: Hamili

By Wam

Current crude oil prices are encouraging investment into alternative and renewable sources of energy, Mohammed Bin Dhaen Al Hamili, Minister of Energy, said on Monday.

The UAE, he said, was determined to diversify its mix of energy using fossil, nuclear and renewable sources.

''The UAE stands ready to cooperate with friendly countries for exchange of advanced expertise, training and technology in renewable energy,'' the minister said during separate meetings with Walter Steinmann, Secretary of State, Department of the Environment, Transport, Energy and Communication, Government of Switzerland, and Byron Henricks, Deputy Minister of Energy, Norway, who are in Abu Dhabi to participate in the 4th World Future Energy Summit which starts tomorrow at Abu Dhabi National Exhibition Centre.

Al Hamili reviewed with the visiting Swiss and Norwegian ministers agenda of the summit and joint cooperation in areas of oil, gas and renewable energy.

The minister stressed the importance of participation of the two European countries in the summit given their leading position in the renewable energy industry. The two countries will showcase the latest innovations and technology in the field through the summit.

The Swiss and Norwegian ministers lauded the progress the UAE has made in the oil and gas industries, saying the UAE, has - by hosting the seat of the International Renewable Energy Agency (IRENA) and launching the Masdar's renewable energy initiative - become one of leading countries in the renewable energy sector.

They said the summit has established itself as one of the major events in the world renewable energy calendar.