Energy industry must drive sustainable socio-economic growth: ADIPEC

The global energy industry must drive the next phase of sustainable socio-economic growth, UAE Industry Minister and CEO of the country’s national oil company ADNOC, Sultan Ahmed Al Jaber, said at the ADIPEC conference in Abu Dhabi on November 4.

Al Jaber urged industry leaders to capitalise on global megatrends, stressing that achieving sustainable growth would require unprecedented cross-sector collaboration. “We are entering an era of new possibilities, driven by three key megatrends: the rise of emerging markets, the transformation of energy systems and rapid advances in artificial intelligence. These trends present significant opportunities that demand large-scale solutions,” he said.

Taking place from November 4-7, ADIPEC 2024 is expected to host over 184,000 attendees, including more than 40 ministers and 200 senior executives among 1,800-plus speakers. Discussions will span over 370 sessions, focusing on energy transition priorities and the role of AI in advancing global sustainability.

The event’s commitment to cross-border cooperation was highlighted in ADIPEC’s Ministerial Panel, “The New Global Leaders and the Energy Transition,” featuring insights from UAE Minister of Energy and Infrastructure Suhail Mohamed Faraj Al Mazrouei, Indian Minister of Petroleum Hardeep S Puri, Ugandan Minister of Energy Ruth Nankabirwa and Egyptian Minister of Petroleum Karim Badawi. Al Mazrouei reiterated the UAE's commitment to energy diversification, pointing to investments in renewables, nuclear and conventional sources.

Industry executives from BP, Shell, Petronas, Eni and ADNOC participated in sessions addressing the challenge of meeting global energy demand while transitioning to a low-carbon economy. Shell CEO Wael Sawan highlighted his company’s focus on decarbonising existing assets as part of its commitment to diversified energy investments.

Global energy organisations also provided their perspectives on decarbonisation efforts and the role of international cooperation. IPIECA CEO Brian Sullivan underscored the industry’s expertise in integrating energy transition with sustainable development.

The event’s Finance and Investment Conference addressed capital flow challenges in achieving an equitable energy transition. OMV CFO Reinhard Florey discussed the need for investment in energy infrastructure, calling on lenders to consider opportunities in this sector.

AI remained a focal point, with ADIPEC 2024 debuting an AI Zone, where experts demonstrated the potential of AI to transform energy systems and attract investment. ADIPEC aims to foster collaboration around AI solutions, continuing its 40-year legacy of promoting innovation in the global energy transition.