Fossil fuel leaders embrace the era of energy connectivity

Fossil fuel executives called a paradigm shift in the report Energy transition.

Speaking on the sidelines of the ABU DHABI International Petroleum Exhibition and Conference (ADIPEC) (ADIPEC), OPEC Secretary General Hatiam Al-Ghais said there is a “big shift”.

“Three years ago, it was about the energy transition.

“So it’s a very different tone, I have to say, because it sounds like music to my ears because OPEC has been promoting it for the last two, four years, four years,” Al Geis said Tuesday.

His comments were echoed by several industry players at the annual UAE summit, defeating the concept of equipping with the concept of “Energiana” and presenting the concept of “connecting with energy”, the new requirements of the sectors artificial intelligence.

This energy addition means the development of new technologies, such as renewable energy sources such as solar and wind, alongside existing fossil fuels. Energy transfer, on the other hand, usually refers to the transfer from one energy source to another.

There are climate scientists warned several times A significant reduction in the use of fossil fuels will be needed to avoid global warming, which will be needed to burn coal, oil, and gas. Chief driver climate crisis.

UAE Minister of Industry and Advanced Technology Sultan Al-Jaber said on Monday that the global demand for electricity will start at the level of global demand until 2040, the power of data centers will increase four times, and the rural population is expected to reach 1.5 billion people.

Serves as the CEO of the UAE oil giant Adnoc and LED negotiations at COP28renewable energy technologies are more than two years old, with demand for liquefied natural gas (LNG) expected to increase by 50% and exceed 100 million barrels per day by 2040.

“All of this adds up to something more complex than a single electricity transition,” al-Jaber said. “What we’re saying about it is, don’t fix it – don’t replace it. In fact, what we’re really talking about is adding energy.”

Mike Sommer, president and CEO of the American Petroleum Institute, an industry lobbying group, called AI the “real conversation” in the future, which he described as a “real conversation.”

“I think we are transitioning from an energy transition. I think I know we’re going to put a lot of effort into it,” Sommers told CNBC on Monday.

“Our institute, the American Petroleum Institute and all the other independent experts tell us we need more.

“We’ve known this for a long time. Ay, I think that’s punctuated,” he added.

Energy veterans and S&P Global Vice Chairman Dan Yergin echoed that sentiment increasing their AI plans.

Asked whether he agreed with Sommer’s opinion, whether the narrator would avoid the energy transition, he said: “Yes, absolutely, and it is happening. This is happening.

“You can see the perspective of technology companies that are not worried about energy. It wasn’t what they cost. Now, there are a lot,” he said.

“Almost half of GDP was thought to come from investment, which is now called hyperscales – building data centers.”

For Ed Crooks, Mackenzie’s VP agreed that the Energy Transition was a key focus during conversations at ADIPEC.

“When you talk about transition, it seems to mean a lot of different things to a lot of different people. Net zero by 2050 (and) we limit global warming 1.5 degrees? I think it’s fair, dead, but I don’t know if it’s really alive, but it’s always been very ambitious, ambitious,” to CNBC on Tuesday.

“If you’re through the energy transition, you’re going to go Rapid growth of renewable energy sourcesIt will be Switch to electromats “We’re going to remain a low-carbon, low-carbon energy system, and then I think the energy transition is still alive.”

– CNBC’s Emilia Hardie contributed to this report.