Energy

ADIPEC will bring together ministers and business leaders from across the globe. (Image source: dmg events)

Ministers, energy leaders and technology pioneers from across the Middle East, Asia, Africa, Europe and the Americas will convene in Abu Dhabi for ADIPEC 2024 to foster collaborative action, innovation and partnerships to accelerate the energy transition

Hosted by ADNOC from 4-7 November 2024, ADIPEC 2024 will take place under the theme ‘Connecting Minds. Transforming Energy,’ with a focus on the energy-AI nexus and next-generation technologies and AI solutions that are shaping the future of the energy sector.

His Excellency Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 president, and ADNOC managing director and Group CEO, will deliver a keynote address during the Opening Ceremony. Following the keynote, a ministerial panel titled ‘The new global leaders and the energy transition,’ will see energy ministers from the UAE, India, and Egypt explore how emerging economies are reshaping the global energy landscape by balancing unique challenges and opportunities in energy demand, technological progress, environmental stewardship and economic growth.

ADIPEC 2024 will feature 10 strategic and technical conferences, each addressing crucial aspects of the energy transition, including energy security and affordability in the Global South, accelerating the flow of investment in low-carbon projects and alternative fuels, and embracing AI’s role in facilitating the decarbonisation of hard-to-abate sectors.

CEO panel

The lead CEO panel on day one of ADIPEC, titled 'Meeting escalating global energy demand whilst transitioning to a low carbon energy system,' will bring together industry leaders including Murray Auchincloss, CEO of bp; Wael Sawan, CEO of Shell; Tengku Muhammad Taufik, president & group CEO of PETRONAS; and Claudio Descalzi, CEO of Eni. This high-profile discussion will tackle the pressing challenge of balancing growing global energy needs with ambitious decarbonisation goals, exploring strategies for sustainable energy supply and resilience in a transforming industry landscape.

ADIPEC 2024 will feature leaders from a range of sectors, including technology, logistics and finance, showcasing the diverse expertise essential for advancing the global energy transition. Technology giants, including Microsoft, Schneider Electric, Siemens, and Accenture, will share insights on digital transformation, while AI innovators such as Boomitra, Matroid, and AIQ will spotlight the potential of artificial intelligence to drive efficiency and decarbonisation across the energy sector.

Logistics powerhouses AD Ports Group and DP World will discuss optimising supply chains for a sustainable future, and, in finance, industry leaders from Abu Dhabi Islamic Bank, Bank of America, Standard Chartered, Barclays, J.P. Morgan, and Morgan Stanley will address the vital role of sustainable investment and financing models in supporting an equitable and low-carbon energy future.

Together, these key voices will share their perspectives on collaborative solutions that can drive forward a fundamental transformation of our energy and economic systems.

Tayba Al Hashemi, chair of ADIPEC 2024 and CEO of ADNOC Offshore, said, “ADIPEC 2024 will unite global industry and technology leaders to unlock opportunities that can accelerate the energy transition and catalyse innovative solutions to integrate the energy and AI sectors more effectively. I look forward to welcoming industry leaders, experts and pioneers from across the world at what promises to be a very exciting, solutions-oriented ADIPEC 2024.”

The first agreement is a US$690mn framework with the National Bank of Kuwait. (Image source: ACWA Power)

ACWA Power announced four strategic agreements totaling US$1.8bn during the opening day of the Future Investment Initiative (FII8) in Riyadh.

The agreements span project financing, renewable energy, storage, and R&D across the GCC, China, Central Asia, and North Africa, aligning with the company’s ongoing growth in these key regions.

The first agreement is a US$690mn framework with the National Bank of Kuwait (NBK) to secure general corporate finance facilities, supporting ACWA Power’s project pipeline in Saudi Arabia, Kuwait, and other target regions.

In a separate financing move, ACWA Power signed a US$240mn shariah-compliant equity bridge loan with the International Finance Corporation (IFC), part of the World Bank Group, for solar projects in Uzbekistan. This loan will fund two solar power initiatives, Sazagan 1 and 2, in Samarkand, each with 500 MW solar photovoltaic (PV) and 334 MW battery energy storage systems (BESS) capacities. Expected to become operational between Q3 2025 and Q4 2026, this agreement marks ACWA Power’s first corporate financing collaboration with the IFC, creating new opportunities for future projects.

Other projects

ACWA Power has entered into a joint development agreement with battery solutions provider Gotion Power Morocco to establish a 500 MW wind power plant paired with a 2,000 MWh battery energy storage system (BESS). This project, set to support Gotion Power’s upcoming battery manufacturing facility in Morocco, is expected to commence production in the first half of 2026. The initial investment for this venture is valued at US$800mn.

Additionally, ACWA Power has signed a Research and Development Cooperation Agreement with China’s Lujiazui Administration Bureau to create an R&D centre in Shanghai. This US$54mn centre will focus on advancing technologies in solar, wind, energy storage, green hydrogen, and desalination. In collaboration with local and international partners, the centre aims to drive innovation in sustainable water and energy solutions for use across ACWA Power’s projects worldwide.

Marco Arcelli, CEO of ACWA Power, stated, “These agreements exemplify the extensive breadth of our portfolio and the diverse initiatives we pursue. By collaborating with a variety of partners, we enhance our capabilities, particularly in the areas of innovation and research within our key sectors. This approach underscores our commitment to fostering strategic alliances that drive growth and advancement in the industry. Such strategic alliances reinforce ACWA Power’s dedication to its mission of delivering affordable and reliable power and water solutions on a global scale, thereby strengthening our role in shaping a sustainable future.”

He added, “At ACWA Power, we believe that through innovation and collaboration, we can create a sustainable future for generations to come.”

In the EU, only about one-third of the energy mix is currently electrified. (Image source: Danfoss)

A new Danfoss Impact paper argues that “competitive decarbonisation” is central to achieving market competitiveness, empowering industries to both lower their environmental impact and sharpen their competitive advantage.

“The paper tackles already existing products and solutions which can be applied immediately across MENA industry to limit energy waste, promote electrification and boost competitiveness, especially in energy-intensive industries”, highlighted Ziad Al Bawaliz, regional president at Danfoss Türkiye, Middle East and Africa.

Electric motors drive key industrial technologies like fans, pumps, compressors, and conveyor belts, and they represent more than two-thirds of industrial electricity use. In the EU, optimising motor efficiency could lead to annual savings of US$10bn-US$11.3bn in electricity costs and prevent 12.5-14.1 million tonnes of CO₂ emissions—equivalent to the annual footprint of nearly two million Europeans.

Energy efficiency

In the EU, only about one-third of the energy mix is currently electrified. However, expanding electrification in industries is crucial to easing pressure on an already maxed-out energy grid. The paper advocates for an Electrification Action Plan with explicit targets for demand-side electrification to ensure a sustainable energy future.

Kim Fausing, president and CEO, Danfoss, said, “I remain a stubborn optimist when it comes to Europe’s future, but we need to reestablish the growth mindset of the past. Mario Draghi’s report on EU competitiveness has crucially identified many areas in which Europe can improve including our elevating energy bills as a case for a massive overhaul of how Europe does business. Lowering energy consumption, cutting emissions and driving down the energy bills through energy efficient and cost-competitive electrification solutions could very well be European industry’s greatest growth opportunity.”

“Our Danfoss Impact paper takes this a step further by outlining a clear guide for immediately taking action to harvest the lowest hanging fruits in industry to limit energy waste, promote greater rates of electrification and boost competitiveness, especially in energy-intensive industries. Rather than dismissing decarbonisation in the pursuit for greater productivity, our research shows that decarbonising industries is critical for making them more resilient and increasing economic competitiveness,” added Fausing.

The Danfoss Impact paper reveals that by adopting energy efficiency and decarbonisation measures, manufacturing industries could save significantly on energy bills while increasing the gross value added. The cost-efficient measures can both prepare the industry for deep electrification, and free up vital funds needed for investments in R&D and innovation – two key areas where Europe is falling behind.

IRENA Members will discuss key issues surrounding the global energy transition. (Image source: IRENA)

The International Renewable Energy Agency (IRENA) kicked off its 28th Council meeting in Abu Dhabi today, ahead of the 29th Conference of the Parties (COP29).

Over the next two days, IRENA Members will discuss key issues surrounding the global energy transition, focusing on the goal of tripling renewable energy capacity and doubling energy efficiency by 2030, as recommended in the Outcome of the First Global Stocktake.

A recent IRENA report, Delivering on the UAE Consensus: Tracking Progress Toward Tripling Renewable Energy Capacity and Doubling Energy Efficiency by 2030, produced in collaboration with the COP28 and COP29 Presidencies, the Government of Brazil (COP30 host), the Ministry of Energy of Azerbaijan, and the Global Renewables Alliance (GRA), reveals that current national plans are expected to deliver only half of the necessary growth in renewable power by 2030 to keep global temperature rises within the 1.5°C limit.

Strategic partnerships

During its 28th session, the IRENA Council will dive into discussions on national approaches to the energy transition, exploring both the challenges and the opportunities for scaling up financial support for renewable energy initiatives.

The focus will also be on the role of innovative technologies and strategic partnerships, especially in accelerating the energy transformation for small island nations.

Over the course of the two-day gathering, participants will also review and evaluate the implementation of IRENA’s ongoing work programme and budget, working together to drive further progress in the global renewable energy shift.

IRENA Council chair Dr. Gloria Magombo, Secretary for Energy and Power Development, Zimbabwe said, “The alarming gap between the current global trajectory of the renewables-based energy transition and our collective climate targets underscore the urgency of IRENA’s mission. As Chair, I am committed to ensure that the 28th IRENA Council meets with collaborative resolve in support of the Agency’s work to accelerate progress across its Membership.” 

“The 1.5°C target is still within reach, but the risk of missing it is becoming increasingly near,” said IRENA director-general Francesco La Camera. “The third round of Nationally Determined Contributions (NDCs) must close the gap towards 2030. With COP29 less than a month away, the gathering of the IRENA Council presents another opportunity to re-emphasise the urgent need to approach Baku with significantly heightened ambition.”