Sultan Al Jaber Urges Energy Industry To Embrace Megatrends For Sustainable Growth

Dr. Sultan Ahmed Al Jaber, the Minister of Industry and Advanced Technology and ADNOC's Managing Director and Group CEO, has called on the energy sector to spearhead the next phase of sustainable growth globally. Speaking at ADIPEC's 40th edition, Dr. Al Jaber outlined how the industry can leverage three global megatrends: emerging markets' rise, AI growth, and energy system transformation.

He stressed that these trends require unprecedented cross-sector collaboration to drive sustainable progress. Targeted investments, improved grid infrastructure, and supportive policies are essential to unlocking their potential. ADNOC is adapting to these trends by exploring new opportunities across the energy value chain worldwide.

Dr. Al Jaber highlighted that by 2050, the global population will increase by 1.7 billion, mainly in the Global South. This growth necessitates a shift in energy markets and systems. "Wind and solar will expand seven times," he noted, while LNG will grow by 65%. Oil will remain crucial for fuel and essential products.

The demand for electricity will double as urbanisation increases. AI is accelerating this change, redefining productivity boundaries and enhancing low-carbon growth. However, AI's rapid expansion also creates an unexpected power surge, exemplified by ChatGPT's energy demands.

AI requires significant computational power, leading to a doubling of data centres within six years. These centres will need at least 150GW of capacity by 2030 and double that by 2040. Meeting this demand sustainably involves diverse energy sources like renewables, nuclear, and LNG.

The UAE is proactively adapting its energy systems with ADNOC expanding its global gas footprint and investing in chemicals, battery storage solutions, low-carbon fuels, and carbon capture technologies.

ADNOC's Strategic AI Initiatives

Dr. Al Jaber emphasised the interconnectedness of energy and AI. He urged a cross-sectoral approach to meet AI's growing energy needs while using AI to transform energy systems. The UAE has developed a thriving AI ecosystem fostering low-carbon development.

"For ADNOC, AI stands for applied intelligence," Dr. Al Jaber stated. Early adoption of AI was seen as crucial for driving efficiency and future-proofing business operations.

ENERGYai: A Transformative Solution

ADNOC's new solution, ENERGYai (Energy to the Power of AI), was announced as part of its strategy. Developed with partners like AIQ, G42, and Microsoft, it applies agentic AI at scale within the energy sector.

This platform autonomously analyses vast datasets for real-time decisions and operational improvements. It enhances seismic survey speed from months to days and boosts production forecast accuracy by up to 90%.

Global Collaboration for Sustainable Growth

Dr. Al Jaber stressed that ENERGYai reflects ADNOC's commitment to impactful AI solutions in energy. He called for a unified response across sectors to address megatrend challenges and opportunities.

The recent ENACT Majlis in Abu Dhabi brought together leaders from various fields to discuss interconnected megatrends and identify solutions for sustainable growth.

"We need more infrastructure fit for purpose," Dr. Al Jaber shared from the majlis discussions. Investment in the power sector should reach $1.5 trillion annually with enabling policies accelerating these investments.

He concluded by urging industry leaders to harness these transformative forces during ADIPEC 2024 as a launchpad for action: "The train is leaving the station... This moment separates leaders from those left behind."

With inputs from WAM