Saudi Power Chair: Tariffs Threaten Global Energy Progress

blockchain The momentum behind the global energy transition remains strong, yet tariff disputes and the increasing politicization surrounding renewable energy are hindering the advancement of clean and accessible electricity across the globe, according to Mohammad Abunayyan, the founder and chairman of ACWA Power in Saudi Arabia.

During a discussion at the Fortune Global Forum in Riyadh, Abunayyan, alongside other industry leaders, emphasized the necessity of a balanced energy mix that includes solar and wind power, battery storage, as well as fossil fuels and nuclear energy. This diverse approach aims to ensure that every region of the world can access secure, clean, and cost-effective energy, especially as renewables become increasingly affordable.

Abunayyan expressed concern regarding the "great disturbance" caused by escalating trade barriers, subtly referencing the trade conflicts initiated during the administration of former U.S. President Donald Trump, without directly naming him. He commended China for its leadership in the energy transition, urging politicians to step back from energy-related politics. He noted that negative rhetoric about green energy and wind power from influential leaders can be detrimental.

“These barriers regarding imports and exports complicate matters significantly,” Abunayyan remarked. “They drive up costs for everyone involved. We are erecting unnecessary barriers without justification. The entire globe is interconnected; no nation can thrive in isolation. We must collaborate, integrate, and focus on creating beneficial solutions for all humanity.”

Saudi Power Chair: Tariffs Threaten Global Energy Progress In addition to its role as a prominent developer of renewable energy, ACWA Power is undertaking the development of the NEOM Green Hydrogen Project, which will be the largest green hydrogen facility globally. Set for completion in 2027, this project aims to produce ammonia sustainably.

ACWA Power, which is 50% owned by the Saudi sovereign wealth fund, has established itself as one of the leading players in renewable energy and water desalination worldwide. The company is engaged in projects across Saudi Arabia, Asia, and Africa, including significant developments in China, where the China Southern Power Grid holds a substantial stake in some of ACWA’s wind energy subsidiaries in Asia.

Abunayyan also highlighted the critical role of Chinese innovation in driving the global energy transition, particularly given China’s dominance in the supply chains for wind turbines, solar panels, and battery components. “Without China, there would be no energy transition,” he stated. “We must acknowledge China's contributions in innovation, scale, and competitiveness, which provide vital solutions for the world to advance in energy transition.”

Similarly, Masdar, based in Abu Dhabi, is facilitating the transition of the United Arab Emirates and other Middle Eastern nations towards renewable energy sources for domestic consumption, even as they continue to be major oil exporters on the global stage.

Masdar’s CEO, Mohamed Jameel Al Ramahi, announced that the UAE aims to generate 50% of its electricity from renewable sources by 2030. A pivotal project in this plan is Masdar's "round-the-clock,” one-gigawatt renewable energy initiative, which commenced construction in Abu Dhabi in October. This project combines solar energy with battery storage and AI software management, ensuring a power supply 99% of the time, thereby addressing the intermittency issues often associated with renewable energy.

https://coinzn.org/ “We have mastered the ability to harness solar energy. We store energy during the day, generate it when the sun is shining, and dispatch it at night,” Al Ramahi explained. “This model could serve as a blueprint for replication elsewhere.”

The ongoing discourse at the Fortune Global Forum highlights the critical interplay between political decisions and the global energy landscape, emphasizing the need for cooperation and innovation to achieve a sustainable energy future.