In a bid to foster equity and inclusivity in the energy sector, the event titled “A Just Energy Transition: Bringing Everyone on Board” unfolded on October 4th at New York University Abu Dhabi during the ADIPEC conference held last week.
This event traces its origins back to AccessWIE, a nonprofit organization with an unwavering dedication to advancing gender equality and inclusivity within the energy industry. Dr Carole Nakhle, the Chief Executive Officer of Crystol Energy, laid the foundation for AccessWIE in 2007 with a clear vision: to create an environment where women can access a wide array of opportunities, nurture their skill sets, and excel across all levels of the energy sector.
The guest speakers each contributed a unique perspective to the conversation of a “Just Energy Transition” and included:
Fatima Al Nuaimi: Executive Vice President of Downstream Business Management at ADNOC Group.
Proscovia Nabbanja: Chief Executive Officer at Uganda National Oil Company Limited (UNOC).
Rasha Hasaneen: Chief Product and Sustainability Officer and Board Member at Aspen Technology.
Marc de Saint Gerand: Executive Director and Deputy Head of Industry and Advisory in the Energy Sector Group.
Antonios Vouloudis: Director of Sustainability and Stewardship at New York University Abu Dhabi (NYUAD).
The discussion revolved around crucial themes, including the energy transition and decarbonization, funding for the transition, and a global South perspective.
Al Nuaimi kicked off the dialogue by highlighting LNG’s importance in the energy transition, sharing a heartwarming anecdote about her daughter’s realisation of the role of LNG in powering their daily lives. Her work aids in powering her daughters iPad, she emphasized, shedding light on the significance of LNG in Abu Dhabi’s electricity generation.
Nabbanja offered a thought-provoking perspective from the global South, indicating that the global South is being asked to decarbonise before they even carbonise. She emphasised the need for pragmatic solutions, citing Uganda’s imminent oil production and its role in meeting energy demands in the region.
Uganda’s oil ambitions include plans to drill over 400 wells to achieve a peak production capacity of 190,000 barrels of oil per day by 2025, eventually aiming for 230,000 barrels daily, with massive crude oil reserves of 6.5 billion barrels.
The discussion shifted towards the financial development of the energy transition, with de Saint Gerand addressing the challenges faced by developing nations in securing funding for innovative energy solutions. He stressed the need for proven technology and a clearer understanding of investment returns to attract financial support.
Technology’s role in the energy transition was highlighted by Hasaneen, who drew parallels with the evolution of mobile phones, emphasizing that technological adoption takes time and refinement. She underscored the importance of testing and refining new technology, aligning with de Saint Gerand’s earlier remarks on the banking and funding of innovative solutions.
Vouloudis echoed the necessity for long-term thinking, particularly in sustainable and renewable energy projects. He emphasized the initial investment’s long-term cost savings and called for a shift away from short-term cost considerations in energy transition initiatives, advocating for regulation or mandates to drive technology implementation.
The event encapsulated the essence of a just energy transition, spotlighting the diverse challenges and opportunities that lie ahead in creating a more equitable and inclusive energy sector.
As the world grapples with the intricacies of transitioning to cleaner energy sources, conversations like these remain pivotal in shaping the future of the global energy landscape.
