Last year, the world’s largest oil exporter, Saudi Arabia, sold about $190 billion of petroleum. In the same period, China earned about $240 billion from clean-tech exports. As the World Future Energy Summit in Abu Dhabi opens on Tuesday, the horizon beckons: make future energy innovation the mainstay of the economy.
Views on future oil and gas demand vary widely. But taking an optimistic view such as that of Opec, and allowing for gains in market share by Opec+ countries, their sales are not likely to grow by much more than 1 per cent per year to 2050. Even if prices remain roughly flat rather than falling, this is nowhere near enough to meet the economic aspirations of the UAE, Saudi Arabia and their neighbours.
Several Middle Eastern countries have already become world-leaders for the size and low cost of their solar power centres. Battery installations are quickly following. Hydrogen production is another world-scale ambition in Saudi Arabia and Oman.
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