Kuwait city: Secretary General of the Arab Energy Organization (AEO) Jamal Al-Loughani stated that combining traditional and renewable energy sources is the best approach to achieving energy security, ensuring supply stability, and meeting the rising demand while also protecting the environment. He made these remarks at the opening of the 'Empowering the Future: Energy Transition and Economic Diversification in Arab States' conference in Kuwait.
According to Kuwait News Agency, Al-Loughani emphasized the necessity of diversifying Arab economies beyond fossil fuels to secure sustainability and maintain competitiveness. The two-day event is organized by the Arab Planning Institute in collaboration with the Arab Energy Organization and the Mohammed bin Rashid School of Government.
Al-Loughani noted that oil and gas would continue to be central to both global and Arab energy landscapes in the coming decades, serving as crucial sources of revenue, employment, and industrial investment. He also highlighted that Arab investments in renewable energy projects have surpassed USD 18 billion in 2024, marking a 35 percent increase since 2020, with investments covering solar, wind, and green hydrogen initiatives.
He further explained that the energy transition does not imply the abandonment of oil and gas but rather their more efficient use through carbon capture, blue hydrogen, and cleaner refineries, with natural gas playing a significant role in electricity generation throughout the transition period.
Dr. Ali Al-Marri, CEO of the Mohammed Bin Rashid School of Government, pointed out that the rapid global changes in economic structures, climate pressures, and technological advancements necessitate new policies to safeguard energy security and propel economic diversification. He underscored the importance of small and medium enterprises, artificial intelligence, and the circular economy in fostering sustainable growth, while advocating for regional cooperation and investment in clean technologies.
Al-Marri emphasized that regional collaboration is crucial for sharing expertise, developing joint energy networks, enhancing cross-border investments, and establishing platforms for economic integration. He noted that the energy transition is a collective endeavor requiring the combined efforts of governments, the private sector, academic and research institutions, and international organizations.
He concluded by expressing gratitude to the government of Kuwait and the conference partners, hoping that the sessions would serve as a platform for generating constructive ideas and practical insights to support regional development and fortify its global presence.