Kuwait City: The International Energy Agency (IEA) underscored Kuwait's significant role in sustaining global energy security amid prevailing international challenges. The agency commended Kuwait's initiatives to diversify its economy.
According to Kuwait News Agency, Farrah Boularas, IEA's Middle East and North Africa Program Manager, discussed preparations for an imminent international summit on the future of energy security in London, scheduled for April 24-25. Boularas emphasized that despite the global shift towards low-carbon energy, maintaining the stability of traditional energy markets remains crucial, especially in light of ongoing geopolitical tensions and climate change.
Boularas acknowledged Kuwait and other energy-producing nations for their long-standing record of reliable supply, which positions them as pivotal players in ensuring global energy stability. She further noted that while the share of oil and gas in the global energy mix is anticipated to decrease, these nations must adapt to evolving energy demands and foster economic resilience amidst climate challenges.
The region, Boularas mentioned, is strategically poised to capitalize on the energy transition by utilizing existing infrastructure and channeling oil and gas revenues into clean technologies. IEA continues to engage with energy-producing states through its open-door policy to enhance technical cooperation, highlighting the growing collaboration with Kuwait and other regional countries to mitigate emissions and advance renewable energy.
Boularas also disclosed that the agency is working on a significant report concerning the future of electricity in the region, focusing on the increasing energy demand spurred by climate change. Regarding the London summit, she indicated that it would explore the impact of geopolitics, technology, and economic challenges on energy security, offering a platform for global leaders to develop strategies for addressing current and emerging risks.
In conclusion, Boularas affirmed IEA's enduring role in bolstering global energy security through cooperation and sustainable energy transitions.