Delivering a unifying message at the opening of the 38th edition of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), he said, “It is not oil and gas, or solar, not wind or nuclear, or hydrogen. It is all of the above, plus the clean energies yet to be discovered, commercialised and deployed.”

Moving forward, technology will be one of the greatest enablers of the oil and gas industry and this is an area where the industry can amplify and accelerate its impact, according to HE Dr. Al Jaber.

“Take carbon capture and storage. It is one technology we can take to scale, not just in our industry but across all industries. And then there is hydrogen. Just a few days ago, I saw the first shipment of ammonia arrive from the UAE to Hamburg. It felt like a historic moment. It was a first step in creating a hydrogen value chain and an important step in taking yet another opportunity for our industry,” he said.

The Decarbonisation Zone is a new addition this year, reflecting the growing need for decarbonisation strategies in the energy industry. It will be a forum for leaders  to discuss low-carbon technologies, and the essential role the oil and gas sector plays in accelerating the transition from fossil fuels to cleaner forms of energy.

The conference will also see the United Nations Environment Programme’s (UNEP) launch ‘An Eye on Methane’, the second edition of its International Methane Emissions Observatory (IMEO) report.

The report will outline the progress made to set, track and achieve a reduction of methane emissions, with a particular focus on the oil and gas industry through the Oil & Gas Methane Partnership 2.0.

OPEC will release its annual World Oil Outlook report to highlight and further the understanding of the many possible future challenges and opportunities that lie ahead for the oil industry. It will also work to encourage dialogue, cooperation and transparency between OPEC and other stakeholders within the industry.

If we zero out hydrocarbon investment, due to natural decline, we would lose 5 million bpd of oil each year from current supplies, added HE Dr. Al Jaber.

“This would make the shocks we have experienced this year feel like a minor tremor. If this year has taught us anything, it taught us that energy security is the foundation of all progress – economic, social and climate progress.”

With the world is on its way to being home to 9.7bn people by 2050, he said we will need to produce 30% more energy than today.

“We need to hold back emissions, not progress. The world is looking for solutions and I believe the energy industry can unite a divided world in finding them.”