During the second day of MENA Climate Week, experts discussed the challenges of replacing fossil fuels with renewable energy in the global energy markets. Panelists emphasized that while the transition is crucial, it remains a complex and multifaceted process influenced by various economic and technological factors.
One of the key issues highlighted was the intermittency of many renewable energy sources, such as wind and solar. To ensure a reliable power supply, effective energy storage solutions are urgently needed, posing a significant technological challenge.
“We talk about decarbonization, but we are just at the beginning because the market is not yet mature enough,” stated Mutlaq Al-Morished, CEO of Tasnee, during a panel discussion focused on advancing decarbonization in the petrochemical industry. The panel also included industry leaders such as BASF CEO Martin Brudermuller and SABIC CEO Abdulrahman Al-Fageeh.
While all panelists acknowledged the dangers of carbon emissions, they expressed skepticism about the immediate replacement of fossil fuels. The existing global energy infrastructure, including power plants, pipelines, and grids, is heavily geared towards fossil fuels. Transitioning to renewables requires substantial investments in upgrading and retrofitting this infrastructure to accommodate clean energy sources.
Moreover, this transformation is a gradual process, often spanning decades, necessitating careful planning and integration to ensure both energy security and economic stability. Al-Morished stressed the importance of involving the younger generation in this transition, recognizing them as the future.
Abdulrahman Al-Fageeh of SABIC echoed the sentiments of the panel and emphasized the role of platforms like MENA Climate Week in promoting sustainable practices within the industry. He also highlighted the challenges of explaining the chemical industry's critical role in running economies to the world.
Martin Brudermuller of BASF underlined the commitment to sustainable development goals and the need for collaboration to achieve carbon neutrality. He also discussed the significance of modern technology and artificial intelligence in addressing global challenges, advocating for a thorough exploration of their possibilities and opportunities before dismissing them.
