Artificial Intelligence will revolutionise the energy sector, slashing emissions and boosting efficiency, according to a report jointly published by Adnoc, Masdar and Microsoft on Thursday.
Around 92 per cent of executives believe AI will have a significant impact on improving energy efficiency by 2030, and 97 per cent expect AI to play a central role by 2050 in developing new energy solutions, according to the report titled Powering Possible: AI and Energy for a Sustainable Future.
The report surveyed more than 400 global leaders in sectors such as technology, energy and finance, including Jensen Huang, chief executive of Nvidia, Larry Fink, BlackRock's chief executive, and Patrick Pouyanne, chief executive of French energy giant TotalEnergies.
The study underscored AI's ability to clean up traditional energy sources, improve energy use and speed up the shift to cleaner energy.
“We are at a pivotal moment for human progress driven by three megatrends: the rise of the Global South, the accelerated energy transition and the rapid growth of AI,” said Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology.
“AI is an era-defining innovation that is altering the pace of change itself – resetting the boundaries of productivity and the possibilities of progress,” said Dr Al Jaber, who is also Adnoc’s group chief executive and managing director.
The energy sector typically contributes more than 90 per cent of global carbon dioxide emissions and 75 per cent of the total greenhouse gas emissions in developed countries, according to the UN.
The jointly authored report highlighted the role AI can play in reducing methane emissions – a greenhouse gas that is 80 times more effective at trapping heat than carbon dioxide.
New AI tools can detect methane leaks much more accurately than older methods, and will be crucial in meeting the global goal of cutting methane emissions by 30 per cent by 2030, the report said.
At the Cop28 climate summit in Dubai many oil and gas companies pledged to reach net-zero emissions by 2050 or earlier. They also committed to reducing methane emissions and eliminating routine flaring by 2030.
The report also outlined a road map to tackle the increasing energy demands of AI-powered data centres, expected to almost double their share of global electricity consumption by 2026. It noted that, although AI's electricity usage remains relatively minor on a global scale, in certain regions, data centres can account for a significant portion of total power demand.
The International Energy Agency has predicted that the total electricity consumption of data centres could exceed 1,000 terawatt-hours by 2026, nearly matching the electricity usage of Japan.
“This new era calls on us to do two things at once: meet the AI moment while transitioning to a more sustainable economy,” said Brad Smith, vice chair and president of Microsoft.
“In a world that will need more electricity, not less, it's imperative that we generate more carbon-free energy to power AI, and use that very same technology to increase capacity, optimise transmission and expand energy access to communities around the world,” he added.
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Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
UAE currency: the story behind the money in your pockets
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Name: Mamo Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua Based: Dubai, UAE Number of employees: 28 Sector: Financial services Investment: $9.5m Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. Our family matters legal consultant
Name: Hassan Mohsen Elhais
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Power: 450hp
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Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
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Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
Winners: Dubai Exiles
Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
The biog
Simon Nadim has completed 7,000 dives.
The hardest dive in the UAE is the German U-boat 110m down off the Fujairah coast.
As a child, he loved the documentaries of Jacques Cousteau
He also led a team that discovered the long-lost portion of the Ines oil tanker.
If you are interested in diving, he runs the XR Hub Dive Centre in Fujairah
