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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What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
Who is Tim-Berners Lee?
Sir Tim Berners-Lee was born in London in a household of mathematicians and computer scientists. Both his mother, Mary Lee, and father, Conway, were early computer scientists who worked on the Ferranti 1 - the world's first commercially-available, general purpose digital computer. Sir Tim studied Physics at the University of Oxford and held a series of roles developing code and building software before moving to Switzerland to work for Cern, the European Particle Physics laboratory. He developed the worldwide web code as a side project in 1989 as a global information-sharing system. After releasing the first web code in 1991, Cern made it open and free for all to use. Sir Tim now campaigns for initiatives to make sure the web remains open and accessible to all.
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What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
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Four motivational quotes from Alicia's Dubai talk
“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”
“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”
“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”
“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”
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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