The march to Net Zero requires a significant acceleration in investment for solutions that remove CO2 from energy operations and other industrial activities, according to a decarbonization innovation session panel at this year’s ADIPEC exhibition and conference.
The panel, hosted by BGN spin-off Mundo Verde Climate, stressed the importance of incentivizing companies to plug the finance gap that exists today,
The world needs at least $4.3 trillion in annual finance flows by 2030 to have a realistic chance of capping global warming at the 1.5° scenario envisaged by the Paris Climate Agreement, and avoid the worst impacts of climate change, said the Climate Policy Initiative in a recent report. With current levels of financing at only $850-940 billion, new financial incentives and collaborative initiatives may be required to help plug the gap.
ADIPEC, the largest annual gathering of the energy sector in Abu Dhabi, United Arab Emirates, gathers together influential thinkers and brainpower from new startups at the Decarbonization Accelerator theatre. This year’s sessions touched on how to scale next-generation energy technologies such as carbon capture, energy storage, electrolyzers and renewables, all of which will be crucial drivers of the energy transition.
The Mundo Verde Climate-hosted panel, moderated by Carbon Sales & Marketing Manager Arash Assadi, heard delegates from ADNOC (the Abu Dhabi National Oil Company) and the IFC (International Finance Corporation) discuss investing in nature-based solutions (NBS) and technology for the transition to Net Zero CO2 emissions.
Abeer Fahad Mushabeb Al Ateibi, Sustainability Programs and Performance Manager at ADNOC, emphasized the critical importance of striving towards Net Zero and outlined how her company had pledged a number of initiatives to fund the transition.
Abdullah Jefri, Senior Manager for the Gulf Corporation Council at the IFC, commented that companies and investors can help stimulate financial incentives by participating in the trading of carbon credits. He also pointed out during his remarks that GCC countries have relatively high potential for carbon capture and storage technologies, thanks to the proximity of potential storage sites to facilities with high emissions.
Natural solutions, such as preserving and expanding the mangroves of Abu Dhabi, are among the important options to focus on, agreed the panel.
BGN’s presence at ADIPEC included delegates from a number of the company’s 23 locations worldwide, who attended the strategic conference sessions as well as the decarbonization innovation sessions. BGN took the opportunity to meet with clients and catch up with commercial and banking partners to discuss a range of energy trading, transportation and investment matters.
Additionally, Mundo Verde Climate Carbon Developer Irmak Ozdemir gave a presentation at a side event about the potential of microalgae to produce sustainable aviation fuel.