Dubai: R Seetharaman (pictured), Doha Bank Group CEO, participated in a panel discussion at the recently concluded World Energy Forum, held in Dubai. Seetharaman addressed the forum focusing on the Changing Dynamics of the Gulf states towards green mission.
He said: “Considering that 30 percent of all Green House Gas (GHG) emissions and 60 percent of fossil fuel-related emissions are from the use of oil and gas, with a further 5 percent added due to the exploration, production, processing/refining and transportation of these fuels, only 10 percent of companies in high impact sectors such as oil & gas have adopted a good or advanced response to climate change risk. While the UK, European Union and the US have now developing mandatory requirements to be complied with, in relation to carbon trading/green house emissions, many GCC member countries have proposed a minimum target of 5 percent energy procurement from renewable energy sources by 2020. In line with this, projects are now underway with more than 9000 MW either under construction or in planning stages – dominated by solar and wind energy.”
He stressed the importance of public policies within the GCC to expand or constrain renewable energy development over the coming decades. He said: “Close to 80 percent of the world’s energy supply could be met by renewable sources by mid-century if backed by the right enabling public policies.”
Comparing the contribution of the major sources of renewable energy, he said: “Bioenergy, mainly used for traditional cooking and heating in developing countries, currently represents over 10 % of global energy supply. Direct solar energy, contributes only a fraction of one percent , geothermal energy represents less than 1 percent, hydropower contributed 16 percent and wind energy met close to 2 percent of total global energy supply.”
Focusing on the climate change impact in the GCC, Seetharaman said: “The rising sea levels will affect coastlines and marine life severely and could impact the efficiency of desalination plants that are the only source of water in the GCC region. Secondly, rising temperatures translates into increasing water demand and, with falling freshwater levels and increasing salinity in sea water, water scarcity is a fearsome prospect.”
The Peninsula
