World Future Energy Summit 2012

For those who know little about the World Future Energy Summit, WFES is a business platform for the development of renewable energy through a four-day discussion and exhibition held annually in Abu Dhabi. This year is no exception. Summarily, one could derive 7 conclusions from the reunion of 112 countries this year. First, with depleting oil and gas reserves worldwide, renewable energy can appease the global energy strain, if not alleviate it. Its high time countries and companies should strategise and direct attention to the naturally-replenishing resources in the wake of burgeoning energy demand and stagnant to shrinking energy supplies. Speaking of which, the spotlight was on UAE, attempting to take a step forward unlike its counterparts in the Gulf region to envision leadership in renewable energy, after ruling the world energy export and production for years. This must be a surprise for many as energy from hydrocarbons especially petroleum has remained the bread and butter for Emirates. However, an even bigger surprise comes from the ability of the investments in renewable energy to trim the energy import bills. Third, no one during the four days could deny the dent existing energy mix is creating in the atmosphere. Certainly the current state would translate into a very murky ozone situation. More significantly, energy conservation, shifting weights from fossils to renewable and water management remained the focal point. Next, the overestimation of "going green concept seem to wane as many smaller and emerging economies as well as smaller companies have decided to gain familiarity with the said notion. Participation by not only the major developed and emerging economies, but also smaller countries like Pakistan is one such evidence. However, to many it still remains pleasing to the eye but heavy on the pockets. Nullifying the high cost of going green to some extent, innovation and technology can play a huge role in helping the countries to adopt the clean agenda. This is also true for the existing technology as some economies now own adequate technology for the exploitation of the new safe haven. Moreover, the implications of climatic changes are way higher than the economic costs. Sixth, very strong emphasis was put on wind power to deliver sustainable energy. The development of wind energy was supported by the need to create renewable energy policy and regulatory framework. Together with the removal of energy subsidies, a strong stand against carbon emissions and elimination of non-tariff barriers could result in sustainable energy, especially for oil and gas strapped economies. Last but not the least; solar energy remains the much awaited move especially by the gulf region that has already attracted significant investments. Following the European suite, the gulf region could gain massively from the relatively cost-effective resource. Similar advantages lie for various developing countries that lay at the mercy of energy imports.