TOKYO: A delegation from Saudi Arabia’s energy economics and sustainability think tank, the King Abdullah Petroleum Research and Studies Center, participated in the 43rd International Energy Economics Association conference in Tokyo last week.
With the title “Mapping the Energy Future, Voyage in Uncharted Territory”, the conference took place from July 31 to August 4, with more than 600 attendees.
KAPSARC experts spoke in three keynotes and 11 concurrent sessions to share their insights on today’s global energy and environmental concerns, and how to find solutions to help shape future energy policies and encourage climate action.
KAPSARC talks and presentations also included the future role of fossil fuels, decarbonisation risks and opportunities, renewables, energy economics, electricity markets, transport and oil market stabilization.
During the plenary session “Climate Change and Decarbonisation Challenges: Risks and Opportunities”, KAPSARC researcher Dr Noura Mansouri said: “Today we have the opportunity for decarbonisation represented in the circular carbon economy, which it is a new framework that assesses all options. and encourages all efforts to reduce the accumulation of carbon in the atmosphere.”
KAPSARC oil and gas market expert Hamid Al-Sadoon explained that more investments are needed in the hydrocarbon industry to bridge the potential future gap between energy supply and demand.
“In all likelihood, hydrocarbons are here to stay. Simply because the developing world not only represents a large part of the demand, but they also need hydrocarbons to raise the standard of living of their citizens and develop their economies, this involves using more fossil fuels to reach parity with advanced nations,” he said. .
Tatsuya Terazawa, president and CEO of the Japan Institute of Energy Economics think tank, added: “We need to address energy challenges to better deal with high energy prices and improve the energy security while achieving our long-term goals of carbon neutrality and developing the supply chains necessary for energy sustainability.”
KAPSARC President Fahad Alajlan also addressed the closing plenary.
“The contrast between the discussions we’ve had over the past few days and those we’ve had during COP 26 is clear,” he said. “The discussions at COP 26 had a prescriptive view of what we all need to do to achieve net zero by 2050 without taking into account the more complex nature of nations around the world.
“In recent days, together we have taken a more nuanced approach towards collective climate solutions that are holistic and inclusive,” he added.
During his closing speech, Alajlan invited participants to attend the 44th annual IAEE International Event in Riyadh, which is organized by KAPSARC and the Saudi Association for Energy Economics and will be held on 4 to 8 February 2023. It will be the first time. The IAEE has hosted its annual conference in the Middle East.
KAPSARC has waived conference registration fees for all attendees.