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RIYADH: The global energy markets have not matured enough to replace fossil fuel with renewable energy, some panelists on the second day of MENA Climate Week said.
According to the panelists, transitioning from fossil fuels to renewable energy is a complex and multifaceted process involving various economic and technological factors.
For instance, many renewable energy sources, such as wind and solar, are intermittent. There is a pressing need for effective energy storage solutions to replace fossil fuels and ensure reliable power supply.
“We talk about it (decarbonization), but we don’t stand in with some of its products because the market is still not really mature enough. We can talk about it, but just in the beginning,” said Tasnee CEO Mutlaq Al-Morished during a panel discussion.
Al-Morished was speaking at an industry discussion on the advancing decarbonization in the petrochemical industry toward neutrality, which included top industry executives such as BASF CEO Martin Brudermuller and SABIC CEO Abdulrahman Al-Fageeh.
While the panelists agreed on the perils of carbon emissions, they believed the global energy market would stay dependent on fossil fuel because of its highly evolved infrastructure, which renewable energy sources may find hard to compete with.
The existing energy infrastructure, such as power plants, pipelines and grids, is often designed for fossil fuels. Transitioning to renewables requires substantial investments in upgrading and retrofitting this infrastructure to accommodate clean energy sources.
Moreover, the transformation takes time, usually decades. So, it’s a gradual process that requires planning and integration to ensure energy security and economic stability.
“We need to encourage the young generation to be involved because they are the future generation,” added Al-Morished.
SABIC’s Al-Fageeh also agreed with the rest of the speakers and stressed the importance of utilizing platforms such as MENA Climate Week to promote sustainable methods in the industry.
According to him, it is also difficult to explain the workings of the chemical industry to the world and its criticality in running economies.
“During COVID-19, the role of the chemical industry was to save lives. So, there is a crucial role of the chemical industry in the lives of others,” pointed out Al-Fageeh while adding that initiating advocacy programs to showcase the sector’s decarbonization challenges.
BASF’s Martin Brudermuller said the decarbonization issues committed to sustainable development goals and ensuring neutralization is met.
“If you want to be successful, you have to collaborate. Collaboration (must be) in every aspect,” said Brudermuller while sharing his views on eliminating the carbon emissions issues.
He also spoke about the role of modern technology and artificial intelligence in addressing global challenges while stressing the approach to learn about its possibilities and opportunities before rejecting them.