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In October International Energy Agency (IEA) published the World Energy Outlook Report which announced that investment flows to clean energy projects are approaching USD 2 trillion each year, almost double the combined amount spent on new oil, gas and coal supply. This helps renewable power generation capacity rise from 4 250 GW today to nearly 10 000 GW in 2030, short of the tripling target set at COP28 but more than enough, in aggregate, to cover the growth in global electricity demand, and to push coal-fired generation into decline. Together with nuclear power, low-emissions sources are set to generate more than half of the world’s electricity before 2030. 

To support the region’s net zero energy ambitions, NZTC has recently established a permanent foothold in the UAE and recently announced an exclusive partnership agreement with Emirati-owned Euro Mechanical. NZTC provides advisory solutions  to businesses globally and the UAE is making significant strides in hydrogen and carbon capture, utilisation, and storage (CCUS) technologies through major investments, innovative projects and strategic partnerships.  HFI was delighted to meet up with NZTC’s Roy Stenhouse and Cammy Booth during ADIPEC Exhibition and Conference where ADNOC Group’s latest innovation challenge, which focused on advancing and diversifying sustainable sulphur utilisation. The challenge provided a platform for global innovators across the energy, materials, chemicals, and agriculture sectors to submit their solutions, with the opportunity to form valuable partnerships with ADNOC to accelerate their development.

Supported by NZTC for the second year, the challenge aimed to identify developers unlocking high-potential technologies in this niche area. The finale, held during ADIPEC, featured pitches from five promising companies, each demonstrating the critical role of cross-sector collaboration in identifying, piloting, and scaling emerging solutions. These joint efforts could lead to the faster deployment of breakthrough technologies, accelerating the energy transition.

Looking towards early 2025, HFI is looking forward to attending World Future Energy Summit in Abu Dhabi on 14 – 16 January.  HFI is keen to play its part in supporting its clients’ energy transition ventures in the Middle East with our HFI Net Zero Legal Solutions team. The region continues to be dominated by petroleum sector ventures which are anticipated to provide the necessary sales, profits and cash flow to allow diversification into clean energy ventures. Nuclear, solar, green hydrogen and CCS are now substantial and growing parts of the energy mix of the region, with the total energy market to 2030 valued at almost US$750 billion.