Riyadh – King Abdullah Petroleum Studies and Research Center (KAPSARC) participated as a knowledge partner in the 9th IEA-IEF-OPEC Symposium on Energy Outlooks, from Feb. 26-28 at the IEF secretariat in Riyadh. Topics discussed included the oil, gas, petrochemical and refining sectors and renewable energy.
The International Energy Forum (IEF), event was organized in coordination with the International Energy Agency (IEA), OPEC and the European Union under the theme: The Economics of New Energy Technology: Lessons Learnt and Future Visions for Cooperation between Europe and the Gulf.
Economics of New Energy Technologies
The symposium aimed to contribute toward deepening participants’ understanding of the economics of new energy technologies and evolving energy policies aimed at making energy markets more productive, sustainable and secure.
“The meeting will present the latest developments of renewable energy, review some of the successful global experiences in energy mix diversification and the GCC’s efforts in developing new energy technologies,” said KAPSARC President Adam Sieminski.
Sieminski moderated a symposium session entitled “Key Stakeholder and Industry Views on Short-, Medium-, and Long-Term Energy Outlooks,” while KAPSARC researcher Hisham Akhonbay delivered a presentation based on his edited book “The Economics of Renewable Energy in the Gulf.”
New Renewable Energy Generation Capacity
Akhonbay noted that every gigawatt of new renewable energy generation capacity can save the Kingdom 3 million barrels of oil equivalent per year.
Akhonbay, said 11 research centers from eight countries contributed to the book which focuses on three themes: the importance of polices to promote renewable energy, ways to deploy renewable energy in Gulf countries, and related job creation.
In addition to hundreds of international energy experts and senior government officials, attendees at the event included Saudi Arabia’s Minister of Energy, Industry and Mineral Resources, H.E. Khalid Al-Falih, Bahrain’s Oil Minister H.E. Shaikh Mohammed bin Khalifah Al Khalifah, the Secretary-General of IEF, H.E. Sun Xinasheng, OPEC Secretary-General, H.E. Mohammed Barkindo and Keisuke Sadamori, energy markets and security director at the IEA.
KAPSARC has a mandate to push forward the insight and understanding of energy challenges and opportunities, both domestically and globally, through high-caliber research in energy economics, policy, technology, and the environment, and to advance the knowledge of efficient and sustainable energy production and consumption to create future value and prosperity for humanity.