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Dr Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology (MoIAT) and Chairman of Masdar (Abu Dhabi Future Energy Company) announced on Tuesday the launch of EXERGY, a new international energy investment company to address huge increase in power demand driven by megatrends .
Speaking at the opening of Abu Dhabi Sustainability Week, Al Jaber said the world needs a diversity of energy options to meet the power demand driven by AI computing as well as resolve the persisting challenge of universal energy access.
“Before AI took off, power demand was already on track to grow from 9,000 GW to over 15,000 GW by 2035. But with apps like ChatGPT growing by half a billion visits every month… and using ten times as much energy as a single google search …demand by 2050 could reach as high as 35,000 GW. We are talking about an increase of over 250 per cent.”
He cautioned that as no single source of energy can meet this demand and equally important, policies and regulations that limit energy options are self-defeating.
“Simply put, we need an end-and approach. That’s the thinking behind Abu Dhabi’s newest addition to its diversified energy portfolio, EXERGY,” explained Al Jaber.
He said EXERGY’s unique architecture will adapt to emerging energy needs, maximising the potential “from every unit… every spark… and every joule… of energy.”
“Investing across the full spectrum from gas to chemicals to low carbon fuels o energy infrastructure… is an energy company designed for the future,” he said.
(Writing by SA Kader; Editing by Anoop Menon)
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