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Middle East energy evolution faces challenges and opportunities

Energy efficiency can help energy transition, expert says

The Middle East is actively working to evolve its energy sector, facing both challenges and opportunities. The evolving energy sector faces challenges related to diversification, climate change, and resource management, especially with perceived water scarcity in the near future, experts say.

However, there are significant opportunities in renewable energy, technology innovation, international partnerships, economic diversification, and energy efficiency that can help the region transition towards a more sustainable and resilient energy future.

“In the modern industrial landscape, innovative solutions are instrumental in addressing energy challenges and fostering a sustainable future. This involves a diverse range of technologies, practices, and strategies designed to curtail energy consumption and heighten energy efficiency. For instance, renewables, hybrids, thermal management, and robotics, are high-end, innovative, and effective ways that industries can adopt to bolster energy efficiency and reduce their carbon footprint,” Manoj Kumar Tripathy, chief executive officer, Kanoo Industrial & Energy, told Khaleej Times in an interview.

Excerpts:

In light of the global emphasis on decarbonisation, how does Kanoo Energy plan to lead in reducing emissions while simultaneously fostering economic growth?

Kanoo Energy is at the forefront of the global drive towards decarbonisation while simultaneously fostering economic growth. With a broad business portfolio spanning the entire energy sector, we are strategically positioned to make a meaningful impact.

Kanoo Energy is actively involved in helping its clients reduce their scope 1, 2 and 3 greenhouse gas (GHG) emissions and achieve their climate change targets, such as net zero. We partner with clients on all stages of their sustainability journey. This includes helping clients increase their deployment of decarbonisation projects that strike the right balance between sustainability, costs and risks.

Kanoo Energy is involved in clean energy projects on solar, hybrids, and high-efficiency distributed power that provides clean energy close to the point of use. In addition, we also help clients become future-ready for fuels viz. Hydrogen and non-fossil fuel sources. There are a few projects that we are also implementing towards carbon capture, hydrogen production, and flare to value.

How important is cross-industry collaboration and aligning with global initiatives like COP 28, to advance pioneering technologies and solutions in the energy sector?

Kanoo Energy actively collaborates with international partners and participates in global initiatives to tap into a wealth of knowledge and expertise. This provides us an avenue to learn from global leaders in the energy sector, adopt best practices, and gain insights into cutting-edge technologies and solutions. The energy sector is rapidly evolving, with innovations such as renewable energy, energy efficiency, and sustainable practices gaining prominence. By aligning with global initiatives, Kanoo Energy stays at the forefront of technological advancements, enabling us to develop and implement more efficient and sustainable solutions for our clients.

Overall participation in initiatives like COP28 can enhance the visibility and credibility of UAE companies on the international stage, potentially leading to business expansion and partnerships with global players. COP28 also focuses on sustainability and environmental, social, and governance (ESG) goals. By aligning with these initiatives, local companies can demonstrate their commitment to sustainability, which is increasingly important for investors, customers, and stakeholders.