ABU DHABI, Unites Arab Emirates--()--Chinese Premier Wen Jiabao will be attending the 5th annual World Future Energy Summit (WFES) that will be held in Abu Dhabi, UAE, from January 16-19 at the Abu Dhabi National Exhibition Centre.
Regarded as the leading figure responsible for China’s economic policy – which embraces innovation, sustainable redevelopment and renewable energy as core drivers – Premier Wen will deliver the keynote speech at WFES.
The visit by the Premier underscores the growing role the UAE and Abu Dhabi are playing in promoting innovation and investment opportunities in renewable energy and clean technologies.
“From accelerating the deployment of renewable energy to diversifying the energy mix, the UAE shares a lot in common with China,” said Dr. Sultan Al Jaber, CEO of Masdar, Abu Dhabi’s renewable energy company.
“China has emerged as a renewable energy super power, redefining the global industry by increasing both the supply and demand for new energy sources,” added Dr. Al Jaber. “World leaders recognize that to have a genuine conversation about renewable energy today – big players like China must be involved. We are honored to host Premier Wen and welcome his participation during WFES.”
Premier Wen has pledged that China will reduce the carbon intensity of its economy by 17 percent by 2015 (per unit GDP). Under its 12th Five Year Plan for National Economic and Social Development, China will generate 11.4 percent of energy from non-fossil fuels by 2015, and 15 percent by 2020, up from 8.3 per cent in 2010.
To reach this ambitious goal, China has introduced a range of regulatory and financial incentives, including feed-in tariffs, subsidies, China Development Bank loans, and $200 billion in stimulus funding for cleantech, carbon emission reductions and energy pricing reserves. China is poised to spend $473.1 billion on clean energy investments in the next five years and will add 370 GW of renewable energy generation capacity by 2020.
China is also making major investments in grid transmission to overcome capacity constraints and to allow energy rich regions to export power to energy poor regions of China. The five year plan also provides incentives for hybrid and electric vehicles, charging infrastructure and high speed rail.
Lastly, and much like Masdar City – Abu Dhabi’s low-carbon, low-waste sustainable city – China will build high-tech, green cities to test nascent clean and renewable energy technologies.
“Premier Wen will provide WFES participants with firsthand insight into China’s cutting-edge economic strategy and its vision for adopting clean technology and renewable energy,” said Dr. Al Jaber. “As mandated by our wise and visionary leadership, the World Future Energy Summit continues to build bridges with countries dedicated to the advancement of clean technology and the deployment of renewable energy. “
China and the UAE have a strong and growing relationship.
The UAE has expanded bilateral trade, strengthened two-way investment and increased cooperation on infrastructure construction and the development of renewable energy. Masdar Capital has already invested $25 million into UPCC, a major Chinese wind developer.
Ambassador of China to the UAE His Excellency Gao Yusheng said, “The UAE has traditionally been a gateway for Chinese businesses serving the Middle East and now Abu Dhabi is paving the way for our involvement in both the region’s emerging renewable energy industry and the industry globally. Abu Dhabi has shown great initiative in the clean and renewable energy sector through Masdar and the World Future Energy Summit, and we are eager to expand our partnership with the UAE in this critical field.”
Bilateral trade between the UAE and China exceeds $25 billion.
Leading Chinese business will also be participating at WFES.
In addition to Premier Wen’s visit, more than 43 Chinese exhibitors will be attending WFES 2012, and for the first time, host a national pavilion to highlight the country’s rapidly expanding renewable energy market.
Chief executives from two of China’s multinational firms in solar energy will also address conference delegates: Shi Zhengrong, CEO of the world’s largest solar panel maker Suntech Power; and Jifan Gao, Chairman and CEO of PV technology leader Trina Solar.
Now in its fifth year, WFES is the world’s foremost annual meeting committed to promoting advancement of renewable energy, energy efficiency, and the water and waste sectors by engaging political, business, finance, academic and industry leaders to drive innovation, business and investment opportunities in response to the growing need for sustainable energy.
More than 26,000 attendees, including 3,000 delegates, 650 exhibiting companies and 20 national pavilions, are expected to participate in the summit.
For more information about the Masdar Initiative, please visit: www.masdar.ae
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*Source: ME NewsWire
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