Your Excellencies, distinguished guests … ladies and gentlemen … on behalf of Masdar … the host of Abu Dhabi Sustainability Week … it is my privilege to welcome you to the 10th World Future Energy Summit.

 

When we look back on the changes the world has seen in the past 10 years … this event has played a vital role to accelerate the transition towards renewable energy and clean technologies.

 

Truly, its success has been inspired by the bold vision and unwavering support of His Highness Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

 

Before the next three days of debates, discussions and presentations get underway, I would like to take this opportunity to thank all of you … our sponsors, speakers, exhibitors and long-standing partners … for your commitment and support.

 

The World Future Energy Summit, the anchor event of Abu Dhabi Sustainability Week, would not have become the globally recognised platform it is today without your outstanding contribution.

 

Twenty of the World Future Energy Summit’s sponsors today have been part of the event since its first year. That is a fantastic display of loyalty and partnership.

 

I would also like to thank the members of the newly formed Advisory Council for Abu Dhabi Sustainability Week, for their support and expert guidance …

 

As host, we at Masdar remain committed and passionate about the long-term success of the World Future Energy Summit.

 

By working closely with the Advisory Council, and our many friends and loyal supporters, we will ensure that the Summit remains an influential event dedicated to advancing future energy, energy efficiency and clean technologies …

 

This year’s World Future Energy Summit welcomes around 880 exhibiting companies … and will receive around 38,000 attendees representing 175 countries …

 

That is three times the attendance of the first event in 2008 … an incredible milestone to mark the Summit’s 10th anniversary …

 

We can take so much encouragement from what we have achieved thus far.

 

When Masdar was established in 2006... the potential of renewable energy was well known, but this potential had not been demonstrated on a large scale …

 

Masdar was created with the clear understanding … that the only way to drive adoption of clean technologies… was to show that they are commercially viable …

 

We are proud of the role Masdar has played in showing what can be achieved.

 

When Shams 1 in Western Abu Dhabi started operations in 2013, it was the biggest concentrated solar power plant in the world …

 

Our Gemasolar thermal power plant in southern Spain was the first renewable energy plant to generate electricity 24 hours a day …

 

The London Array, in which Masdar is a partner, is currently the world’s largest offshore wind farm in operation …

 

Our Tafila project in Jordan is the Middle East’s largest onshore wind farm …

 

When we fast forward to 2017, we no longer have to argue the case about the potential of clean energy.

 

Innovation and economies of scale have made cost-competitive renewable energy a reality.

 

That was demonstrated last June when Dubai Water & Electricity Authority selected a Masdar-led consortium to develop Phase 3 of the Mohammed Bin Rashid Al Maktoum Solar Park.

 

Solar power generation for less than 3 US cents per kilowatt hour had been made possible for the first time.

 

And just this week at ADSW, I had the pleasure of signing an agreement which builds on Masdar’s strong relationship with Statoil, of Norway…

 

We are now part of a team which is developing Hywind… the world’s first floating wind farm… another example of how our industry is moving forward through innovation and collaboration.

 

Today, solar power is well on the way to becoming the cheapest source of electricity in some markets.

 

The new economics of clean energy mean that it is now the biggest source of new capacity being installed globally …

 

More than US$200 billion has been spent on renewables every year for the last three years.

 

And there are huge opportunities ahead of us …

 

Just consider the clean energy targets in this region …

 

Last week, His Highness Sheikh Mohammed bin Rashid Al-Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced plans to generate half of the country’s power needs from clean energy by 2050 …

 

Saudi Arabia has pledged to develop around 9.5GW of renewable energy by 2023 …

 

Ambitious targets have been set by the governments of Jordan, Morocco, Egypt, Algeria…

 

And just outside the MENA region, India hopes to install 175GW of renewable energy capacity by 2022, including 100GW of solar …

 

These targets make the World Future Energy Summit more important than ever.

 

Over the last decade, the success of this event has been built on partnership… on bringing together government and business… to make renewable energy successful, dependable and commercially viable.

 

We need further collaboration to ensure that our industry continues to advance.

 

This year’s World Future Energy Summit will once again be an opportunity to learn… to discuss… to share knowledge… and to build relationships.

 

Together … we can take the actions needed … to build a more sustainable future.