Abu Dhabi: On Saturday, energy experts gathered to address the pressing matter of the falling oil price and the impeding effect it could have on global clean energy developments.
Speaking at the International Renewable Energy Agency (IRENA) conference was Italian Deputy Minister for Economic Development, Claudio Vincenti who acknowledged that energy experts may have to adapt their clean energy strategy going forward.
According to Vincenti ‘the fall in oil prices could be a “game changer”. In the past a rise in oil prices had encouraged clean energy investments, and a long term fall in prices could shift the balance among various energy sources’, the Business recorder reported.
These concerns were echoed by Emirate of Kuwait Salem al-Hajraf.
‘The fall of oil prices in the 80s was a main reason behind the collapse of many renewable energy projects,’ he said.
IRENA director general, Adnan Amin, added that renewable sources have become paramount in the energy industry and would remain so.
‘The story of renewables is rapidly evolving and as the importance of renewable energy grows, so does the relevance of the agency’s work’, Amin said.
According to Admin, global renewable investments grew US$50 billion more in 2014, escalating to US$264 billion.
Although recovery strategies were not elaborated on, IRENA and the Abu Dhabi Fund for Development (ADFD) announced the US$57 million loan to develop five renewable energy projects in Argentina, Cuba, Iran, Mauritania, St. Vincent and the Grenadines.
The projects, with a total combined capacity of 35MW will electrify around 280 000 residents located in remote communities who otherwise would not have had access to the centralised grid.
(Pic Credits: Can India)