LATEST: Adipec 2024 - Energy leaders to convene in Abu Dhabi amid growing Middle East tension
Industry leaders in artificial intelligence, technology, climate and investment have come together in Abu Dhabi to discuss how the world will fuel the engines of the future: AI and data centres.
Eighty decision-makers met for the special ENACT Majlis, which focused on how to increase the energy sources we need sustainably in the years ahead.
"The exponential growth of AI is creating a power surge that no single energy source can meet alone," said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and Adnoc managing director and group chief executive. "We need a collaborative and integrated response across all sectors to unlock innovative solutions and fully harness the potential of AI. The ENACT Majlis has kick-started an action agenda to realise these opportunities and deliver sustainable value for all.”
Those attending the event in the capital, on the eve of Adipec – the world's biggest oil, gas and energy conference – spoke of the urgent need to expand and accelerate investments in low-carbon energy solutions.
AI data centre power demand is expected to double by 2030 to 150 gigawatts, rising to 330GW by 2040. This would require $600 billion in annual infrastructure investments and 80 million kilometres of power grid upgrades by 2040. Those who attended the event agreed there is no single energy solution and that nuclear, gas and renewables are needed.
It is believed AI can drive energy production efficiency while reducing emissions across the energy sector. The technology has a key role to play in modernising power infrastructure, particularly in power transmission, with the need for significant infrastructure upgrades.
Participants at the majlis included the UK's Princess Beatrice, founder of AI advisory BY-EQ, Brad Smith, vice chairman and president of Microsoft, Mark Carney, UN special envoy for climate action and finance, and chairman of Brookfield Asset Management, Wael Sawan, chief executive of Shell, and Murray Auchincloss, chief executive of BP. The event was held after the release of a joint report by Adnoc, Masdar and Microsoft last week, which was produced with insights from more than 400 leaders in technology, energy and finance. The study emphasised AI's ability to clean up traditional energy sources, improve energy use and speed up the shift to cleaner energy.
