More than $15bn worth of projects and funding was announced at the World Future Energy Summit (WFES) and its co-located events, the International Water Summit and EcoWASTE Exhibition, which took place during Abu Dhabi Sustainability Week 2018 from 15 – 18 January, hosted by Masdar.
The deals, which combined a number of local, regional and international agreements, strengthen the UAE’s position for advancing renewable energy and clean technology.
With WFES entering its 11th year, the event established a new direction for the energy ecosystem, bringing together global innovators, industry leaders and policy makers to shape the transformation of the industry.
Over the four days, 850 exhibiting companies from 40 countries welcomed more than 33,000 attendees. More than 100 start-ups participated in WFES 2018, where over 10,000 pre-arranged business meetings were held.
Exhibiting companies and a total of 18 national pavilions showcased some of the world’s latest and most advanced technologies, which are expected to play an integral part in the future of the energy industry.
“As a business-first event that provides a global platform for all those involved in the energy sector, the World Future Energy Summit 2018 has proven one of the most successful editions to date. The figures speak for themselves and have exceeded all expectations,” said Naji El Haddad, Group Event Director for the Middle East at Reed Exhibitions.
“These business successes were bolstered by new additions, including the Climate Innovations Exchange, pairing cleantech innovators with international investors. Our new Dialogue Hall that hosted the conferences also brought a cutting-edge and engaging platform for speakers and delegates,” El Haddad added.
During the four-day World Future Energy Summit, the International Solar Alliance hosted its first-ever gathering in Abu Dhabi, and signed a letter of intent with YES Bank for its first financing commitment of up to USD 5 billion by 2030. The organization also signed nine solar projects across five ISA member countries, including UAE, Saudi Arabia, Nigeria, India and Spain.
Saudi Arabia announced its intention to launch up to $7bn worth of renewable energy projects in 2018, as part of the country’s plan to have 9.5 gigawatts (GW) of solar and wind capacity installed by 2023. The majority of the funding is expected to be spent on solar plants, with four (GW) of solar energy projects to be contracted throughout the year.