92% of regional business leaders say UAE should invest in alternative energy

92% of regional business leaders say UAE should invest in alternative energy

Sep 2 - McClatchy-Tribune Regional News - Middle East and North Africa Business Report, Amman, Jordan

As the impending energy crunch presents a looming challenge to the Middle East and the climate crisis calls for action, a recent poll conducted by Leaders Presents reports that 92% of regional business leaders believe the UAE should invest in the research and implementation of alternative and renewable energy in the form of solar or wind power, bio-fuels or other sources. A peaceful Atomic Energy program came in as a close second option, with 69% in agreement.

The survey, which reflects the opinions of nearly 300 regional business leaders and key decision makers from across the region, revealed that 81% of regional executives agree that an energy shortage is a concern and that placing an emphasis on the research and creation of alternatives is a good idea.

"It makes sense to make a responsible effort in the direction of creating alternative energy sources, not only because it will eventually be a necessity, but because all signs say it is better for the environment, as well," says Lucy Mountain, Conference Director of Leaders in Dubai Business Forum. "What is good for the environment is also good for people -- I think everyone can agree that less pollution in the air would be better for all of us."

Recent analysis has concluded that national annual peak demand for electricity is likely to rise to more than 40,000 megawatts by 2020, reflecting a cumulative annual growth rate of about nine percent from 2007. Burning crude oil/and or diesel is logistically possible to keep up with demands however it is not an economical or environmentally-friendly option, and natural gas reserves are not enough to cover the demand.

Evaluation of alternative energies including solar and wind suggested that, while these options are being deployed within the UAE, even aggressive development could only supply a small portion (4-5%) of peak electricity demand by 2020, revealing the pursuit of other sustainable alternatives to be vital to a future renewable energy plan. Atomic energy for peaceful civilian uses leaves no carbon imprint like oil or coal and remains the most likely viable option in the near future; however the disposal of radioactive nuclear waste is also a huge issue that would need to be addressed.

Keynote speakers at the 2008 Leaders in Dubai Business Forum, to take place from November 16 to 18 at the Dubai International Exhibition and Convention Center, include Mohamed ElBaradei, James Wolfensohn and Rudolph Giuliani. The forum is supported by Wasl, Citibank, Amlak Finance, Etisalat, Al Mal Capital, Nokia, the InterContinental Hotel and Cadillac. Media Partners include Al-Arabiya News Channel and CNN.