UAE says falling oil prices will not impact clean energy
Wednesday, 21 January 2015
ABU DHABI, Jan 20 (AFP): The United Arab Emirates on Monday downplayed fears that the fall in oil prices could negatively impact the development of renewable energy projects.
"Our interconnected energy landscape has evolved beyond the point where the price of oil determines the fate of clean energy," said minister of state Sultan al-Jaber who is also chairman of Masdar, Abu Dhabi's renewable energy company.
Oil prices have fallen by almost 60 per cent since June, crashing on worries over global oversupply and weak demand in a faltering world economy.
Participants at the International Renewable Energy Agency (IRENA) conference in oil-rich Abu Dhabi on Saturday had voiced concerns that the trend could spell doom for plans to shift to clean energy.