Financially viable solutions, investments in biorefineries, and large-scale renewable energy production are all viable for addressing climate change and goals

06/13/2024

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Mubadala’s Yamamoto stressed the need for large-scale initiatives to counteract climate change effects — Foto: Christopher Pike/Bloomberg

Leonardo Yamamoto, executive director of Mubadala Capital, emphasized that the private sector plays a crucial role in achieving global “net zero” carbon emissions. Speaking at the FII Priority Summit in Rio, a gathering of international leaders and executives, the director of the UAE fund stressed the need for large-scale initiatives to counteract climate change effects.

“The only viable strategy to combat climate change involves financially sustainable solutions,” he explained, adding, “In Brazil, Mubadala is investing in a biorefinery in the Northeast. We believe this facility will not only produce renewable fuels but also a molecule that captures carbon.”

Mr. Yamamoto further pointed out the necessity of producing renewable energy on a large scale to facilitate the energy transition, stating, “We must challenge the existing polluting industries.”

Marcos Bulgheroni, president of the Pan American Energy Group, speaking alongside Mr. Yamamoto, noted that the world will need to utilize a variety of energy sources before achieving “net zero.” He stated, “We need to determine the mix of energy sources that will help us lower the overall emissions of our energy matrix. These varied sources will coexist and compete for many years to come.”

Mr. Bulgheroni, leading the Argentine-based group, emphasized the importance of a regional approach to fostering energy transitions: “The Vaca Muerta gas pipeline, for instance, will be crucial for the Southern Hemisphere. A regional vision is essential for identifying optimal solutions.”

Adding to the discussion, Musaab M. Almulla, vice president of energy and economic insights at Saudi Aramco, reiterated that scaling and implementing finance for the energy transition poses a significant challenge. He highlighted Aramco’s commitment to investing not just in green hydrogen but in all technologies aimed at reducing emissions and introducing innovative solutions.

Mr. Almulla also outlined the company’s strategies for decarbonization, which include enhancing energy efficiency, expanding the use of renewables, and minimizing flaring. Flaring, he explained, is the process where natural gas released during oil extraction is burned off, emitting carbon dioxide into the atmosphere.

*Por Kariny Leal, Victoria Netto — Rio de Janeiro

Source: Valor International

https://valorinternational.globo.com/