The UAE can reduce its energy costs by up to $3 billion (Dh11 billion) a year by 2030 through implementation of energy efficiency technologies, according to a study by Oliver Wyman, a global management consulting firm.
Driven by increased population and escalating commercial and residential demand for electricity, especially in the summer, the Gulf states have become significant consumers of oil, says the study.
Since natural gas supplies no longer meet local energy demand, the region's oil exporting countries have started to tap into money-generating fuel oil reserves, which is impacting both local economic growth and global energy security, the study noted.
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