Global law firm Baker & McKenzie has spoken of the "enormous potential" of carbon capture and storage (CCS) technology during a UAE energy conference.
Andrew Beatty, a partner in Baker & McKenzie's Global Environmental Markets practice, claimed that "there is a strong wave of political willpower and support in the region" for developing CCS given that it has the potential to abate greenhouse gas emissions from the atmosphere by up to 19 per cent, according to International Energy Agency estimates.
Mr Beatty was speaking at the World Future Energy Summit in Abu Dhabi, which took place from January 17th-20th
Commenting on the future of clean energy in the Middle East, Mr Beatty said: "The real challenge will be developing appropriate market support mechanisms to enable the new technologies to compete with the traditional ones."
During the summit, Baker & McKenzie hosted a side event on "Investment issues and opportunities in the clean energy and carbon sectors" during which a panel of the firm's clean energy and carbon practitioners discussed the latest policy and regulatory developments influencing investment trends in renewable, clean energy and carbon markets across their respective jurisdictions, including the Gulf, North America, Europe and Asia.