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What is the report’s purpose?
The report presents the evidence behind the changing nature of the global energy system over the next decade,
highlighting the growing demand for sustainable energy in the Gulf region; the technologies that are most likely to
close the supply-demand gap; and the scale of the financing required. Arguments are prepared for why banks might
choose to develop and support these opportunities, and how they can work with policy makers to positively enable
this to occur.
What is its scope?
The report sets out the global evidence on the future of energy within a Gulf region context. The intention is to
provide the evidence base from which the financial services sector can consider their approach to providing products
and services which will support the growth of the low carbon economy. The opportunity now is for financial services
organisations to understand the evidence, explore the new structures that might be required, engage the relevant
Governments and, ultimately, convert the trends into bankable solutions.
What geographies does it cover?
The report covers the Gulf region, specifically, Kingdom of Bahrain, Kuwait, Sultanate of Oman, Qatar, Kingdom of
Saudi Arabia and United Arab Emirates (UAE). We have tried to use this definition of ‘the GCC region’ throughout the
report. However, there are cases where the data we use is relevant but do not divide a region in quite this way (such
as data on the Middle East more broadly), and we have indicated this where it occurs.
Who is it for?
The report is intended principally for the finance community in the Gulf region, and NBAD in particular. It provides
insights into how that community might engage with public and private sector stakeholders to create a more energy
efficient economy, turning the aspirations of the region for sustainability – for example in Abu Dhabi’s Vision 2030
– into a reality that will attract the attention of the rest of the world and unlock significant financial opportunities.
The report will also be of interest to the energy sector and Government partners more widely in the region and in the
West-East Corridor.
What methodology was used?
Three forms of evidence were used in this report. Firstly, the report draws on global analyses from energy expert
bodies and academic studies to present the core trends and context of supply and demand behind the changing
nature of global and regional energy systems. Secondly, the scenarios presented in the report draw on the Future
Technology Transformation model developed by the University of Cambridge, derived from many previous academic
studies and a solid regional and global database of energy investment trajectories. Thirdly, the report draws upon
a wide range of interviews conducted in Abu Dhabi during the period October 2014 to January 2015, covering key
policy, energy sector, project developer and banking industry stakeholders.
Who are the authors?
The underlying research and writing of the report was carried out by the University of Cambridge Institute for
Sustainability Leadership and the Cambridge Centre for Climate Change Mitigation Research in the UK, and
PwC’s Sustainability and Renewables team based in Abu Dhabi, UAE with additional support from PwC’s Global
Sustainability and Energy networks.
DISCLAIMER
This report has been prepared for information purposes only by the University of Cambridge and PwC at the request of NBAD. The information contained
in this report is intended as a guide only, and whilst believed to be correct as at the date of publication, it is not a substitute for appropriate legal and
financial advice, detailed research or the exercise of professional judgment. NBAD has not, and will not, verify the information in this report. Neither
NBAD nor any author or contributor makes any representation, express or implied, or accepts any responsibility, with respect to the accuracy or
completeness of any of the information in this report. NBAD accepts no liability whatsoever for any losses (whether direct, indirect, consequential or
otherwise) arising from the use of this report or reliance on the information contained in the report. The opinions expressed in this report are those of the
editorial team, and not recommendations and do not represent an official position of NBAD, the University of Cambridge or PwC.
Copyright© National Bank of Abu Dhabi PJSC 2015
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