Tag Archives: Energy

Solar investment competition in Saudi Arabia to be ‘fierce’, reveals energy expert at Middle East Energy 2022

Dubai, UAE – 8 March 2022: Data from leading renewable energy company, Finergreen, has revealed the solar photovoltaic (PV) investment opportunities and potential in Saudi Arabia, Oman, Jordan, and Egypt, as part of a report produced by SolarPower Europe. The discussion took place at Middle East Energy as part of the Intersolar Conference, which continues today, Tuesday 8 March and tomorrow at the Dubai World Trade Centre.

Renewable energy targets, increased market liberalisation, and the enormous solar potential expected to drive boom in Middle East solar photovoltaic (PV) sector over the next five years

Antonie Poussard, Manager Partner, Finergreen, revealed that with the ambitious renewable energy targets, increased market liberalisation, and the enormous solar potential, the solar PV sector in the Middle East is set to boom over the next five years.

Speaking at the Intersolar Conference this morning, Poussard said: “Saudi Arabia plans to increase its installed PV capacity by adding 9.5GW by 2023. Achieving this goal will result from policymakers reshaping the legal framework governing foreign investments and renewable energy. This, coupled with continued market liberalisation, is how Saudi Arabia will unlock its full solar potential.”

According to the report, Saudi Arabia’s National Renewable Energy Programme (NREP) will be the mechanism for delivering the country’s Vision 2030, which forecasts energy consumption to increase threefold between 2016 and 2030.

Antonie Poussard, Managing Partner at renewable energy specialists Finergreen, outlined the findings of a report exploring the solar PV potential in the region at Middle East Energy in Dubai

“Thanks to the Ministry of Energy’s aim to increase the share of natural gas and renewable energy sources by approximately 50% by 2030, there are ample opportunities for private sector investment and public sector partnerships which have already attracted the attention of the likes of Acwa Power, EDF, Masdar and JinkoSolar,” added Poussard.

The report also highlighted Jordan’s plans to decrease its dependency on fossil fuel imports with an ambitious renewable energy target with electricity generation from renewables set to reach 31% by 2030. The data also revealed a remarkable breakthrough between 2015-2020 by raising renewable energy’s share in the electricity mix from 1% to 14%. However, it was also outlined that bold measures would be required to meet targets and a need for the public and private sector to work in tandem.

Data also revealed Egypt is repositioning itself as a regional energy leader with strong clean energy investment ambitions and is viewed as an example for neighbouring countries across the Middle East and Africa. However, the report highlighted that achieving the country’s clean energy transition and meeting renewable energy targets will be tied to implementing conditions that attract further investment and improve business environments.

Oman has also resumed its ambitious development plan for renewables after successfully securing financing for its first utility-scale solar plant, which will be essential for the success of the country’s energy transition.

According to the International Renewable Energy Agency (IRENA), energy transition technologies will require investments of around $131 trillion by 2050

As part of today’s conference programme at Middle East Energy, the Global Energy and Utilities Forum will focus on finance, with the opening panel discussion addressing Funding the Energy Transition. According to the International Renewable Energy Agency (IRENA), energy transition technologies will require investments of around $131 trillion by 2050. Discussing this and other critical topics related to funding were Tim Palmer, Head of Renewables & Transition, UK Export Finance; Gurmeet Kaur, Partner, Pinsent Masons LLP; and Rajit Nanda, Advisor to the CEO, ACWA Power.

Speaking about the uptake in export finance, Palmer said: “Since setting up renewables and transition just over a year ago, we have seen remarkable take-up of our offering, so much so that we are already looking to expand our team – underscoring the demand within the market. Exporters and contractors are coming to us across the whole range of renewable sectors, both in mature technologies and very much from an emerging perspective.

Middle East Energy concludes tomorrow, Wednesday 9 March, with registration still open at the following link https://www.middleeast-energy.com/en/home.html.

As part of Informa’s commitment to providing the highest hygiene and safety levels, the event will again take place under the protocols introduced via the company’s Informa AllSecure health and safety mandate. The event will be at 100% capacity as per the recent rule changes by the UAE Government.

ameerul.hasan@thechangemakers.news

UAE determined to lead the decarbonisation and sustainability of the fossil fuel sector

Dubai, United Arab Emirates, 7 March 2022: H.E. Yousif Al Ali, Assistant Undersecretary for the Electricity, Water and Future Energy Sector at the UAE Ministry of Energy and Infrastructure, has reiterated the UAE’s commitment to supporting the energy transition through domestic and foreign investment with an investment of $163 billion to diversify the country’s energy mix.

H.E. Yousif Al Ali, Assistant Undersecretary for the Electricity, Water and Future Energy Sector at the UAE Ministry of Energy and Infrastructure, reiterated the key role of hydrogen in the country’s future energy system at Middle East Energy

Speaking during the opening session of the Global Energy & Utilities Forum, taking place live and in person at Middle East Energy 2022 from 7 – 9 March at the Dubai World Trade Centre, H.E. Yousif Al Ali said: “With IRENA forecasting that energy transition investments will have to increase by 30% over planned investment to a total of $131 trillion between now and 2050, the UAE is committed to supporting this transition through domestic and foreign investment. To achieve our ambition, we plan to invest $163 billion to diversify our energy mix.”

Over the next decade, the UAE will focus on driving clean electrification through solar and nuclear, implementation of transparent policies, improving energy efficiency, reducing carbon and methane emissions, and turbocharging innovation to commercialise hydrogen technology and accompany these actions by strategies to unlock capital flows in support of clean energy transition to ensure affordability and reliability.

“Hydrogen has a key role to play in the energy transition and the UAE’s future energy system and will be crucial to decoarbonise our industries, transportation sector, and the fossil fuel sector. The UAE is determined to lead the decarbonisation and sustainability of the fossil fuel sector. Our national oil company ADNOC aims to decrease greenhouse emissions intensity by around 25% by 2030 and expand their carbon capture capacity by almost 500%, reinforcing ADNOC’s position as one of the least carbon-intensive producers globally.”

ADNOC aims to decrease greenhouse emissions intensity by around 25% by 2030 and expand their carbon capture capacity by almost 500%

Addressing the audience this morning during her keynote address, H.E. Aisha Al Abdooli, Acting Assistant Undersecretary for Green Development & Climate Change, Ministry of Climate Change & Environment, discussed the UAE’s roadmap to green development and net-zero goals and highlighted that the Ministry of Climate Change & Environment is guided by various national plans and strategies such as the UAE Clean Agenda 2030, the UAE National Climate Change plan 2050 all of which support efforts to mitigate and adapt to climate change and support the achievement of net zero emissions by 2050.

Elsewhere on the agenda on the opening day were high-level panel discussions and presentations, including the Roadmap the Decarbonisation led by Ras Al Khaimah Municipality’s Executive Director of Energy Efficiency & Renewables, Andrea Di Gregorio, which focused on top-level strategies and approaches being adopted across the region to deliver on energy transition targets including the role of policy, regulation, and regional and international cooperation.

Delegates at the Global Energies & Utilities Forum also took part in a fireside chat with Cornelius Matthes, CEO of Dii Desert Energy, who introduced the MENA Hydrogen Alliance and outlined the potential for green hydrogen in the region.

Following on from this and rounding out the panel discussions on day one was a discussion on The MENA Green Hydrogen Opportunity highlighting that with a recent report stating that green hydrogen could stimulate $200billion of revenue in the GCC alone by 2050, there is the potential for the region to emerge as a global hub for green hydrogen.

Hydrogen opportunity, energy investments and UAE’s roadmap to decarbonisation key topics of discussion at Middle East Energy 2022 Global Energy & Utility Forum

With the International Renewable Energy Agency (IRENA) estimating that energy transition technologies will require investments of around $131 trillion by 2050, the Global Energy & utilities Forum continues tomorrow (Tuesday 8th March) with a keynote discussion highlighting where the capital will come from to deliver on ambitious renewable energy projects and energy efficiency programmes. On the Forum’s final day (Wednesday 9th March), delegates at the keynote panel session will learn about the strategies and technologies for reducing CO2 within carbon-intensive industries.

Held under the patronage of H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, and hosted by the UAE Ministry of Energy & Infrastructure, over 18,000 attendees and 500 exhibitors from 131 countries are expected during the three-day energy showcase which is taking place live and in person from 7-9 March at the Dubai World Trade Centre.

To register for the 2022 event, please visit https://www.middleeast-energy.com/en/home.html.

ameerul.hasan@thechangemakers.news