The United Arab Emirates (UAE) is a key Middle Eastern country investing in renewable energy, as evidenced by its ratification of the Paris Treaty and the launch of the "Net Zero by 2050 Initiative" with a $163 billion investment budget.

The UAE is a Middle Eastern country investing in renewable energy, with a target of increasing its share of clean energy to 50% by 2050 and notable projects such as the Shams 1 solar thermal plant and the Mohammed bin Rashid Al Maktoum Solar Park.

"Morocco and Egypt are leading the way in renewable energy investment in the Middle East, with targets of achieving 52% and 42% of their electricity from renewable sources by 2030 and 2035, respectively."

The Arab Gulf countries are investing in renewable energy, leveraging their resources to produce green hydrogen.

"Middle Eastern countries such as Turkey, the Arab Emirates, Egypt, and Saudi Arabia are investing in renewable energy, with significant growth in green finance in 2022."

The Middle East Green initiative aims to reduce carbon emissions and promote environmental sustainability by planting 10 million trees and reaching net zero carbon emissions in the kingdom's territory by 2060.

"The Middle East Green initiative appears to focus on reducing carbon emissions and promoting sustainability through investments in renewable energy, such as solar and wind power."

"The Middle East Green Initiative was launched by a kingdom in the region, which recently organized a summit attended by international dignitaries and pledged to reach net zero carbon emissions by 2060."

Climate change is having significant impacts in the Middle East, including drought, sea-level rise, and rising summer temperatures, which are exacerbating the region's existing water poverty and threatening coastal cities and human survival.

"Climate change is having severe impacts in the Middle East, including increased pollution, drought, and rising temperatures, with significant economic and health costs. The region's high emission rates and warming rates, which are twice the global average, exacerbate these issues."

Climate change is affecting the Middle East, particularly the Gulf states, by decreasing global demand for fossil fuels and causing environmental changes such as falling rainfall and rising temperatures.

The Middle East is promoting green energy as a response to climate change and the need to transition from oil, with a focus on increasing efforts to survive and adapt to the changing climate.

"The Middle East is promoting renewable energy, particularly solar energy, as part of its energy transition strategy, with countries like the UAE launching initiatives like the 'Net Zero by 2050 Initiative' to reduce dependence on oil and achieve climate goals."

"The Middle East is promoting a shift towards renewable and nuclear energy, with a focus on solar power, to reduce dependence on oil and achieve climate goals."

The Middle East is promoting a transition to cleaner energy, as evidenced by the Green Middle East Initiative and the goal to reach net zero carbon emissions by 2060, likely involving a shift towards solar energy and other sustainable sources.

"The Middle East is promoting renewable energy, particularly solar energy, as part of its efforts to reduce carbon emissions and tackle climate change."

The Middle East's energy landscape is undergoing changes driven by global consumption trends, government preparations for a post-oil world, and external factors like China's energy security priorities.

"Changes in the Middle East's energy landscape are driven by potential shifts in global energy demand, with Western countries moving away from hydrocarbons and China increasing its influence in the region."

Changes in energy markets and declining demand for fossil fuels are driving shifts in the Middle East's energy landscape, with potential for significant economic gains for Gulf states.

The Middle East's energy landscape is changing due to the need for a transition to renewable energy, driven by the potential decline in oil demand and the need for economic diversification.

"The Middle East's energy landscape is changing due to the growing need to address climate change, with significant investments in climatetech startups and a shift towards more sustainable energy sources."

"Saudi Arabia aims to achieve 50% of renewable energy by 2030."

The UAE aims to increase its share of clean energy to 50% by 2050.

The UAE aims to generate 50% of its electricity from renewable and nuclear energy by 2050.

"The UAE has launched the 'Net Zero by 2050 Initiative' with a $163 billion investment budget, indicating a significant investment in renewable energy projects, particularly in solar energy, as part of its energy transition strategy."

"Countries in the Middle East are attracting new investments in renewable energy projects, particularly solar and wind power, as they transition to a post-fossil fuel era."

"Countries in the Middle East, such as Morocco and Egypt, are investing heavily in solar and wind power projects as part of their energy transition strategies, with notable projects including the Noor Ouarzazate complex and the Benban Solar Park."

The Middle East countries are investing in renewable energy sources as part of their energy transition strategies, aiming to reduce their dependence on oil and gas and decrease carbon dioxide emissions.

"New investments in the Middle East region are being attracted to projects related to energy transition, sustainability, and green technologies, such as circular carbon economies, green hydrogen, and sustainability-linked finance facilities."

The UAE is expected to lead the Middle East region in renewables capacity growth, driven by its ambitious clean energy targets and significant investments in solar energy projects.

Gulf Cooperation Council countries are transitioning away from oil as a source of energy, likely towards cleaner forms of energy, as the world moves away from oil and the region's economies are expected to change profoundly.

Gulf Cooperation Council countries are transitioning away from oil and towards cleaner energy sources, driven by the need to address climate change and reduce their dependence on fossil fuels.

Gulf Cooperation Council countries, led by the UAE's "Net Zero by 2050 Initiative," are transitioning to cleaner energy sources, aiming for net zero emissions by 2050.

Gulf Cooperation Council countries are transitioning to renewable and nuclear energy, aiming to generate 50% of their electricity from these sources by 2050, with countries like Saudi Arabia and the UAE investing heavily in solar energy.

Gulf Cooperation Council countries are transitioning to cleaner forms of energy, such as solar energy, as part of their energy transition strategies to build a better and greener future.

The Middle East is undergoing an energy revolution, driven by the need to reduce carbon emissions and mitigate climate change. The region's economies will need to adapt to a post-oil world, with several countries investing heavily in solar energy as part of their transition strategies.

The Middle East economies, heavily reliant on oil revenues, will undergo significant changes as the world transitions away from oil, impacting government revenues and the local economy.

The Middle East's economy will face significant changes as the world shifts away from oil, due to the region's heavy reliance on oil wealth and vulnerability to climate change.

"The Middle East economies will face challenges as the world shifts away from oil, and will need to diversify and adapt to a post-oil world, with a focus on renewable energy sources such as solar power."

The Middle East's transition away from oil will be challenging due to the ruling elites' dependence on oil resources, but the region's investment in solar energy and other renewables may help mitigate the economic impact.

The UAE is leading the way in renewable energy infrastructure development in the Middle East, with initiatives such as the "Net Zero by 2050 Initiative" and a significant investment budget.

"Countries in the Middle East, including the United Arab Emirates, Qatar, Bahrain, Kuwait, and Saudi Arabia, are developing renewable energy infrastructure, with a focus on solar energy, to achieve their energy transition goals and reduce carbon emissions."

The UAE is developing renewable energy infrastructure in the Middle East, with a focus on solar energy and a target of increasing its share of clean energy to 50% by 2050.

The Arab Gulf countries are developing renewable energy infrastructure to produce green hydrogen, positioning themselves as major producers and exporters in the region.

Countries such as Turkey, the Arab Emirates, Egypt, and Saudi Arabia are developing renewable energy infrastructure in the Middle East, with significant growth in green finance and investments in the sector.

"Saudi Arabia's Vision 2030 program aims to develop renewable energy sectors by increasing the proportion of renewable energy to 50% by 2030."

"Saudi Arabia has announced a net-zero emissions target by 2060, as part of the growing climate change mitigation efforts in the Middle East."

The United Arab Emirates (UAE) is a key Middle Eastern country investing in renewable energy, as evidenced by its ratification of the Paris Treaty and the launch of the "Net Zero by 2050 Initiative" with a $163 billion investment budget.

Title:

Content: The Guardian: The Middle East is facing a ‘ resurrection ’
And Mecca may not be livable by the end of the century.
Friday 29 October 2021 05: 27 pm / Jerusalem time + 2GMT
London / Sama /
Titled “Resurrection Soon: A Reluctant Middle East Forced to Awareness of the Climate Crisis, ” The Guardian ’ s diplomatic editor Patrick Wintour said that Hurricane Shaheen hit Oman some time ago, the first tropical cyclone to reach this point west into the Gulf.
In Basra, southern Iraq, power has been cut off frequently as a result of this summer ’ s temperature of 50 degrees Celsius, forcing residents to move in their cars to get cold.
Kuwait broke the record for the hottest day of 2016 of 53.6 degrees Celsius, and this summer temperatures were very high, with floods in Jeddah and more recently in Mecca at a time when temperatures in Saudi Arabia have increased by 2 percent and the maximum temperature of 2.5 percent since the 1980s.
Qatar is the world ’ s highest emitting country and the world ’ s largest producer of liquefied gas (LNG), and public spaces are equipped with air conditioners.
In Tehran, pollution annually kills 4,000 people a year, and in Khuzestan province, citizens have blocked streets and burned tires due to drought as a result of mismanagement, U.S. sanctions and a deadly atmosphere.
In the United Arab Emirates, the climate crisis is estimated to cost $6 billion a year, the highest in terms of health costs.
The salinity of the Gulf increased with the proliferation of desalination plants by 20%, which affected marine life and biodiversity.
Conditions are expected to worsen at a time of rising temperatures, humidity and sea levels.
Warming rates in the Middle East are twice as high as in the world.
By the end of the century, if the dangerous predictions are correct, Mecca may not be fit for life, making the Hajj season dangerous if not catastrophic.
Large swaths of the Middle East have come to resemble the Afar region of Ethiopia, a vast area without human settlement that pushes towards the Red Sea.
The glittering cities of the Gulf may face the dilemma of rising water levels themselves.
We do not speak of the day of judgment, but of the day of judgment.
Jim Crane, an energy researcher at Rice University in Houston, said: “This is really a difficult topic because the interests of the ruling elites are at odds with the interests of the citizens.
The ruling elite depends on oil resources for the survival of their regimes.
They want to keep the oil trade in order to keep them in power.
Their system is based on oil leasing, but the population ’ s ultimate interests lie in a sustainable climate. ”
Zeina Khalil Haj, founder of Greenpeace in the Middle East, believes that the region is suffering from double pressure: “With increasing demands for energy change, a region that relies on fossil energy, oil and carbon for its economic survival, but cannot continue this dependency.
There will be no oil market but with climate change, they are required to increase efforts to survive.
The extreme climate is changing people ’ s lives on a daily basis and there is no choice but to go green. ”
The West ’ s persistent appetite for fossil energy has led the region to build car-based cities, shiny skyscrapers filled with air conditioners and shopping malls.
It must look for ways to avoid self-destruction, and it must be, according to Thomas Friedman, the Prometheus moment for the Middle East and the search for creative and creative ways.
In fact, the region has been reminded for a decade that it has to make the transition from oil.
Although the moment when oil demand will reach its highest point remains controversial, and depends on a number of assumptions about regulation, technology and customer behavior, the point I mentioned is 2040, after which demand will decline.
But the International Energy Organization ’ s “Net Zero ” report sees the peak as 2050 and by comparison suggests a reduction in oil demand from 88 million barrels per day in 2020 to 72 million barrels per day by 2030, and 24 million barrels per day in 2050, a 75% decline between 2020-2050.
The report argues that the Gulf has three factors underpinning the transformation: capital, sun, and vast, empty spaces.
Until recently, the Gulf states, including Iran, did not feel the desire to shift away from fossil energy to this extent.
When asked, Saudi Oil Minister Prince Abdulaziz bin Salman said it was “a sequel to La La Land, ” meaning that the report and its writers do not know what is happening.
"If I wanted to worry about the IEA's expectations, I would be on Prozac all the time," he said.
Qatar ’ s Energy Minister Saad al-Kaabi said reducing oil and gas production levels would affect the supply process and laughed at “the enthusiasm surrounding the transition. ”
The Organization of Petroleum Producing and Exporting Countries (OPEC) forecasts that the process of oil demand will increase significantly through 2045 and the share of oil in global energy demand will fall from 30% to 28%, which is not a green revolution.
Gulf states still rely on gas and oil exports, accounting for 70 percent of goods exported from Kuwait, Qatar, Saudi Arabia and Oman.
Oil resources account for more than 70% of the total resources of Kuwait, Qatar, Oman and Bahrain.
In Vision 2030, published by Prince Mohammed bin Salman in 2016, he promised to turn the country into an important industrial hub.
World Bank figures show that Saudi Arabia relies on 75% of its oil resources for its budget.
Aramco, which is making its mark on global carbon emissions, is not diversifying at the same pace as Shell or BP.
Instead, it announced it would increase crude oil production capacity from 12 million barrels per day to 13 million barrels per day by 2027.
Haj believes that the shift away from oil may require a psychological shift from the consumer mentality, “The Gulf has not yet reached this kind of discussion.
If you see the way of life in the UAE and Qatar, it is based on inexhaustible consumption, and I fear we are still a long way from that in terms of politics and readiness. ”
Iran is the largest country in the world in terms of carbon emissions by population, followed by the UAE in second place and Saudi Arabia in 13th place.
Of course, Gulf rulers at events such as the Glasgow climate conference can defend themselves by saying that their region is not the primary source of carbon emissions, and historically, collectively, accounts for 4.7% less than carbon emissions and pollution from the United States, Europe and China.
The Middle East exports oil, but pollution is the responsibility of those who import it.
But the region ’ s leaders have come to grips with the problem not because of Western pressure but in response to citizens ’ demands, the goose has realized that the eggs, the oil, are no longer golden but brown.
The UAE is the first country to say it has moved to ratify the Paris Treaty and is the least dependent Gulf state on oil for its government resources.
Last week, she announced the “Net Zero by 2050 Initiative ” with an initial investment budget of $163 billion and appointed the Minister of Climate Change and Environment, Maryam Al Muhairi.
The announcement came after the government ordered awareness sessions in all its ministries since June for 80 days.
It was the first country in the Gulf to adopt a net zero domestic consumption policy.
The plan is still in its infancy and some of its features are unclear, but the direction is clear.
It promised to rely on renewable and nuclear energy by 50% to generate electricity by 2050.
Abu Dhabi ’ s national oil company said it would get 100 percent of its electricity from the nuclear reactor and solar power.
The Mohammed bin Maktoum Solar Park will be the largest in the world with a capacity of 5,000 megawatts.
Gulf states are competing with each other, with news reports that Qatar has appointed a climate minister, Bahrain aiming for net zero carbon by 2050 and Kuwait announcing a plan to reduce carbon emissions.
Saudi Arabia does not like to be late.
It announced that it would increase the proportion of renewable energy from 0.3% to 50% by 2030.
The plan is to plant 10 million trees in the coming decades.
Over the weekend, the kingdom organized a summit of the Green Middle East Initiative, attended by John Kerry and Britain ’ s Prince Charles.
It promised to reach net zero carbon emissions in its territory by 2060.
The main reason the Gulf states have been slow to shift away from oil and its commodities is that they have made them rich and helped them anesthetize their citizens.
Their loyalty was bought through a series of subsidies for water, electricity, fuel and tax breaks.
These dynamics were different from Iraq, Lebanon and to a lesser extent Iran, but the situation is changing with the emergence of local environmental groups.

The UAE is a Middle Eastern country investing in renewable energy, with a target of increasing its share of clean energy to 50% by 2050 and notable projects such as the Shams 1 solar thermal plant and the Mohammed bin Rashid Al Maktoum Solar Park.

Title:

Content: Fossil fuels, which have powered the industrial growth and development of civilisations for centuries, are facing a looming deadline of depletion. Moreover, they have caused severe environmental and social problems, such as climate change, conflicts, and pollution. The need for alternative and sustainable energy sources is clear and urgent. However, the transition to a post-fossil fuel era is not easy or straightforward. It requires innovation, investment, cooperation, and vision.

This article explores the challenges and opportunities of global energy transformation, focusing on the dual nature of fossil fuels, the countdown to their exhaustion, and the promise of renewable energy sources. It also highlights the progress and potential of some countries in the Middle East and North Africa (MENA) region, which is one of the most dependent regions on fossil fuels in the world.

Fossil Fuels: A Double-Edged Sword

Fossil fuels, comprising oil, coal, and natural gas, are ancient energy sources that have been central to the development of various industries and sectors. They have enhanced transportation, manufacturing, agriculture, and electricity generation. They have catalysed global trade, commerce, and innovation, elevating the quality of life for millions.

However, this ascent has been coupled with profound challenges. Fossil fuels have been a source of geopolitical strife, epitomised by wars and conflicts over their control and distribution. They have also exacerbated environmental issues, such as greenhouse gas emissions, global warming, and climate change. Incidents like oil spills, gas leaks, and fracking have inflicted severe damage on ecosystems and public health.

The Countdown to Depletion

The finite and non-renewable nature of fossil fuels leaves humanity facing a daunting deadline. Predicting the exact exhaustion of these resources is a complex endeavour, influenced by reserves, consumption rates, technological advancements, and price fluctuations. Nonetheless, projections based on current data paint a concerning picture.

According to Octopus Energy, the year 2060 may mark the twilight of fossil fuels, based on current consumption and reserve estimates. In 2020, global oil production reached 91.7 million barrels per day (b/d), with key players like the United States, Saudi Arabia, and Russia at the forefront. Simultaneously, natural gas production stood at 3.94 trillion cubic meters (bcm). Although the Covid-19 pandemic temporarily curtailed production, a resurgence is anticipated. In contrast, natural gas consumption steadily rises by over 3% each year.

Should additional oil reserves remain elusive, known deposits could be depleted by 2052. The stark reality is that demand for oil has surged, nearly doubling the average annual rate observed over the preceding decade in 2018.

Toward a Sustainable Energy Paradigm

The global imperative for alternative energy sources is clear. Sustainable options, even if not entirely devoid of environmental impact, have become a linchpin of energy discussions. The quest for sustainability is no longer optional; it is fundamental to securing a prosperous future.

Embracing alternative and sustainable energy solutions is our paramount responsibility. The adverse consequences of persisting with fossil fuels are increasingly undeniable. Furthermore, incidents such as oil spills, gas leaks, and fracking have grievously scarred ecosystems and human health.

The geopolitical maelstrom surrounding fossil fuels is a testament to their strategic importance. By reducing our dependence on these finite resources, we can contribute to global stability and peace.

The Promise of Sustainable Energy

Investing in sustainable energy is not merely an ecological commitment; it is a strategic move to safeguard long-term energy security. Renewable sources like solar and wind power do not suffer the same spectre of depletion as fossil fuels, offering a reliable and sustainable energy future. Moreover, technology’s relentless march is enhancing the efficiency and cost-effectiveness of these alternatives, ensuring a seamless transition.

In this era of unprecedented global challenges, the unsustainable trajectory of fossil fuels is no longer tenable. Transitioning to renewable and sustainable energy sources is both a moral imperative and an economic necessity. As we confront the relentless march of climate change, endeavouring to secure long-term energy stability and foster global peace, embracing this transformation is our only viable path toward a sustainable and prosperous future. It is a journey we must embark upon with unwavering determination and foresight.

The MENA Region: The abundance of wisdom

The MENA region stands as an interesting case study for global energy transformation. The region is one of the most dependent regions on fossil fuels in the world. According to the World Bank, the region accounted for 36% of the global oil production and 20% of the global gas production in 2018. However, the region also faces many challenges and risks related to its reliance on fossil fuels, such as price volatility, environmental degradation, social unrest, and geopolitical conflicts.

Therefore, some countries in the region have started to prepare for the transition to a post-fossil fuel era by diversifying their economies, investing in renewable energy sources, and promoting innovation and sustainability. According to a report by the International Renewable Energy Agency (IRENA), the MENA region has a huge potential for renewable energy development, especially solar and wind power. The report estimates that the region could generate more than 60% of its total electricity from renewable sources by 2030.

Some of the countries that have made significant progress in this field are:

• UAE: The UAE has been a leader in innovation and sustainability in the region, with a vision of becoming a global hub for green economy and clean energy. The UAE has set a target of increasing its share of clean energy to 50% by 2050. The UAE has invested in various renewable energy projects, such as the Shams 1 solar thermal plant, which is one of the largest of its kind in the world, and the Mohammed bin Rashid Al Maktoum Solar Park, which is planned to be the largest single-site solar park in the world by 2030. The UAE is also home to Masdar City, which is a planned city that aims to be one of the most sustainable cities in the world. Also, UAE is one of the 10 largest oil producing countries with a proven reserves, according to BP statistical reviews, of 100 billion barrels.

• Morocco: Morocco has been a pioneer in renewable energy development in the region, with a target of achieving 52% of its electricity from renewable sources by 2030. Morocco has invested heavily in solar power projects, such as the Noor Ouarzazate complex, which is the largest concentrated solar power plant in the world. Morocco also has a strong wind power sector, with a capacity of over 1.2 gigawatts (GW) as of 2019.

• Egypt: Egypt has also been pursuing an ambitious renewable energy strategy, with a goal of reaching 42% of its electricity from renewable sources by 2035. Egypt has a large potential for solar and wind power, especially in the Sinai Peninsula and the Red Sea coast. Egypt has launched several large-scale projects, such as the Benban Solar Park, which is expected to be the largest solar photovoltaic (PV) plant in the world when completed, and the Zafarana Wind Farm, which is one of the largest wind farms in Africa.

These are some examples of countries in the MENA region that are prepared for after fossil fuels era. However, there are still many challenges and barriers that need to be overcome, such as policy and regulatory frameworks, financing and investment mechanisms, public awareness and participation, and regional cooperation and integration.

The world is at a crossroads in its energy choices. Fossil fuels have been instrumental in driving industrial growth and development, but they have also caused severe environmental problems. Their finite nature also poses a threat to long-term energy security. The need for alternative and sustainable energy sources is clear and urgent.

Renewable energy sources offer a promising solution to this challenge. They are abundant, reliable, and sustainable. They can reduce greenhouse gas emissions, mitigate climate change impacts, and foster global peace. They can also create new opportunities for economic growth, innovation, and social welfare.

— Dr Abdullah Belhaif Al Nuaimi is a former UAE minister of Infrastructure Development and for Climate Change and Environment

"Morocco and Egypt are leading the way in renewable energy investment in the Middle East, with targets of achieving 52% and 42% of their electricity from renewable sources by 2030 and 2035, respectively."

The Arab Gulf countries are investing in renewable energy, leveraging their resources to produce green hydrogen.

Title:

Content: -Advertisement-

Qatar is building the largest ammonia plant in the world

-Advertisement-
-Advertisement-

Al-Attiyah International Foundation for Energy and Sustainable Development confirmed that the oil-rich Arab Gulf countries have a favorable opportunity to invest in one of the promising renewable energy sources, which could reshape their economies and reduce carbon dioxide emissions in the coming years.
It is well known that the countries of the Middle East have abundant reserves of oil and gas, as the Gulf Cooperation Council countries specifically possess about 25 percent of the world’s oil reserves, and about 18 percent of the global reserves of natural gas.
However, the region’s leaders realize that oil and gas will not be the main drivers of their economies forever, and many of them are trying to diversify the sources of the economy and expand the base of non-oil sectors.
The report added that the State of Qatar recently announced a project to build the largest blue ammonia plant in the world, with a production capacity of about 1.2 million tons per year of blue ammonia, and production is scheduled to start in 2026.
The production of green hydrogen is one of the energy sources in which the countries of the Middle East region have begun to invest heavily. Green hydrogen is produced by electrolysis of water through the separation of hydrogen and oxygen, relying on renewable energy sources.
Hydrogen is used in a wide range of applications, including power generation and storage, and transportation. It can also be used to produce jet fuel. Most importantly, hydrogen provides an important way to reduce carbon emissions in heavy industries such as steel, cement, and fertilizers.
It should be noted that blue ammonia is made from natural gas, but the carbon dioxide from the production process is captured and stored. Blue ammonia can be used as a low-carbon fuel in a wide range of industrial applications, including transportation, power generation, and heavy industries such as cement and fertilizer production. Blue ammonia is also a preferred method for transporting hydrogen over long distances.
Accordingly, the Arab Gulf countries are qualified to become a major producer and exporter of hydrogen due to their huge resources in the field of renewable energy for the production of green hydrogen, and they also enjoy a privileged geographical location near major demand centers such as the European Union and Asia, in addition to having huge financial potential to invest in Green hydrogen production projects.
On the other hand, most government revenues in the Arab Gulf countries still come from fossil fuel exports, so the establishment of green hydrogen projects will reduce dependence on oil exports, in addition to achieving an environmental benefit represented in reducing carbon emissions. Despite this, hydrogen production projects are currently subject to great economic challenges and risks, and this must be taken into consideration when making investment decisions in hydrogen projects.

For latest updates and news follow BLiTZ on Google News, Blitz Hindi, YouTube, Facebook, and also on Twitter.
-Advertisement-

- A word from our sponsors -

-Advertisement-

Most Popular

"Middle Eastern countries such as Turkey, the Arab Emirates, Egypt, and Saudi Arabia are investing in renewable energy, with significant growth in green finance in 2022."

Title:

Content: Global News
The World Today - A pivotal and promising role for the countries of the region in the transition to renewable energy
You are now following the news of a pivotal and promising role waiting for the countries of the region in the transition to renewable energy from the news section of the world and now we leave you with full details
MARCH 3, 2023 02: 16 AM - The Middle East and North Africa (MENA) region has always played a pivotal role in the oil and gas markets, but this role will not stop if the world decides to move to low-emission sources of energy.
According to APRICORP, renewable energy investments are expected to account for 34 percent of electricity investment in the Middle East and North Africa between 2022 and 2026.
According to McKinsey & Company, the Middle East and North Africa receives 22 to 26 percent of the solar radiation energy on Earth, due to its geographical location.
Solar energy is not the only thing that distinguishes the region, as countries in this region are likely to be the source of 10 to 20 percent of the global hydrogen market by 2050, according to Roland Berger.
Hydrogen is likely to generate annual revenues of $120 billion to $200 billion by 2050, and many countries in the region have already started projects to transport and export hydrogen to energy-consuming countries.
The region has about 10 percent of global carbon capture and storage capabilities.
Despite the many challenges that countries in the region must face in this regard, the Middle East and North Africa (MENA) region has the potential to play a pivotal role in the global energy transition.
The most prominent question about green finance comes in this promising region.
Nael Amin, senior director of financial services at Arthur D. Little, said on this week ’ s episode of Dot Gulf ’ s World of Energy program that green finance in the Middle East and North Africa, including green bonds, had reached $3.8 billion in 2020.
This amount, according to Amin, has grown significantly during the year 2022, specifically in 4 countries, Turkey, the Arab Emirates, Egypt and Saudi Arabia, due to the development in the region and increased investments in this sector, as well as providing some important requirements in this sector.
Amin explained that besides financing, the region is witnessing progress in many areas in terms of dealing with environmental factors, which is an attractive factor for investors.
Over the past two years, banks have significantly increased their legislation in this area, as each of the Gulf countries has implemented the necessary standards and requirements to support the business environment in the field of green energy.
There are challenges, according to Amin, the most prominent of which is the data challenge, as he pointed out that banks are approaching the activities of customers to know the necessary data on funded projects, for example, in the case of financing the construction of a building, you must know the amount of energy that will be consumed by this building.
The Gulf States are working and collaborating with each other to understand the framework that must be adopted to develop infrastructure in the field of renewable energy and promote sustainability, which will positively impact and support green investment in general in the region.
We hope that we have succeeded in conveying the full details of a pivotal and promising role that awaits the countries of the region in the transition to renewable energy.
In God ’ s care and protection.
You may also read.

The Middle East Green initiative aims to reduce carbon emissions and promote environmental sustainability by planting 10 million trees and reaching net zero carbon emissions in the kingdom's territory by 2060.

"The Middle East Green initiative appears to focus on reducing carbon emissions and promoting sustainability through investments in renewable energy, such as solar and wind power."

Title:

Content: Environmental, Social, and Governance (ESG) issues have become increasingly prominent on the global stage as organisations recognise the need to integrate sustainability into their operations.

As the Middle East moves towards a low carbon future, sustainability has become a top priority for organisations and governments across the region.

Sheikh Mohammad bin Rashid, Prime Minister and Ruler of Dubai announced while launching the National Hydrogen Strategy that the UAE is to invest up to AED 200 billion ($54.5 billion) in renewable energy.

The launch of a AED 4 billion renewable energy plant in Dubai,  and the world’s largest waste-to-energy plant are proof of sustainability climbing the agenda.

With COP 28 being held in the UAE this year, there is a renewed sense of urgency on climate change action, and the net-zero carbon target is being prioritised through policies and actions.

After all, sustainability will boost the UAE’s economic competitiveness, drive innovative policy and improve investment opportunities.

The region has seen notable sustainability innovations, including Saudi Arabia’s rapid transition to a circular carbon economy, Bahrain’s state oil company refinancing a $2.2 billion sustainability-linked corporate finance facility, and Oman’s exploration of green hydrogen as a clean energy source.

However, the Middle East faces its own unique challenges in implementing ESG practices, especially around accurate sustainability reporting and implementing early regulations to fill in previous gaps.

Other challenges that hinder the progress of the region’s ESG agenda include the talent gap, how corporates in the region address the need to implement ESG practices, as well as data availability.

Regulatory frameworks

While standardised frameworks and reporting guidelines begin to form, the lack of clear regulations can hinder consistent measurement and disclosure of ESG performance.

Global frameworks have now become more widely adopted in the region such as the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB), and the newly published International Sustainability Standards Board (ISSB).

The gap in standardisation previously posed challenges for investors and stakeholders who relied on transparent and comparable ESG data for decision-making, however, we are starting to see drastic changes in this area.

Data availability

Many companies in the Middle East still face challenges in collecting, managing, and reporting ESG data, which can hinder their ability to effectively assess and manage their sustainability performance.

Data is the first step to measure any status, but also measure progress. Improving data collection mechanisms and investing in robust reporting systems will be instrumental in addressing this challenge.

ESG talent gap

Organisations need individuals with specialised knowledge and expertise in ESG practices to drive sustainable strategies effectively. Alongside this specialised knowledge, the industry also needs innovators, risk takers, agitators for change, mentors, and communicators in the field. There is however, a shortage of skilled professionals in the region with a deep understanding of ESG principles to drive innovative solutions.

Bridging this gap requires investment in education and training programmes to build a skilled workforce capable of integrating ESG considerations into business practices. Universities and training institutions are therefore increasingly offering courses and programmes on sustainability and ESG and businesses are partnering with academic institutions to develop tailored training initiatives and internships, nurturing a pipeline of talent equipped with the required knowledge and skills.

These efforts will cultivate a sustainable workforce capable of implementing and driving ESG practices in the Middle East.

Implementation by region’s corporates

Despite the challenges, corporations in the Middle East are embracing ESG practices, recognising the importance of sustainability and responsible business conduct. We see this through accelerated electrification and the increase of decarbonizing energy supply.

The GCC’s oil-producing nations have made efforts to diversify energy sources, transitioning towards net-zero carbon fuels for transportation. Investments in renewable energy, such as solar and wind, aim to mitigate environmental impacts and promote a low-carbon economic future transforming the economic system and supply chain.

Additionally, social considerations are gaining prominence. Companies are addressing social issues through initiatives that promote diversity, inclusion, and employee welfare.

Governance practices are also being strengthened to ensure transparency, accountability, regulatory reforms and ethical conduct.

While obstacles in integrating ESG practices persist in the Middle East, corporates in the region are proactively embracing sustainability and responsible business practices.

That the Middle East is emerging as a leader in ESG adoption is apparent through their fullfillment of the UN SDG goals which has driven positive environmental, social, and governance outcomes for businesses and society as a whole.

"The Middle East Green Initiative was launched by a kingdom in the region, which recently organized a summit attended by international dignitaries and pledged to reach net zero carbon emissions by 2060."

Climate change is having significant impacts in the Middle East, including drought, sea-level rise, and rising summer temperatures, which are exacerbating the region's existing water poverty and threatening coastal cities and human survival.

Title:

Content: The Middle East is on the cusp of an energy revolution.
In the midst of unprecedented climate change
The next morning – follow up:
The world is currently facing extreme weather extremes, from flash floods to heavy rainfall to record-high temperatures and wildfires, all pointing to a single source: climate change driven by carbon emissions in the air.
The Middle East is particularly affected by this situation as it produces and consumes a very large amount of carbon-emitting fossil fuels that in turn lead to climate change.
A UN report by a UN scientific panel described climate change as unprecedented, saying it was definitely people who were responsible for climate change.
He called for drastic cuts in emissions in order to keep global temperature below the limits set out in the 2015 Paris climate agreement.
According to the Intergovernmental Panel on Climate Change (IPCC), “The scope of recent changes in aspects of the climate system as a whole and the current state of many aspects of the climate system are unprecedented for centuries or several millennia. ”
"Based on the available evidence, they have high confidence that atmospheric carbon dioxide concentrations were higher in 2019 than at any point in at least two million years, and that since 1970, global surface temperature has risen faster than any other 50 years in at least the last two millennia."
234 experts from 66 countries wrote the report, the most comprehensive since 2013.
Many of the effects of climate change can no longer be avoided today.
John Alterman, vice president of the Center for Strategic and International Studies, director of the Middle East Program and director of the Brzezinski Chair for Global and Strategic Security, says no region in the world is more immersed in the consequences of global climate change than the Middle East.
The region accounts for 30% of global oil production and oil revenues are the locomotive of government revenues in the region, either because countries produce oil or because countries produce a workforce working in oil-exporting countries and send money home.
Because of oil revenues, Middle Eastern governments can and do employ large numbers of their own population.
As the world moves away from oil as a source of energy, the economies of the Middle East will change profoundly.
John Alterman adds in a report published by the Center for Strategic and International Studies that at the same time the Middle East is vulnerable to the consequences of climate change.
The region is already extremely water-poor, with the Middle East having 9 of the 10 most water-poor countries.
Drought pushes farmers away from their land and the region ’ s many coastal cities are threatened by sea-level rise, and rising summer temperatures increasingly combine with humidity to endanger human survival.
The Middle East is thus rooted on both sides of the issue of climate change.
As global consumption patterns change, the Middle East will change profoundly.
With climate change, the Middle East will also change profoundly.
He adds that developing countries' energy consumption rises sharply as incomes increase and are likely to rely on existing equipment and technology for longer.
While the rich can spend thousands on green products, for much of the world ’ s population oil and gas will remain affordable fuel.
But Middle Eastern governments may not be willing to cut their oil production.
A sustained drop in global consumption, however small, would put pressure on Gulf states to increase output in a bid to drive higher-cost producers out of the market and ensure they are not left with less valuable barrels in the ground when consumption falls further.
Governments across the Middle East have been preparing for a post-oil world for years but are still far from their goals, says John Alterman.
In the Gulf countries, years will be needed to move from the reality of high-productivity, low-wage workers supporting the efforts of low-productivity, high-wage workers.
The energy transition will be important for more than just the Middle East.
Energy security is the driver of much of China ’ s recent investment in the region.
If China decides that its energy security derives from mines in Africa and not from wells in the Middle East, we should expect a shift in Chinese interest and capital.
If there is a more permanent role for oil and gas in the global energy picture, there could be more competition between the United States and China for regional influence.
Finally, Western countries could move away from hydrocarbons for environmental reasons while China and the developing world remain devoted to them for economic reasons.
This could almost be reflected in America abandoning its future role in the Middle East, with China capturing much of this inaction.
Related Articles

"Climate change is having severe impacts in the Middle East, including increased pollution, drought, and rising temperatures, with significant economic and health costs. The region's high emission rates and warming rates, which are twice the global average, exacerbate these issues."

Climate change is affecting the Middle East, particularly the Gulf states, by decreasing global demand for fossil fuels and causing environmental changes such as falling rainfall and rising temperatures.

Title:

Content: A policy
rss
CORDSTANIANS
Amen.
A community.
Other
Economical.
Arabic & International
Elephant Section
A sport.
Miscellaneous.
A video.
Reports & Analysis
ARTICLES
ALL NEWS
British report presents a picture of the "new Gulf" and talks about the "aggression of Iran"
Category: Reports and Analysis
Date: 2022-09-24T19: 46: 23 + 0000
The British magazine "The Economist", on Saturday, a picture of the "new Gulf", which is turning due to the global energy crisis and geopolitical factors, considering that it will be richer and stronger, but more combustible.
The British magazine said in a report translated by the agency Shafaq News, that "within weeks, about a million football fans will come to Qatar for the World Cup, and many of them will also travel to neighboring cities such as Dubai and Abu Dhabi, noting that they will find a Gulf with a wealth of energy worth $3.5 trillion thanks to the war of Russian President Vladimir Putin in Ukraine."
In addition, Western politicians facing cost-of-living crises are guests of fossil-fuel economy properties: German Chancellor Olaf Schulz ’ s current visit to the Gulf, as well as US President Joe Biden ’ s July visit to Saudi Arabia, which he described as a pariah state for its human rights violations, and a fist-salute exchange with its de facto ruler, Prince Mohammed bin Salman.
The new oil and gas boom is taking place as deeper transformations take place, as global resource flows are re-engineered under Western sanctions, climate change, and the new formation of geopolitical alliances in the Middle East and adapted to a multipolar world where the United States is no longer seen as a reliable guarantor of security.
As a result, there is a new Gulf outlook that will remain fundamental for decades to come, but it is far from clear whether this new situation will be a source of stability.
The report pointed out that the Gulf countries belong to the Middle East region that has experienced "two terrible decades", where wars and uprisings broke out and killed a million people and the region's share of global GDP fell from 4% in 2012 to 3%.
In addition, the United States has cut its military presence in the wake of the disasters in Iraq and Afghanistan, leaving its old allies, including the Gulf states, fearful of the security vacuum that Iran and its proxies are filling.
The report described the three Gulf states - Qatar, Saudi Arabia and the United Arab Emirates - as authoritarian regimes that have long faced a decline in global demand for fossil fuels, while suffering from falling rainfall and rising temperatures due to climate change.
The first is changes in energy markets where current prices could lead the six Gulf states (Bahrain, Kuwait and Oman as well) to achieve $3.5 trillion in gains over the next five years.
In addition, Western sanctions on Russia are reorienting how energy resources are traded around the world, as Russia ’ s oil and gas production flows eastward, what is expected to turn the Gulf into the West ’ s largest supplier.
As the Gulf region is rich in energy resources, a second power is emerging: new alliances of power in the Middle East, and Iran has formed its axis of influence across the northern belt, including Iraq, Lebanon and Syria.
On the other hand, in reaction, there was a rapprochement between most of the Gulf states, Egypt, Israel and other countries, which was reflected in the "agreements of Abraham" with Israel.
The bloc is confused by the development of joint defense systems against Iranian drones and missiles, most likely relying on Israeli technology.
He said he was also linked to betting on trade that could bring greater wealth to these countries, noting that Israelis have made more than half a million visits to the UAE, while Gulf states have invested $22 billion in Egypt this year.
The report did not rule out that Saudi Arabia would one day join the "Abraham Accords," especially if Israel included the Palestinians in the idea of establishing a joint trade zone.
In addition, the bloc hopes to strengthen its ties with the rest of the world, noting that in February, the UAE signed a trade agreement with India, adding that Dubai is seeking to become a global trade center, where you can deal with anyone.
Clear indications are that the Gulf region will remain as important in global affairs in the coming decades as it was in the 20th century, although some U.S. strategists hope it will fade away.
In oil and gas, the region ’ s share of Europe ’ s imports could rise from around 10% currently to more than 20%.
But the only thing the new era may not bring is stability, and the same forces behind these opportunities are also causing unrest.
Seeking a security arrangement that relies less on the United States could backfire, the report said, adding that Iran ’ s “aggression ” could lead to a regional arms race fueled by energy profits, just as oil booms in the 1970s caused military spending to explode.
If Iran gets a nuclear weapon, countries like Saudi Arabia and Turkey will try to get a bomb of their own.
The final phase of the fossil fuel era could drag China and India deeper into the region, he said.
But the report said the biggest potential source of instability lay at home and urged millions of jobs for a large number of young people.
He concluded by saying that the “Gulf autocrats ” believe they have a long-term vision to manage this transformation, but they are vulnerable to the possibilities of repression, nepotism and arrogance, so despite this“ new Gulf ” that is emerging, some things are still the same, they will remain turbulent, and the world should not ignore them.
Translated by: Shafaq News
related
Exclusive...
Gulf proposal to settle Afghan refugees in Iraq in return for privileges and Iranian request
Date: 2021-09-03 13: 25: 42
Negev meeting.
Arab compass towards Israel to end the threat of Iran ’ s “proxies ”
Date: 2022-03-27 15: 25: 04
important role for Iraq.
Can ‘ energy diplomacy ’ be launched in the Gulf?
Date: 2022-07-31 12: 27: 21
Iraq is the largest exporter of sandstorms "regionally" and saved by palm belts
Date: 2022-07-31 12: 42: 04

The Middle East is promoting green energy as a response to climate change and the need to transition from oil, with a focus on increasing efforts to survive and adapt to the changing climate.

"The Middle East is promoting renewable energy, particularly solar energy, as part of its energy transition strategy, with countries like the UAE launching initiatives like the 'Net Zero by 2050 Initiative' to reduce dependence on oil and achieve climate goals."

"The Middle East is promoting a shift towards renewable and nuclear energy, with a focus on solar power, to reduce dependence on oil and achieve climate goals."

The Middle East is promoting a transition to cleaner energy, as evidenced by the Green Middle East Initiative and the goal to reach net zero carbon emissions by 2060, likely involving a shift towards solar energy and other sustainable sources.

"The Middle East is promoting renewable energy, particularly solar energy, as part of its efforts to reduce carbon emissions and tackle climate change."

Title:

Content: Successfully registered!
Please go through the link provided in the body of the e-mail message
Huawei offers Middle East a digital supersystem to meet ambitions for a low-carbon future
© Sputnik.
Mikhail Voskresensky / Go to the Bank of Tyre solar power plant, 20 km from Damascus, Syria
Follow us via
Tackling climate change is a growing priority on the agenda of most Middle Eastern countries, and last year, new climate action targets emerged across the region, and even major oil and gas exporters such as Saudi Arabia announced they would reach net zero emissions by 2060.
So far, 137 countries that are parties to the UN climate agreement, responsible for 80% of global carbon emissions, have begun to commit to clear emission reduction targets.
The Middle East also hosted an increasing number of conferences focusing on sustainable energy last year, paving the way for mega projects in the field.
The recent World Digital Energy Summit 2021 is one such forum, showing how public-private collaboration is helping usher in a low-carbon, greener future through advanced technologies.
Hosted by Huawei Digital Power, a new business for information and communications technology giant Huawei, the summit brought together more than 500 participants from 67 countries to examine the interplay between digital electronics technologies and clean energy.
Charles Yang, senior vice president of Huawei and head of global marketing sales and services at Huawei Digital Power, said: “Carbon neutrality has become a global consensus and a big task, and to achieve this goal, energy production must be low-carbon, and energy consumption must be regulated. ”
After the pandemic, there is expected to be greater demand from society for new and green energy sources.
For its part, Huawei sees an opportunity to deeply integrate digital electronics and energy technologies to create low-carbon energy solutions that cover the entire energy flow from green power generation to efficient energy consumption.
This is embodied in the company ’ s philosophy of “using bits to manage watts. ”
In June, Huawei proposed the Network Carbon Intensity (NCI) initiative, in which carbon emissions are defined by one bit as a new measure of green energy.
The initiative comes at a time when Huawei estimates that nearly 40% of its carbon emissions now come from electrical systems, and experts have highlighted how the power generation industry is transitioning to zero-emission status.
Honor launches its first phones in more than 40 countries after separation from Huawei.
Includes all Google Apps
The Middle East and Gulf region in particular is of strategic importance to Huawei, as it has the longest hours of sunlight in the world, estimated at 2,500 hours per year.
Yang asserts that there are significant opportunities for large-scale deployment of photovoltaic energy storage systems in particular.
Various test cases are now available for how to facilitate the use of artificial intelligence and big data in the operation and maintenance of energy systems more efficiently, thus companies can provide society with cleaner and more stable energy.
Smart photovoltaics, smart data center facilities, clean energy for electric vehicles, and for the construction site form an integrated network essential to driving the clean energy revolution.
Yang commented: “While we will cooperate with local companies in all these areas, I believe smart PV data center facilities are of particular importance in our plans. ”
“We have partnered with hundreds of companies, consultants, NGOs and governments around the world to consider opportunities to use a clean energy system, and the fact is that the Middle East is a major energy producer and a global leader in exploring alternative energy systems, and therefore we see tremendous potential for digital power to support the Middle East ’ s transformation agendas in building a better and greener future. ”
News Ticker
0.
New first, old first.
loader
To participate in the discussion
Sign in or Register
loader
Conversations
Заголовок открываемого материала

The Middle East's energy landscape is undergoing changes driven by global consumption trends, government preparations for a post-oil world, and external factors like China's energy security priorities.

"Changes in the Middle East's energy landscape are driven by potential shifts in global energy demand, with Western countries moving away from hydrocarbons and China increasing its influence in the region."

Changes in energy markets and declining demand for fossil fuels are driving shifts in the Middle East's energy landscape, with potential for significant economic gains for Gulf states.

The Middle East's energy landscape is changing due to the need for a transition to renewable energy, driven by the potential decline in oil demand and the need for economic diversification.

Title:

Content: UBS: The outlook for sovereign bonds in the Middle East improves significantly
UBS ’ s recent EMB report shows a significant improvement in the outlook for sovereign bonds in the Middle East in 2021 thanks to higher crude oil prices (37% since the beginning of the year), higher vaccination rates against COVID-19, and reform measures in key countries in the region.
Rising government and export revenues are likely to boost fiscal and current account balances this year, although the level of fiscal gaps remains much higher than before COVID-19.
The pandemic has underscored the urgent need for countries for economic diversification, structural reform and increased private sector participation.
The region ’ s large, low-cost hydrocarbon capacity will underpin a stable transition to a renewable energy scenario, but a rapid decline in oil demand will quickly expose the vulnerabilities of governments in the absence of major economic reforms.
Ali Janoudi, Head of Wealth Management for the Middle East and Africa at UBS, said: “Shifting away from fossil fuels is a priority for GCC governments, and we view positively the reform measures they are adopting and working on, the high rates of vaccination against COVID-19, as well as the high price of crude oil, so the GCC economies appear to be on the right track. ”
Michael Bolger, Chief Investment Officer for Emerging Markets at UBS Global Wealth Management, said: “Future indicators suggest that the speed of the transition to renewable energy will be one of the key determinants of the creditworthiness of the GCC countries.
The report assesses how these countries face the challenges of the future as part of two possible energy transition paths.
It examines in detail the economies, financial positions and policies of key sovereign bonds in the Middle East and provides insights into possible scenarios and their potential implications for investors.
Print Email

"The Middle East's energy landscape is changing due to the growing need to address climate change, with significant investments in climatetech startups and a shift towards more sustainable energy sources."

Title:

Content: Analyzing The Impact On -And What's Next For- The Middle East After The UAE's Momentous Staging Of COP28 The United Nations climate conference in Dubai made history last month, uniting nearly 200 nations to adopt a resolution to "transition away" from coal, oil and gas in this decade.

By Megha Merani

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.

The 28th edition of the Conference of the Parties of the United Nations Framework Convention on Climate Change (COP28) may have wrapped up- but the spotlight still remains fixed on the Middle East, with the UAE at the center, as it emerges as a potential key influencer in the global climate agenda. This focus comes amidst expectations from industry leaders that the summit's resolutions will spark a new wave of innovation and strategic rethinking across the region.

The United Nations (UN) climate conference in Dubai made history last month, uniting nearly 200 nations to adopt a resolution to "transition away" from coal, oil and gas in this decade. The landmark decision on fossil fuels -a first of its kind in the conference's three-decades- was won after intense debate and considerable resistance from leading energy producers.

Fossil fuels, which are responsible for the majority of global warming emissions, still account for more than 80% of the world's energy consumption, even amid a steady rise in renewable energy capacity. COP28 President Dr. Sultan Al Jaber said the deal "delivered a paradigm shift that has the potential to redefine our economies," but stressed the importance of action over rhetoric, signaling a turning point in international energy policies. "We are what we do, not what we say," he said. "We must take the steps necessary to turn this agreement into tangible action."

Salaal Hassan, founder and CEO of Ahya, an artificial intelligence (AI)-powered solution for businesses to measure and reduce emissions, said heightened awareness of climate challenges spurred by COP28 opens key opportunities for both policymakers and the private sector. "The private sector must move beyond an outlook of seeing climate change as corporate social responsibility (CSR), and instead adapt from purely capitalist models to green social capital-based enterprises," he said. To make the shift, he recommends the adoption of "double materiality", a concept that focuses on reinvesting profits into climate protection and accurately assessing climate risk.

Salaal Hassan, founder and CEO, Ahya. Source: Ahya

As for the road ahead, Hassan predicts the COP28 dialogue will be a major catalyst for climatetech innovation in the region, especially for software startups focused on database management, reporting, and reduction processes for climate initiatives. "Such solutions already exist in the US and European Union, but they are not transferable to the UAE due to cost, support, localization, and compliance aspects," he noted. As the region -which has been historically reliant on fossil fuels- pivots towards a sustainable future, Hassan also sees potential for Direct Air Capture (DAC) technology for greenhouse gas mitigation. However, he also pointed out that its capital-intensive nature poses limitations in emerging markets.

Meanwhile, Shukri Eid, General Manager for the Gulf, Levant, and Pakistan at American multinational IBM, said the urgency to measure carbon footprints, as well as the increasing demand for comprehensive data, including environmental, social, and governance (ESG) reporting, have exerted immense pressure on organizations. "To start, organizations need to establish baselines and develop data-driven strategies- deciding what data to collect, where to store it, and how to manage it for audits, performance assessment, and driving improvements," Eid said. Unfortunately, existing data is often "fragmented, incomplete, or outdated," Eid noted.

Shukri Eid, General Manager, IBM-Gulf, Levant, and Pakistan. Source: IBM

But he noted that technologies infused with AI "hold the most promise for climate action," citing IBM's collaboration with the US' National Aeronautics and Space Administration (NASA) on a foundation model for weather and climate. Trained on geospatial information, the model offers a novel approach to tackle climate change. "Unlike traditional AI models, geospatial foundation models can be fine-tuned for diverse applications, from flood detection to fire scars, driving impactful solutions across climate-related challenges," Eid explained.

Closer to home, IBM -which was an Associate Pathway Partner for the COP28 conference in Dubai – has also partnered with Mohamed Bin Zayed University of Artificial Intelligence to map the urban heat islands in the UAE. The research involves a fine-tuned version of IBM and NASA's geospatial foundation model to understand Abu Dhabi's urban environment and the formation of urban heat islands influenced by local landscapes. At the same time, IBM's Sustainability Accelerator is fostering innovation in water management at the University of Sharjah, which is developing a model and application to monitor and forecast water access in the Middle East and North Africa.

The financial sector is also adapting to take the lead in environmental initiatives. Dr. Saeeda Jaffar, Senior Vice President and Group Country Manager for the GCC at global digital payments leader Visa, said that finance and payment players "bear a significant responsibility" in driving adaptation, and that they are essential to bridging the gap between consumers and businesses in instilling sustainable practices. "The imperative for banks extends beyond merely reducing the reliance on cash payments and paper," she said. "It encompasses providing crucial capital to sustainable businesses, and creating an environment that fosters their growth. Any technology or innovation that inspires individuals and businesses to awareness and climate action holds great promise."

Dr. Saeeda Jaffar, Senior Vice President and Group Country Manager GCC, Visa. Source: Visa

Dr. Jaffar cited Visa's collaboration with sustainability-as-a-service startup Ecolytiq to launch an "Eco Benefits" bundle, in partnership with Mashreq Bank in the UAE and Qatar Islamic Bank in Qatar, as a prime example. The solution leverages payments data to allow consumers to track their carbon footprint per transaction, enabling them to understand the impact their spending behavior is having on the environment, and offers guidance on how to offset their carbon impact.

In the UAE, the carbon emissions insights are available to nearly one million Mashreq personal banking customers. "Rather than just offering products and services, we aim to craft experiences that truly benefit our customers," Faisal Al Shimmari, Head of ESG and Corporate Strategy at Mashreq Bank, said. "These products are designed to promote climate-positive behaviors, while delivering tangible impact for Mashreq customers."

Meanwhile, Mashreq is also actively ramping up its efforts to provide sustainable financing with a goal to reach US$30 billion by 2030, making it among the top facilitators of the UAE Banks Federation's (UBF) pledge at COP28 to mobilize $272 billion in sustainable finance by the end of the decade. The bank has already facilitated more than 30 deals in sustainable financing since 2021, including structuring and underwriting the recently closed Bapco Energies' $2.5 billion dual tranche Islamic and conventional term facility, the largest sustainability-linked loan in the region so far. Other projects that have received financing include adaptation-related projects such as water projects in Egypt, the UAE, Qatar, Saudi Arabia and Bahrain.

Related: A Silicon Valley for Climate Tech? It Could Well Be the UAE

Having noted important gaps in climate finance for decarbonization in the UAE, Al Shimmari called it "a matter of national priority". This is why Mashreq is set to launch a UAE ESG Ecosystem Government Accelerator, an initiative uniting public institutions and financial private sector organizations to expedite the UAE's green transition.

Meanwhile, as 2024 now gets underway, Al Shimmari noted that UAE climate startups will need to confront regulatory uncertainties and funding challenges, yet promising avenues for innovation and growth await. "Startups should focus on increasing their technology readiness level through university collaborations and market-funded programs, and work on addressing climate risk stress testing, including data availability and governance challenges," he advised, noting a bright outlook especially for agri- and water-tech sectors.

However, Ahya's Hassan highlighted that the scarcity of capital for climatetech is a major obstacle to progress. "The biggest challenge is that of investors not having the risk appetite or a specialized thesis, due to the need to dive deep into the macroeconomics and regulations, which are distinguishably different from other sectors, as well as the need to see climatetech returns on a mid to long term horizon," Hassan said. "Here, very few investors have a focus on climatetech. And enterprises, whilst having sustainability departments, do not have specialists running them and have a general view of sustainability as an operational expense or CSR function. This can only change through confidence building, and simplifying the macro regulatory context."

Echoing Hassan's view, Victor Sunyer, Partner at Dubai-based investment firm Nuwa Capital, said that venture capitalists, in line with market conditions, "will continue to exhibit increased selectivity and caution." This cautious approach comes just as UAE-based data platform Magnitt noted a significant global investment growth in climatetech. The sector saw $82 billion in investments in 2022, up 20% from the previous year.

Victor Sunyer, Partner, Nuwa Capital. Source: Nuwa Capital

In the more nascent Middle East, North Africa, and Turkey (MENAT) market, climatetech startups attracted $651 million across 148 ventures between 2018 and 2022. However, Nuwa Capital envisions climatetech as "a fundamental area for growth and investment in the region" over the next few years, Sunyer said, motivated by the urgency to mitigate climate change impact. "Consumer sensitivity towards responsible behavior adds momentum to this trend," he said. "We are pursuing investment opportunities in the climate action space, spanning both early and growth stages."

Sunyer also said that the region is seeing "the beginnings of a solid climatetech ecosystem", also pointing to accelerator programs sponsored by major energy companies directing their focus to energy efficiency and transition. ADNOC, for example, launched a $1 million decarbonization technology challenge last year. Sunyer also noted "heightened enthusiasm" for water management and efficiency post-COP28, as well as technologies focused around low-carbon foods and locally grown produce, and on reducing building energy consumption. "Given the relevance of the construction sector and the climatic conditions, implementing energy-conserving measures for buildings is crucial for enhancing overall energy efficiency," Sunyer said. "Anticipated strides by policymakers in this regard underscore the potential impact."

With buildings accounting for nearly 40% of global carbon emissions, Maged Marie, CEO at Egypt-based real estate firm Magnom Properties, emphasized the role of the built environment in global energy transition discussions at COP28. The summit focused on practical solutions to decarbonize the buildings sector, Marie said, describing it as a move to "course-correct."

Maged Marie, CEO, Magnom Properties. Source: Magnom Properties

At the summit, the governments of France and Morocco, alongside the UN Environment Program (UNEP), launched the Buildings Breakthrough, setting a goal for near-zero emissions and climateresilient buildings by 2030– an initiative Marie lauded as one of the "most important sector-specific outcomes" at the conference in Dubai. "While the speed and scale of urbanization globally has brought manifold challenges to the climate crisis, the buildings sector is also uniquely positioned to be part of the solutions as we move forward on the path of net zero," Marie said. "At Magnom Properties, for instance, we are tapping into the long-term potential of clean hydrogen to power 75% of the total energy demands of the Forbes International Tower in Cairo, Egypt, designed to be one of the most sustainable buildings globally."

The Forbes International Tower, a commercial project planned to be constructed in locations including the UAE, Saudi Arabia, and Egypt, will also use solar power, while also incorporating water recycling and smart technologies for efficient use. The tower is set to reduce its carbon footprint by 58%, equivalent to 60 million kilograms of carbon dioxide emissions, and it is also targeting Platinum LEED certification.

Commenting on the industry as a whole, Louise Collins, Head of Engineering and Energy for the MEA, and Head of Project and Development Services for the UAE, at real estate services firm JLL, said that sustainability is "high on the agenda" for both local and global businesses operating in the real estate sector. More time, resources, and money are being spent on sustainability, she said, which is expected to continue in the years ahead. According to JLL, 59% of the top 100 office occupiers in Dubai have carbon commitments.

Louise Collins, Head of Engineering and Energy for the MEA, and Head of Project and Development Services for the UAE, JLL. Source: JLL

Collins said that much of the demand for low-carbon space is coming from international occupiers. But the Emirate faces a unique set of challenges in meeting this demand, she said, including extreme climate conditions, rapid urban development, and high-energy demand buildings. That said, the market also presents unique opportunities. "As Dubai continues to develop rapidly, local government officials and developers benefit from implementing stringent buildings codes and construction practices to ensure buildings are sustainable at the onset– a much easier route than having to go through expensive and complex retrofits," Collins explained. "Building owners can also capitalize on abundant solar energy potential and leverage smart city technologies."

A spokesperson from NWTN, a UAE-based electric car manufacturer and green energy provider, forecasted transformative shifts in the regional energy landscape, including an uptick in investments in renewables like solar and wind power, that would potentially lead to the emergence of new renewable tech companies. "Given the UAE's abundant solar resources, innovations in solar energy, such as more efficient photovoltaic cells or concentrated solar power systems, are particularly promising," the spokesperson said. "Wind energy, especially offshore wind turbines, could also see significant advancements."

Other promising technologies include green hydrogen produced using renewable energy sources. "It can be used in various sectors, including transportation, industry, and power generation, making it a versatile option for decarbonization," the spokesperson said. These, along with advanced energy storage systems including batteries and other novel storage technologies, along with smart grid technology, are essential for managing the intermittent nature of renewable energy sources.

Peter May, Vice President of Operations at Dubai-based proptech startup Silkhaus, underscored the shared collective accountability for climate action. "Climate action is everyone's responsibility across sectors, and not just that of cleantech businesses," he said. But startups face challenges, he added, in "avoiding the lure of greenwashing," and resisting the misconception that purchasing carbon credits is a primary solution. Advocating for a more comprehensive approach, May said companies need to focus on education, optimization, and direct impact reduction.

Peter May, VP of Operations, Silkhaus. Source: Silkhaus

But despite hurdles in the shift to green, May is upbeat about COP28's long-term effect on Middle East economies. Ultimately, the unprecedented agreement is encouraging as it aligns with the region's ambitions to diversify away from oil-dependence, he said. After all, expanding into non-oil sectors -while fostering sustainable practices- is a win-win scenario.

Related: What Are The Climate Solutions That We're Leaving On The Table? Ask Women Entrepreneurs.

Megha Merani

Independent Journalist

Megha Merani is an independent journalist based in Dubai, United Arab Emirates. Her stories have made headlines across a number of publications including Reuters, Associated Press, Entrepreneur Middle EastBloomberg Middle East, Arabian Gulf Business Insight, Arabian Business, and former local daily 7DAYS.

Megha also produces editorial for government platforms including the World Government Summit and World Economic Forum's Annual Meeting of the Global Future Councils. She has been a grant winner of the Thomson Reuters Foundation and The Global Initiative Against Organized Crime funded by the government of Norway to report on the online trade in illegal wildlife.

Megha is also an Associate Fellow (AFHEA) at Murdoch University in Dubai and leads its Digital Newsroom course unit. In addition, Megha serves as a United Nations Women mentor to support equal opportunities for women entrepreneurs, and supports various other programs including TIE Women, 60 Day Startups, and the Watt Inc. Business Incubator.

Related Topics

Money & Finance

Your Complete Guide to Building Passive Income in 2024

Forget active income — it's time to create some real financial freedom in your life.

Side Hustle

4 Passive Income Ideas to Try as a Side Hustle in 2024

The side hustle culture is upon us — are you ready to act?

Growing a Business

7 Innovative Marketing Approaches to Boost Your Sales in 2024

The year 2024 looks promising for marketers who are willing to embrace technology without sacrificing community.

Side Hustle

This Retired UPS Employee Started a People-Oriented Side Hustle That Earns More Than $500,000 a Year — and 'Anyone With a Pulse Can Do It'

William Zuniga wanted a side gig that would help him meet new people — and he found a very lucrative one.

Entrepreneurs

Dubai Future Foundation And Richemont Invite Startups To Solve Challenges In The Luxury Retail Experience

UAE-based and global startups, scaleups, and SMEs are invited to participate in the Future of Luxury Retail Technologies program.

Technology

LEAP 2023 In Riyadh Sees US$9 Billion Worth Of Investments Made In Saudi Arabia's Tech Sector

The huge investment packages are said to come with the full support of Saudi Arabia Crown Prince HRH Mohammed bin Salman bin Abdulaziz Al Saud, who remains committed to accelerating tech developments in Saudi Arabia.

"Saudi Arabia aims to achieve 50% of renewable energy by 2030."

The UAE aims to increase its share of clean energy to 50% by 2050.

The UAE aims to generate 50% of its electricity from renewable and nuclear energy by 2050.

"The UAE has launched the 'Net Zero by 2050 Initiative' with a $163 billion investment budget, indicating a significant investment in renewable energy projects, particularly in solar energy, as part of its energy transition strategy."

"Countries in the Middle East are attracting new investments in renewable energy projects, particularly solar and wind power, as they transition to a post-fossil fuel era."

"Countries in the Middle East, such as Morocco and Egypt, are investing heavily in solar and wind power projects as part of their energy transition strategies, with notable projects including the Noor Ouarzazate complex and the Benban Solar Park."

The Middle East countries are investing in renewable energy sources as part of their energy transition strategies, aiming to reduce their dependence on oil and gas and decrease carbon dioxide emissions.

"New investments in the Middle East region are being attracted to projects related to energy transition, sustainability, and green technologies, such as circular carbon economies, green hydrogen, and sustainability-linked finance facilities."

The UAE is expected to lead the Middle East region in renewables capacity growth, driven by its ambitious clean energy targets and significant investments in solar energy projects.

Gulf Cooperation Council countries are transitioning away from oil as a source of energy, likely towards cleaner forms of energy, as the world moves away from oil and the region's economies are expected to change profoundly.

Gulf Cooperation Council countries are transitioning away from oil and towards cleaner energy sources, driven by the need to address climate change and reduce their dependence on fossil fuels.

Gulf Cooperation Council countries, led by the UAE's "Net Zero by 2050 Initiative," are transitioning to cleaner energy sources, aiming for net zero emissions by 2050.

Gulf Cooperation Council countries are transitioning to renewable and nuclear energy, aiming to generate 50% of their electricity from these sources by 2050, with countries like Saudi Arabia and the UAE investing heavily in solar energy.

Gulf Cooperation Council countries are transitioning to cleaner forms of energy, such as solar energy, as part of their energy transition strategies to build a better and greener future.

The Middle East is undergoing an energy revolution, driven by the need to reduce carbon emissions and mitigate climate change. The region's economies will need to adapt to a post-oil world, with several countries investing heavily in solar energy as part of their transition strategies.

The Middle East economies, heavily reliant on oil revenues, will undergo significant changes as the world transitions away from oil, impacting government revenues and the local economy.

The Middle East's economy will face significant changes as the world shifts away from oil, due to the region's heavy reliance on oil wealth and vulnerability to climate change.

"The Middle East economies will face challenges as the world shifts away from oil, and will need to diversify and adapt to a post-oil world, with a focus on renewable energy sources such as solar power."

The Middle East's transition away from oil will be challenging due to the ruling elites' dependence on oil resources, but the region's investment in solar energy and other renewables may help mitigate the economic impact.

The UAE is leading the way in renewable energy infrastructure development in the Middle East, with initiatives such as the "Net Zero by 2050 Initiative" and a significant investment budget.

"Countries in the Middle East, including the United Arab Emirates, Qatar, Bahrain, Kuwait, and Saudi Arabia, are developing renewable energy infrastructure, with a focus on solar energy, to achieve their energy transition goals and reduce carbon emissions."

The UAE is developing renewable energy infrastructure in the Middle East, with a focus on solar energy and a target of increasing its share of clean energy to 50% by 2050.

The Arab Gulf countries are developing renewable energy infrastructure to produce green hydrogen, positioning themselves as major producers and exporters in the region.

Countries such as Turkey, the Arab Emirates, Egypt, and Saudi Arabia are developing renewable energy infrastructure in the Middle East, with significant growth in green finance and investments in the sector.

"Saudi Arabia's Vision 2030 program aims to develop renewable energy sectors by increasing the proportion of renewable energy to 50% by 2030."

"Saudi Arabia has announced a net-zero emissions target by 2060, as part of the growing climate change mitigation efforts in the Middle East."