The Middle East Green initiative aims to address climate change by reducing carbon emissions and promoting environmental sustainability, which is crucial for the region given its high production and consumption of fossil fuels.

The Middle East Green initiative aims to mitigate climate change, promote environmental sustainability, and reduce carbon emissions, as evidenced by countries' investments in clean energy projects and goals to achieve net zero emissions.

The Middle East Green initiative aims to mitigate climate change, promote environmental sustainability, and reduce carbon emissions. The region's energy transition is driven by its advantages as an energy leader, with countries like the UAE investing in solar energy, carbon capture, and hydrogen markets to drive down carbon intensity.

"The Middle East is transitioning towards renewable energy, with an expected $1 trillion investment by 2040, aiming to achieve global environmental goals and mitigate climate change."

The Middle East Green initiative aims to mitigate climate change, promote environmental sustainability, and reduce carbon emissions, as the region transitions away from oil dependency.

The United Arab Emirates, Saudi Arabia, and Jordan are among the Middle East countries proactively developing their renewable energy sectors, with significant investments in solar energy projects and goals to achieve net zero emissions.

The United Arab Emirates, Saudi Arabia, and Jordan are among the Middle East countries proactively developing their renewable energy sectors through large-scale projects.

The United Arab Emirates and Saudi Arabia are among the Middle East countries proactively developing their renewable energy sector, with targets to achieve between 20 and 50 percent renewable energy by 2030.

The United Arab Emirates and Saudi Arabia are among the Middle East countries proactively developing their renewable energy sector, particularly in solar energy, due to their high solar energy potential.

The United Arab Emirates and Saudi Arabia are among the Middle East countries proactively developing their renewable energy sector as part of their energy transition strategies.

"Climate change is affecting the Middle East through drought, sea-level rise, temperature increase, water scarcity, and desertification, posing significant threats to the region's water-poor countries and coastal cities."

Climate change is having a significant impact on the Middle East, with extreme temperatures, floods, and droughts affecting the region. This is relevant to the topic of energy transition in the Middle East, where countries are investing in solar energy to reduce their reliance on oil and mitigate the effects of climate change.

"Climate change is having severe impacts on the Middle East, including rising temperatures, drought, and sea level rise, which are expected to worsen over time and have significant effects on the region."

Climate change impacts in the Middle East include drought, sea level rise, temperature increase, water scarcity, and desertification, which necessitate a transition towards renewable energy sources as part of the region's energy strategies.

"Climate change is affecting the Middle East through drought, desertification, storms, temperature increase, and precipitation decrease, with the average temperature expected to rise to 4 ° C by the end of the century and precipitation decreasing by 20%."

The Middle East is transitioning towards renewable energy, with countries like the UAE, Egypt, Jordan, and Morocco leading in solar and wind power plant establishment.

Several Middle Eastern countries, including the UAE, are taking steps to address climate change and transition to cleaner energy, with initiatives such as the 'Net Zero by 2050 Initiative' and investments in solar energy.

Several Middle Eastern countries, including Jordan, Morocco, Egypt, and the UAE, are developing renewable energy sources like solar and wind power, which may be part of a broader regional climate initiative.

The Kingdom of Saudi Arabia launched the Middle East Green initiative, aiming to reach net zero carbon emissions by 2060 and transition away from oil.

"Egypt and Saudi Arabia are investing in solar energy, with Egypt having multiple projects underway and planned, including a 5 GW project with Norwegian developer Skatek and a 10 GW project with UAE clean energy company Masdar, and Saudi energy development company Aqua building a 1.1 GW wind farm at Jebel Zeit on the Gulf of Suez."

"Saudi Arabia and Egypt are among the Middle Eastern countries investing in solar energy, with high solar energy potential and ongoing efforts to increase solar capacity."

"Egypt and Saudi Arabia are investing in solar energy as part of their energy transition strategies, with Egypt aiming to derive 42 per cent of its electricity mix from renewable sources by 2035."

Egypt and Saudi Arabia are among the Middle Eastern countries investing in solar energy, with targets to increase their renewable energy capacity to 20-50% by 2030.

The Benban Solar Park in Egypt has a capacity of 1800 megawatts.

The United Arab Emirates, among other Middle Eastern countries like Morocco and Egypt, is investing in renewable energy, as evidenced by its hosting of the World Future Energy Summit, which focuses on future energy and sustainability.

"Countries in the Middle East, such as Egypt, are investing in renewable energy as part of their energy transition strategies, with goals to increase their electricity mix from renewable sources and reduce dependence on oil and gas."

The United Arab Emirates, Morocco, and Egypt are investing in renewable energy as part of their energy transition strategies in the Middle East, with the UAE launching a dedicated hydrogen innovation centre and hosting Cop28.

The United Arab Emirates is among the countries in the Middle East investing in renewable energy as part of its strategy to diversify its economy and contribute to global climate action.

The United Arab Emirates is one of the countries in the Middle East investing in renewable energy, with a 15-year history of investment in solar and broader renewable space.

The Middle East region is witnessing investments in non-traditional sectoral projects, particularly in renewable energy sources and new technologies, driven by regulatory reforms and concerns about climate change.

"The Middle East region is attracting new investments in non-traditional sectoral projects, including alternative energy sources, as part of its energy transition strategy, with countries like Saudi Arabia diversifying their investments away from fossil fuels."

"The Middle East region is witnessing a shift in investments towards non-traditional sectoral projects, such as electric vehicle manufacturing, as oil states diversify their economies away from oil."

The region is attracting new investments in non-traditional sectoral projects, such as infrastructure and technology, as part of efforts to diversify the economy away from oil.

The Middle East is diversifying its economy by investing in non-traditional sectoral projects, including renewable energy, to reduce reliance on oil and promote sustainable sources of economic activity.

Investing in renewable energy in Arab Gulf countries aims to reduce carbon dioxide emissions, contributing to a more sustainable environment and addressing climate change concerns.

Investing in renewable energy in Arab Gulf countries aims to reduce carbon dioxide emissions, with countries like the UAE and Saudi Arabia implementing large-scale projects to achieve net zero emissions.

"Arab Gulf countries are investing in renewable energy to reduce carbon dioxide emissions and achieve clean energy goals, with countries like Egypt aiming to derive a significant portion of their electricity mix from renewable sources."

Investing in renewable energy in Arab Gulf countries aims to reduce carbon dioxide emissions, in line with global climate change agreements and the growing interest in clean energy sources like green hydrogen.

Investing in renewable energy in Arab Gulf countries aims to reduce carbon dioxide emissions and transition to a low-carbon economy, with regional initiatives and major energy players driving this effort.

"Sustainable development is a key aspect of energy transition strategies in the Middle East, with countries aiming to balance their energy deployment approaches to ensure inclusivity and sustainability."

"Saudi Arabia's Future Investment Initiative likely emphasizes sustainable development as a solution for the region's economic stability and sustainability, as implied by the discussion of diversifying economies and investing in clean technologies."

"Saudi Arabia's Future Investment Initiative emphasizes sustainable development as a key solution, with the Gulf States collaborating to develop renewable energy infrastructure and promote sustainability."

The UAE, Saudi Arabia, and Oman are expected to lead the growth in renewable energy in the Arab region, with significant investments in clean energy projects, such as the UAE's Dh600 billion investment and Saudi Arabia's new renewable energy projects.

Gulf Cooperation Council countries are transitioning to renewable energy, with countries such as the UAE and Saudi Arabia investing heavily in clean energy projects and aiming to achieve net zero emissions in the coming decades.

Gulf Cooperation Council countries are transitioning to renewable energy as part of their energy transition strategies, with goals to increase the proportion of renewable energy in their energy mix to 50% by 2050.

Gulf Cooperation Council countries are transitioning to renewable energy, with countries like Saudi Arabia and the United Arab Emirates aiming for 20-50% renewable energy by 2030.

The United Arab Emirates plans to generate 50% of its electricity from renewable and nuclear energy by 2050 as part of its energy transition strategy.

The Middle East Green initiative aims to address climate change by reducing carbon emissions and promoting environmental sustainability, which is crucial for the region given its high production and consumption of fossil fuels.

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

The Middle East Green initiative aims to mitigate climate change, promote environmental sustainability, and reduce carbon emissions, as evidenced by countries' investments in clean energy projects and goals to achieve net zero emissions.

Title:

Content: World Future Energy Summit to focus on providing ‘sustainability blueprint’

The three-day event will be held at the Abu Dhabi National Exhibition Centre from January 16 to January 18

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The 2023 World Future Energy Summit aims to provide a “crucial sustainability blueprint” amid a global focus on the energy transition and measures to boost investment in the renewables sector.

Energy industry leaders and policymakers from around the world will participate in the three-day event at the Abu Dhabi National Exhibition Centre from January 16 to January 18, organisers said on Wednesday.

The summit is the centrepiece of Abu Dhabi Sustainability Week, a global initiative championed by the UAE and Abu Dhabi's clean energy company Masdar to hasten sustainable development and advance economic, social, and environmental progress.

“This event has evolved just as the energy sector and our economies are transitioning,” said Suhail Al Mazrouei, Minister of Energy and Infrastructure.

“It has now morphed into the Middle East’s most important industry gathering, of which clean energy and infrastructure are key components.”

Countries in the Middle East such as the UAE, Saudi Arabia, Jordan, Oman and Egypt are boosting investment in the clean energy sector.

The UAE is investing Dh600 billion ($163.5bn) in clean and renewable energy projects over the next three decades as it aims to achieve net zero emissions by 2050.

It is building the world’s largest solar plant with a capacity of two gigawatts in Abu Dhabi's Al Dhafra region that is expected to be ready next year, as well as the Mohammed bin Rashid Solar Park in Dubai with a capacity of five gigawatts.

Saudi Arabia, the Arab world’s largest economy, also announced a number of new renewable energy projects as it seeks to become carbon neutral by 2060.

Egypt, the most populous country in the Arab world, aims to derive 42 per cent of its electricity mix from renewable sources by 2035. The North African country is hosting Cop27 next month.

“This newly transitioned event profile is in the right place at the right time, underlining a much-needed shift towards reaching our clean energy goals, as well as achieving sustainable governance and adopting consumption and [the] production of natural energy methods that ensure the quality of life for current and future generations,” Mr Al Mazrouei said.

Renewable energy investment continued to rise amid green transition efforts globally. Capital investments in renewables are set to surpass oil and gas spending for the first time in 2022 as high power prices prompt countries to further diversify their energy mix, according to a report by Rystad Energy.

Investment in renewable energy is set to hit $494bn in 2022, outstripping upstream oil and gas spending at $446bn for the year, the Oslo-based energy consultancy said this month.

In addition to the focus on energy, water, eco-waste, solar, smart cities, climate and the environment, next year's event will also preside over the launch of a dedicated hydrogen innovation centre as demand for the clean fuel picks up globally amid green transition efforts, organisers said.

The event takes place at a time when the UAE is preparing to host Cop28 next year.

Updated: October 19, 2022, 10:41 AM
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The Middle East Green initiative aims to mitigate climate change, promote environmental sustainability, and reduce carbon emissions. The region's energy transition is driven by its advantages as an energy leader, with countries like the UAE investing in solar energy, carbon capture, and hydrogen markets to drive down carbon intensity.

Title:

Content: Energy transition provides opportunity to transform, diversify economy: Sultan Al Jaber

Dr Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Special Envoy for Climate Change.

Globally, at least $3 trillion will be invested in renewable energy over the next ten years.

By WAM

Published: Tue 18 Jan 2022, 11:12 PM

Last updated: Tue 18 Jan 2022, 11:15 PM

The UAE sees the energy transition as an opportunity to transform and diversify the economic growth model of the country, according to Dr Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Special Envoy for Climate Change.

Speaking during a virtual panel session titled ‘Projecting COP Ambitions across COP27 and COP28 and Economic Diversification Priorities Post-pandemic’ at the Abu Dhabi Sustainability Week (ADSW), Dr. Al Jaber explained how the UAE and the Middle East and North Africa (Mena) region can take advantage of the drive to climate action.

Al Jaber was speaking alongside the Alok Sharma MP, President of COP26, and Sameh Shoukry, Minister of Foreign Affairs of Egypt and President-Designate of COP27, during the session moderated by Fred Kempe, President and CEO of the Atlantic Council.

Al Jaber said, “This region has specific advantages that can accelerate the energy transition from our position as energy leaders. Firstly, as long as the world continues to rely on oil and gas we can ensure reliable supplies of the least carbon intensive oil and gas available. We are leveraging this position to further drive down the carbon intensity through expansion of the first in the region carbon capture facility.

“We are also building on our unique capabilities in hydrogen to lay the foundation for a zero carbon hydrogen market. And, as you know, the UAE has been investing in the solar and broader renewable space for the last 15 years, and we are doubling down on this investment.”

Al Jaber pointed out that globally, at least $3 trillion will be invested in renewable energy over the next ten years. He said this represents a multi-trillion dollar opportunity that the UAE, the region and its international partners can capitalise on. “In fact, this is the thinking behind our Net Zero Strategic Initiative. Net zero, for us, is about new industries, new skills and new jobs. For us, the business of tackling climate change is simply good business.”

Dr Al Jaber cited the recent strategic partnership between Abu Dhabi National Energy Company PJSC (Taqa), Mubadala Investment Company (Mubadala) and Abu Dhabi National Oil Company (Adnoc) which transformed Masdar into a global clean energy powerhouse.

He said the new Masdar has almost doubled its renewable energy capacity and the ambition is to build on this solid foundation to reach 100 gigawatts (GW). Al Jaber called for partners, in the public and private sectors, to join the UAE and Masdar in delivering these ambitious goals that will lead to new industries, new skills, new jobs and new opportunities.

Responding to a question on the outcome of COP26 (the 26th United Nations Climate Change Conference), Dr. Al Jaber noted it was a success as Glasgow united 90 per cent of the world’s economy on the path to net zero. “COP 26 also succeeded in launching many coalitions between governments and businesses to accelerate innovation. AIM for Climate, which the UAE launched with the US and 34 other countries is a good example. This is a growing coalition that directs investment to agri-tech to reduce agricultural emissions, which account for as much a third of global emissions. And critically COP26 finally reached a deal on Article 6 of the Paris Agreement, which lays the foundation for effective carbon markets. All of this creates great momentum and a great platform which Egypt and the UAE can, and will, build on.”

On COP28 which is set to take place in Abu Dhabi in 2023, Al Jaber highlighted that it will mark the first ever global stocktake that will show us how we are tracking towards the Paris goals and, critically, it will set the roadmap towards 2030 and beyond. He added that the UAE is already working closely with the UK and Egypt to continue the momentum of COP26 and went on to detail the UAE’s approach to COP28.

“We want Abu Dhabi to be where the world turn pledges into concrete results and help take commercially viable climate solutions to scale around the world. This is why we want COP 28 to be as inclusive as possible, reflecting the views of developed alongside developing countries, the public and private sectors and scientists and civil society.”

“Inclusive also means including the expertise that exists across the energy spectrum, and specifically the hydrocarbon industry, because if we want to successfully transition to the energy system of tomorrow, we cannot simply unplug from the energy system of today. We need to make the current system work more efficiently with less carbon. We should leverage expertise from across the energy sector to find the climate solutions we need,” said Al Jaber as he stressed the need to always remember that the goal is to hold back emissions, not progress. — Wam

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"The Middle East is transitioning towards renewable energy, with an expected $1 trillion investment by 2040, aiming to achieve global environmental goals and mitigate climate change."

Title:

Content: Sunday, 24 September 2023 02: 03 GMT
2030 Arab Goal to Advance Renewable Energy Capabilities Globally
(MENAFN- Al-Bayan) $(resize) .css ('font-size', newFontSize); return false;});});
Several Arab countries are accelerating to keep pace with the international aspiration to achieve the goal of tripling global renewable energy capacity by 2030, which is receiving widespread attention, amid various plans and strategies at national levels in many countries.
The Arab countries that are likely to play the largest role in this regard, according to industry experts, are the UAE, Saudi Arabia, Oman, Kuwait, Egypt, Jordan, Algeria and Morocco, by injecting more investments into this vital and promising sector.
During the recent G20 summit in New Delhi in September, G20 leaders expressed their support for all efforts to increase renewable energy capacity and pledged to accelerate measures to address environmental crises and challenges.
With this growing international interest in the energy transition, the plans are facing many challenges, including (but not limited to) access to finance, especially for low- and middle-income countries, with significant investment required over the coming years.
(Al-Bayan), a group of American academics and specialists in the renewable energy sector were surveyed about the main opportunities and challenges on the way to increase the desired capacity, the investments required to achieve that goal, and the extent of its expected environmental and economic repercussions.
Huge spikes.
Achieving the ambitious goal of doubling global renewable energy capacity in the near term will be reflected concretely in several contexts, explains Gregory Nemet, a specialist in the analysis of international energy systems and environmental policies at the University of Wisconsin. By 2030, it will deliver significant benefits in terms of jobs, economic development, and improved air quality, as well as putting the world on the path to addressing climate change in the long term.
“The costs of renewable energy, especially solar and wind, have dropped dramatically over the last 10 years, and most experts expect them to continue to fall, ” says Nemet, explaining that a clean, affordable source of energy creates huge opportunities, allowing global renewable energy capacity to be tripled by taking full advantage of it.
According to Nemet, the 3-fold increase also presents challenges, such as “access to finance for low- and middle-income countries, and investments in electricity grids to accommodate this growth ”, stressing that“ challenges can be overcome through sustained efforts and supportive policies, as we have seen many examples in the recent past. ” A sign of broad international cooperation is required in this regard.
Last year, renewable energy capacity (globally) increased by 9.6 percent to 3,372 gigawatts, an increase of a record 295 gigawatts, despite global uncertainty in light of geopolitical developments and the Ukrainian war, according to data published by the International Renewable Energy Agency (IRENA) on March 22.
Almost half of the new capacity from renewable energy in Asia has been added, with China contributing more than 141 gigawatts to the new capacity of the entire continent.
Renewable energy sources in Europe and the United States grew by 57.3 gigawatts and 29.1 gigawatts respectively.
African capacity increased slightly by 2.7 gigawatts.
According to IRENA data, although hydropower accounts for the largest share of total global renewable energy capacity at 1,250 gigawatts, solar and wind power continue to dominate new capacity, contributing 90% of total capacity last year.
Solar capacity came first with an increase of 22%, followed by wind power with an increase of 9%.
Policies and Incentives
University of Massachusetts academic David Turcotte, whose research interests include climate change and environmental justice, believes that there are many opportunities in the context of increasing global renewable energy capacity, due to increases in oil prices as a result of the Ukrainian crisis, which makes renewable energy sources more cost-effective, as well as worsening economic and human costs. Recurrent, more severe climate change disasters.
“Many developed countries have expanded policies and incentives to encourage increased capacity to produce renewable energy.
However, we still face a lot of challenges […]
That threatens to derail efforts to increase renewable energy capacity, and the transition to a clean energy economy.
Among these challenges is the lack of adequate funding to support increases in renewable energy capacity in developing countries, a challenge he described as “serious. ”
While international efforts are accelerating to target investments in the context of increasing global renewable energy capacity, those investments are still below the 1.5 ° C target.
This is shown by data from IRENA and the Climate Policy Initiative (CPI) released in February, which estimate the total volume of investments in renewable energy sectors during 2022 at $499 billion, up from $430 billion in the previous year 2021.
Developments in the world over the past year, especially with the start of the Russian military operation in Ukraine in February 2022, have also encouraged many countries to move more towards renewable energy sources, to overcome the energy crisis caused by the consequences of the war, in the interest of the desired goal of increasing capacity.
Required investments
John Hall, Professor of Mechanical Engineering at the Center for Energy Production and Infrastructure, University of North Carolina, United States, notes that “the goal of tripling global renewable energy capacity by 2030 is a challenge, and achieving the goal requires an intensive global strategy, focused on significant financial investment, technological innovation targeting these communities, inclusive policies, and collaborative efforts. ”
Speaking with Al-Bayan, he stressed that community participation and infrastructure development in underserved areas should be central to the strategy, leading not only to the promotion of the energy transition, but also to economic upgrading.
The International Renewable Energy Agency (IRENA) estimates that $4 trillion per year will be required in the clean energy sector until 2030 to strengthen global capacity in this regard.
Logistical challenges
Warren Mabey, an academic at Queen ’ s University who specialises in energy policy and natural resource management, told Al Bayan that “it is technically possible to triple global renewable energy capacity over the next six years, and this will put enormous pressure on the global supply chains that support the sector. and manufactured goods, necessary for the transformation process).
Mabe believes that “the cost will be enormous, and the logistical challenge may be too great to overcome ”, stressing the need for“ strong and consistent leadership from countries around the world to achieve this. ”
Arabic Steps
At the Arab level, five Arab countries (Egypt, Morocco, Oman, Saudi Arabia and the United Arab Emirates) are expected to account for about 72% of the region ’ s total growth in renewable energy, according to the Organization of Arab Petroleum Exporting Countries (OAPEC), which expects renewable energy capacity to reach 45 gigawatts by 2027, an increase of 3 times. Compared to the last five years.
The International Renewable Energy Agency (IRENA) estimates that in 2022, the Middle East saw the highest increase in renewables ever, with 3.2 gigawatts of new capacity added last year, a 12.8 percent increase over the previous year.
According to the Arab Renewable Energy Authority (AREA), the volume of investments by Arab countries in renewable energy projects is expected to reach $1 trillion by 2040, in light of the interest of Arab governments in this file, to achieve global environmental goals.
A Great Leap in 10 Years
According to the current data, the renewable energy sector in the region is expected to witness a huge leap in the next 10 years, at a time when eight Arab countries are leading this trend, according to the researcher in international relations and political economy, Abu Bakr al-Deeb, adviser to the Arab Center for Studies and Research, who tells Al-Bayan that the countries strongly candidate to move in this direction are:, Kuwait, Egypt, Jordan, Algeria and Morocco).
Aldeeb also cites the volume of electricity generated from renewable sources in the Middle East and Arab countries, which is expected to increase six-fold in 10 years through heavy reliance on solar photovoltaic energy, noting that the Arab region has “great potential ” to help launch major projects to produce energy from the sun. And wind, among these possibilities or advantages (the right climate, the bright sun most days of the year, as well as human expertise, and financial capabilities also for some countries).
The UAE is at the top of the list of Arab countries that produce electricity from solar energy, while Egypt is the largest country in the Arab world in terms of electricity production from wind energy, according to a report issued by (Global Energy Monitor), which Al-Deeb cites when explaining the progress made by some Arab countries in this sector, The UAE, Egypt, Jordan and Morocco are among the first Arab countries to establish solar and wind power plants.
According to the report, renewable power plant projects for Arab countries are likely to achieve 92% of the region ’ s total target by 2030 when completed.
One of the most reliable projects in this regard is the Green Hydrogen projects, through which the Middle East is seeking global leadership, with export revenues likely to reach $200 billion by 2050 for the Gulf countries, according to a study by Dii Desert Energy.
In this context, Al-Deeb notes the abundance of renewable energy resources, clean hydrogen, human expertise, capital, and their geographical proximity to the European market, all of which provide them with important and growing opportunities.
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The Middle East Green initiative aims to mitigate climate change, promote environmental sustainability, and reduce carbon emissions, as the region transitions away from oil dependency.

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 United Arab Emirates, Saudi Arabia, and Jordan are among the Middle East countries proactively developing their renewable energy sectors, with significant investments in solar energy projects and goals to achieve net zero emissions.

The United Arab Emirates, Saudi Arabia, and Jordan are among the Middle East countries proactively developing their renewable energy sectors through large-scale projects.

Title:

Content: Contribution ｜ Explore Hong Kong ’ s role and opportunities in the development of renewable energy in the Middle East
Author: 01 More Voices
Published: Updated:
In recent years, Hong Kong has actively promoted the development of renewable energy and launched a number of related products in the financial market.
In addition, more and more Hong Kong enterprises have also started to participate in the development of this industry, especially in the financial market, and launched a number of financial products to support the development of renewable energy.
At the same time, many countries in the Middle East, such as the United Arab Emirates, Jordan, Saudi Arabia, Oman and Turkey, are also actively engaged in various large-scale projects to promote the development of renewable energy, and expect to see a different energy mix and economic development model in 2030 or 2050.
For Hong Kong, China and other countries, the development opportunities of the Middle East market cannot be ignored, and Hong Kong ’ s participation in this area cannot be underestimated.
Submitted by: Kwong Cheuk-wui
Recently, I had the opportunity to participate in several seminars on economic and energy development in the Middle East, and have in-depth exchanges with government representatives in charge of foreign affairs and trade from various Middle Eastern countries and Azerbaijan.
These exchange experiences provide the author with a wealth of insight.
After many in-depth talks, to understand the interest and momentum of the development of renewable energy in many countries in the Middle East, the author synthesized the information from various parties and came to the following insights: The reason why the major oil producers in the Middle East are actively developing renewable energy is to achieve economic diversification and get rid of dependence on oil and related industries.
They hope to turn the country ’ s surplus renewable energy into new, dependable foreign revenues (i.e., revenues generated from natural resource exports; “Rents ”) through innovative technologies.
For other non-oil producing countries, they want to achieve economic sustainability through the development of renewable energy, reduce dependence on traditional fossil fuels or electricity imports, and convert renewable energy into new external rental income to boost the country ’ s economic development.
From this, it can be seen that the Middle East countries are very concerned about the development of renewable energy, but also hope to complete the energy transformation as soon as possible, and look forward to renewable energy can produce more and greater economic benefits, create new dependent income, promote economic diversification and modernization, but also benefit thousands of people.
As a result, many countries in the Middle East have invested heavily in and promoted energy transformation and clean energy development.
Although many countries have made extraordinary achievements in driving renewable energy development, they also face many challenges.
Jordan, for example, has a wealth of renewable energy resources, including solar, wind, geothermal and bioenergy, as well as state-of-the-art renewable energy laws, regulatory mechanisms and development frameworks.
Earlier this year, Jordan successfully achieved its national roadmap, originally set for 2030, with renewable energy accounting for 31% of total energy.
The Jordanian government also plans to increase this target to 50%, and is committed to building the country into a regional renewable energy development center and exporting environmentally friendly power to neighboring countries to increase the country ’ s foreign revenue.
However, like other Middle Eastern countries, Jordan faces a host of challenges.
These challenges include lagging energy infrastructure, imperfect grid planning, an over-concentration of resources on solar and wind with less focus on geothermal energy, and a lack of energy storage systems and foreign investment.
In addition, there is the debt problem of the national power company.
These difficulties not only affect Jordan ’ s progress in developing renewable energy, but also act as a barrier to modernizing and diversifying the country ’ s economy.
Some Jordanian officials and scholars are concerned about whether the development of renewable energy is progressing as expected.
They are concerned that if the development of renewable energy and its core economic development model are not carried out smoothly, or if the newly set targets are not successfully achieved, the country ’ s economic sustainability will be adversely affected.
At the same time, it can undermine the credibility and governance of the government.
In particular, those political forces that have been opposed to the use of renewable energy to promote economic development and diversification may take the opportunity to launch opposition actions, further endangering the political stability and regional security of the country and the Middle East as a whole.
It is worth noting that these challenges are not only in Jordan, but also in Middle Eastern countries such as Morocco and Egypt.
Other countries such as the United Arab Emirates, Oman, Saudi Arabia and Qatar have also made great efforts to develop solar and wind power in recent years, but in addition to the above concerns and challenges, there are also concerns that the development of renewable energy will have some impact on the high dependence of these countries ’ economies on oil and gas markets, which may affect existing incomes and lead to economic and social instability.
Other factors include the huge demand for capital, the need for foreign technology and talents, the need for talent training, economic feasibility, etc. These are also issues of concern to the officials of these Middle Eastern countries.
These challenges are in fact a valuable development opportunity for Hong Kong.
The key is to make good use of our strengths, especially in the Belt and Road Initiative, to work with the Middle East countries to promote renewable energy and green economy development.
This not only helps these countries diversify their economies, but also creates development opportunities for Hong Kong businesses and governments, and indirectly promotes the development of other industries.
I suggest that Hong Kong can establish cooperation platforms and channels of communication with transnational organizations in the Middle East and North Africa, such as the Arab Parliamentary Union, the Gulf Cooperation Council, the Turkic Parliament and the Arab Maghreb Union.
Such a platform could be used to explore free trade agreements and to help Middle Eastern countries provide services such as finance, advisory, legal, education or training, and energy infrastructure.
This will not only help Hong Kong consolidate its leading position in the professional services sector and the financial sector, but will also directly or indirectly create many development opportunities, especially in Islamic finance.
Finally, Hong Kong can consider providing financial support to the Middle East countries by assisting in the issuance of Islamic financial bonds to promote the development of renewable energy, and can also take the opportunity to develop Islamic finance in Hong Kong as a new financial center outside the Islamic world.
Of course, Hong Kong should not only cooperate with major countries such as Saudi Arabia and the United Arab Emirates or the above-mentioned multinational organizations and platforms, but also consider other regions with development potential and worthy of investment, such as Turkey, Azerbaijan, Morocco, etc.
This diverse collaboration will help Hong Kong expand its international presence and contribute to global sustainability in the renewable energy sector.
The author, Mr Kwong Cheuk-rui, is the Executive Director of the Hong Kong Group of Ideas, a Master of Arts from the Australian National University, and has worked at the Australian Institute of International Affairs.
The article is only the opinion of the author and does not represent the position of Hong Kong 01.
Please email us at 01view @ hk01.com.
Please attach the author ’ s real name and contact details.
If not applicable, without prior notice.

The United Arab Emirates and Saudi Arabia are among the Middle East countries proactively developing their renewable energy sector, with targets to achieve between 20 and 50 percent renewable energy by 2030.

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Content: General Supervision
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Khaled Hanafi calls for Arab Chambers to join the World Trade Organization
The Secretary General of the Federation of Arab Chambers, Dr. Khaled Hanafi, participated in the general meetings of the World Trade Organization held in Geneva, Switzerland, during the period 12-15 September, under the title: "It is time to act", in the presence of ministerial and economic figures from all countries of the world.
The 2023 Public Forum explored how trade can contribute to a greener and more sustainable future, by facilitating trade access to environmental goods, services and technologies and maintaining the ambition to limit temperature rises to 1.5 degrees above pre-industrial levels.
During his visit, the Secretary General of the Union met with a number of officials from the World Trade Organization, where he raised the idea of   joining the Union of Arab Chambers to the World Trade Organization as the real representative of the Arab private sector.
The idea was initially supported by relevant WTO officials, with accession mechanisms to be put into effect.
He added that the accession of the Union of Arab Chambers to the World Trade Organization will have a positive impact on the Arab private sector, as the Union puts at the heart of its concerns since its establishment the priorities of enhancing inter-Arab trade and enhancing Arab trade with the rest of the world.
The Secretary-General of the Union participated in the 63rd session of the World Trade Organization meetings entitled: "Comprehensive policies to promote green trade: the role of the Arab private sector in saving the planet", on 14 September.
He delivered a speech at the session, in which he considered that "the private sector plays a key role in the coming climate transformation, through innovation, investment in renewable energy, and corporate sustainability," stressing that "reduction and consumer awareness are all areas where the private sector is the basis."
“The key to achieving the goals of climate change and sustainability are the sustainable actions announced and implemented by companies to control and reduce greenhouse gas emissions with the aim of reaching net zero emissions by mid-century, ” he said.
He explained dr.
“In order to address the region ’ s multifaceted environmental, environmental and environmental problems, ensuring a more inclusive role for the private sector will be key to supporting a sustainable green transformation in the Arab world, while the public sector will provide an enabling environment, ” he said.“ The private sector must take responsibility by increasing investment in digitization, green investment, energy transition, green finance and taking advantage of the changing technological and environmental world. ”
“For renewable energy projects, Arab countries have high potential for wind and solar energy projects, as the natural conditions are favorable for them as most Arab countries are part of the solar belt, ” he said.
As for the abundance of natural gas reserves, this paves the way for Arab countries to lead green hydrogen projects, especially in light of the growing demand in the region for energy at a compound annual growth rate of 6.8%, while the global consumption rate is 2.3%, which means that the consumption of the region is about three times higher than the average global growth rate.
“Given the annual population growth, investments are significant in infrastructure as well as growth in the construction and transport sectors, so diversifying energy sources towards renewable energy sources is key for the region and its current energy needs, ” he said.
Arab countries have set targets within their national development agendas, such as Djibouti, Morocco, Jordan, Algeria and Egypt, and Saudi Arabia and the United Arab Emirates have announced a target of between 20 and 50 percent renewable energy by 2030.
The cumulative investment in renewable energy projects over the past decade (excluding hydropower) has reached about US $15 billion (7.2 gigawatts) compared to only US $1.2 billion (0.5 gigawatts) in 2008.

The United Arab Emirates and Saudi Arabia are among the Middle East countries proactively developing their renewable energy sector, particularly in solar energy, due to their high solar energy potential.

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Content: General Supervision
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World Future Energy Summit.
Green finance and climate change lead day 2
The second day of the World Future Energy Summit (WFES), held at the Abu Dhabi National Exhibition Centre (ADNEC) in the UAE, kicked off today.
The summit is the premier annual forum for future energy and sustainability.
The day ’ s events focused on green finance, with Boris Johnson, the former Prime Minister of the United Kingdom, stressing the urgency of correcting climate change and thinking outside the box, and providing inspiring views on the obstacles to investing in renewable energy and ways to develop it during a session entitled “Financing Global Approaches to Low-Carbon Economies ”.
“It takes a lot of in-depth social studies, practical solutions and a lot of financial support – governments around the world spend a lot of money to defend themselves against other governments, but we don ’ t spend that much money to fight everyone ’ s first enemy, climate change.
He believes that finding practical solutions requires a serious approach to financing and establishing an assembly line for simple renewable energy projects, so that tangible results can be achieved as soon as possible, which is not possible without setting aside the side issues that usually concern us or we will not be able to solve the problem for another 10 years.
Ahmed Bahieldin, General Manager and Commercial Officer for Europe, Middle East and Africa (EMEA) at GE Vernova, an independent public company spin-off of GE ’ s energy, wind and electricity business, also joined the panel.
“Time is an important factor, especially as there is a lot of capital looking for projects in advanced markets, especially in the areas of renewable energy sources and new technologies, and regulatory reforms and the structuring of the revenue model give more room for growth.
The second day of the summit also saw the launch of the Solar Outlook 2024 report, officially released by the Middle East Solar Industry Association at the World Future Energy Summit.
The report highlights the growing contribution of solar energy to the MENA region ’ s ongoing energy transition from traditional fossil fuels to renewables, amid continued manufacturing boom, population and economic growth, as well as concerns about climate change and environmental sustainability.
Solar Energy
According to the report, the Middle East and North Africa (MENA) region today has one of the highest levels of solar energy potential in the world, with countries such as Saudi Arabia, the United Arab Emirates, Morocco and Egypt contributing on average annual solar radiation exceeding 2,000 kilowatt-hours per square meter per year.
While the regional solar growth trajectory is expected to continue, the report reveals that it is still well below the levels required to replace the current fossil fuel contribution of 87%, with solar providing just over 2% of the current energy mix in the MENA region.
Denisa Vines, Secretary General of the Middle East Solar Industry Association, said: “The COP28 pledge to increase renewable energy capacity and double energy efficiency with the support of 124 countries has set ambitious targets to increase the deployment of renewable energy and energy efficiency measures by 2030, but we still face many challenges to achieve these goals, especially in the energy sector within the Gulf region. After 2030, a variety of technologies are expected to be market-ready, offering scalable solutions to decarbonize the energy sector, enabling a more effective role for renewables, energy efficiency and zero-emission technologies.
The broad pursuit of ambitious targets by 2030 is focused on public utility projects, which may overshadow the needs of the commercial and industrial sectors, and this underscores the importance of considering a balanced approach to energy deployment to ensure inclusive and sustainable development.
COP28 Pledges
Speaking at the Solar and Clean Energy Conference, Dr. Ralph Blumenthal, Head of Networks Programs Middle East at Siemens, praised the ongoing discussions on digitization and the great importance of integrating renewables into smart grids to help achieve the goals of the COP28 pledge.
Batteries are key if we want to triple renewables by 2030, and increase them nine-fold by 2050. Batteries are not only storage, they are essential to grid regulation and reduce disruptions that may occur during renewable energy generation. Today, around 1,500 GW of renewable energy has been installed globally and is ready for deployment, but cannot be integrated into networks. It operates 100% on renewable energy, but national grids have not yet been able to effectively integrate renewables on a large scale.
Constructive discussions and sessions on global energy issues and solutions will continue tomorrow with the Electric Mobility Forum, which will comprehensively examine the role of clean and independent transport in changing the future of city design, and what is needed to unlock the potential of investing in expanding electric mobility.

The United Arab Emirates and Saudi Arabia are among the Middle East countries proactively developing their renewable energy sector as part of their energy transition strategies.

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Tesla Competitor Lucid Raises $1.5 Billion, Majority From Saudi Sovereign Wealth Fund

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Key Takeaways

  • Lucid Group has raised an additional $1.5 billion to support ongoing operations, with $915 million being contributed by the Saudi Arabia Public Investment Fund.
  • It keeps the Fund’s stake in Lucid at around 62%, continuing their status as a majority owner of the company.
  • Despite almost $1 billion in additional investment, it’s a drop in the bucket compared to the funds total value, which is estimated at over $620 billion.
  • It marks a continued diversification of the oil states diversification away from fossil fuels, into a wide range of investment from video games to sports teams to major infrastructure projects.

Electric vehicle (EV) manufacturing has come a long way over the past ten years. Back in 2008 when the first generation Tesla Roadster was launched, EV's were very much a curiosity.

It was the first road legal production EV, and while less than 2,500 Roadsters were sold across the world, it kicked off a trend that continues to pick up pace today.

Tesla wasn't the first company to make an electric vehicle. They’ve been made in one form or another as far back as 1828. But Tesla were the first to mass produce one that was legally able to be driven on the road, and they made it sexy to boot.

Since then, the EV market has exploded.

There have been a huge number of newcomers to the space, with companies such as Rivian, Nikola, Polestar, Fisker and Lucid all vying for their share of the electric gold rush. Not only that, but traditional automakers are pumping billions of dollars into the sector as well.

Companies such as General Motors, Mercedes-Benz, Volkswagen Group, Kia and Hyundai and others have all jumped on the bandwagon and now offer a range of electric vehicles alongside their internal combustion range.

The trend is only going to pick up speed. Many jurisdictions are now seeking to ban the sale of new gasoline and diesel powered cars, such as California and all states signed up to their Zero Emission Vehicle Program, plus the UK and Europe, Canada, New Zealand, Singapore, Japan, Iceland, Norway and even China.

So with all that going on in the background, it’s not a stretch to suggest that the oil states might be getting a little nervous. It’s why we’ve seen such a huge push from places like Sudi Arabia, the United Arab Emirates and Oman to diversify their economies away from just oil.

The Saudi Arabia Public Investment Fund is already a majority owner of Lucid Motors, and with an additional $915 million cash tipped in with this round, their stake remains at sound 62%.

Download Q.ai today for access to AI-powered investment strategies.

Lucid raises $1.5 billion

In addition to the $915 million added by Saudi Arabia, Lucid raised an additional $600 million through a traditional secondary stock offering. The funds will be used to help bolster the company’s balance sheet, after it posted underwhelming third quarter results.

The figures showed delivery numbers way down from expectations which had been as high as 20,000 vehicles in 2022. Now the number is expected to be below 7,000.

Lucid is now likely to have over $5 billion in cash reserves, with the newly raised $1.5 billion being added to the $3.85 billion on hand on September 30.

After going public in January 2021, Lucid’s stock price rose very quickly from an IPO price of $14 to hit an all-time high closing price of $58.05 in February of that year. It came back down soon after to settle in the low $20 range, before running up to the high $50’s again in late 2021.

Since then the price has crashed in 2022 and is down over 81% year to date. It currently trades at just under $8 per share.

What is the Saudi Arabia Public Investment Fund?

By far the largest investor in Lucid is the Saudi Arabia Public Investment Fund (PIF), which holds around 62% of the company. The PIF is a sovereign wealth fund that was established by the government of Saudi Arabia in 1971. Its mandate is to manage the country's financial assets and make strategic investments that will contribute to the economic development of Saudi Arabia.

The PIF is one of the largest sovereign wealth funds in the world, with assets estimated at over $620 billion. It is a key financial institution in Saudi Arabia, and it is responsible for managing a large portion of the country's financial resources.

The PIF has made a number of high-profile investments in recent years, including a $3.5 billion stake in Uber, $522 million in Meta, $495 million in Disney, $487 million in Bank of America, $713 million in Boeing and $522 million in Citigroup.

The fund has also made a number of bets on gaming, at various times taking minority ownership in Electronic Arts, Take-Two Interactive, Activision Blizzard, Capcom, Nexon and Nintendo.

It doesn’t end there.

There have been a range of high profile investments in sports as well. In 2021 the fund purchased English Premier League club Newcastle United for $370 million and also launched LIV Golf, a high profile, big money competitor to the PGA Tour.

These investments were made in order to help the PIF diversify its portfolio and generate returns for the benefit of the Saudi government and its citizens.

The PIF has also played a key role in the Saudi government's efforts to diversify the country's economy away from oil. For example, it has invested in a number of infrastructure projects, like the construction of a new international airport in Riyadh and the development of a new city called NEOM - the crazy, 100 mile long, mirror-finished, futuristic ‘line’ in the desert.

These projects are intended to create jobs and stimulate economic growth in non-oil sectors, and they are part of the Saudi government's Vision 2030 plan to transform the country into a more diversified and modern economy.

The PIF is hugely important for Saudi Arabia, and it is expected to play a key role in the country's economic development in the future. It’s responsible for managing a significant portion of the country's financial resources, and it is working to make strategic investments that will contribute to the economic growth and diversification of the country.

Why are oil states moving away from oil?

It’s not just the move to EV’s which is driving this diversification.

At the end of the day, oil is a finite resource, which means that it will eventually run out. The oil reserves in these countries are not infinite, and at some point in the future, they’ll be gone.

That might be a long way off, but nonetheless it will happen.

This is a concern for the governments of these countries because oil has traditionally been the main source of income and economic activity in the region. If they don’t diversify their economies and find other sources of income, they’ll be in big trouble when oil or its demand begins to run out.

Another reason for diversification is that the demand for oil can fluctuate significantly, and this can have a big impact on their economies. For example, if there is a recession or a drop in global oil prices, the economies of these countries may suffer. This is because the demand for oil decreases during these times, and as a result, the revenues that these countries generate from oil exports may decrease as well. By diversifying their economies, these countries can be less reliant on a single resource and be less vulnerable to these fluctuations.

The oil states also recognize that there are increasing concerns about the environmental impacts of fossil fuels and the need to transition to more sustainable sources of energy.

Diversifying their economies can help them achieve this goal by promoting more diverse and sustainable sources of economic activity, such as renewable energy, tourism, and technology.

Overall, diversifying their economies away from oil is seen as a way for the Middle Eastern oil states to ensure their long-term economic stability and sustainability. By having a more diverse and resilient economy, they can better weather economic downturns and other challenges, and continue to thrive in the future.

How can investors benefit?

There’s no denying that moving towards a more sustainable future makes sense. Not just from an environmental standpoint, but from an investment one as well. There is a huge push for new technologies and strategies to make our economy cleaner, and this creates a big opportunity for companies.

In our Clean Tech Kit, we use the power of AI to invest across a range of different green technologies. These include renewable sectors such as EV producers and infrastructure manufacturers, hydrogen fuel cell tech, alternative fuels, battery manufacture, waste reduction and smart water technologies.

Every week our AI predicts how each holding in the predetermined investment universe is likely to perform in the coming week on a risk-adjusted basis, and then automatically rebalances the Kit in line with these predictions.

This includes three ETFs, plus a weekly allocation to between 16-19 individual stocks out of a total universe of 58.

It’s like having a professional investment manager, right in your pocket.

Download Q.ai today for access to AI-powered investment strategies.

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"Climate change is affecting the Middle East through drought, sea-level rise, temperature increase, water scarcity, and desertification, posing significant threats to the region's water-poor countries and coastal cities."

Climate change is having a significant impact on the Middle East, with extreme temperatures, floods, and droughts affecting the region. This is relevant to the topic of energy transition in the Middle East, where countries are investing in solar energy to reduce their reliance on oil and mitigate the effects of climate change.

"Climate change is having severe impacts on the Middle East, including rising temperatures, drought, and sea level rise, which are expected to worsen over time and have significant effects on the region."

Climate change impacts in the Middle East include drought, sea level rise, temperature increase, water scarcity, and desertification, which necessitate a transition towards renewable energy sources as part of the region's energy strategies.

"Climate change is affecting the Middle East through drought, desertification, storms, temperature increase, and precipitation decrease, with the average temperature expected to rise to 4 ° C by the end of the century and precipitation decreasing by 20%."

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Content: Chairman of the Board of Directors and Editors
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Mohamad Elbaz
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Mohamad Elbaz
Urgent...
Drought, desertification and storms.
Climate change is a threat to the Middle East
According to the Intergovernmental Panel on Climate Change (IPCC), the average temperature in the Middle East has risen by 1.5 ° C since the beginning of the last century and is expected to increase to 4 ° C by the end of the century.
Precipitation is expected to decrease by 20% in the same period.
These changes are exacerbating the problem of drought and desertification in the region, which is the world ’ s most water-poor region, and according to the Food and Agriculture Organization of the United Nations, 12 of the 17 most vulnerable countries in the world are located in the Middle East.
Studies suggest that the Tigris and Euphrates rivers, the main sources of water in Syria and Iraq, may disappear completely during this century due to lower water levels and increased evaporation.
North African countries also face the threat of sea-level rise, which could inundate some coastal cities and affect millions of people.
Increased emissions and weak commitments by countries in the region
Much of the responsibility for climate change is due to anthropogenic emissions, especially in the energy sector.
The Middle East is one of the largest producers and consumers of fossil fuels in the world, with this sector forming an important part of their economies.
According to international reports, countries in the region are responsible for the production of 3.2 billion tons of carbon dioxide annually, representing 8.7% of the world ’ s emissions.
Saudi Arabia and Iran are the ninth and seventh largest emitters of this gas.
Although some countries in the region are committed to international agreements on climate change, such as the Paris climate agreement, this commitment has not yet been translated into effective action to mitigate their emissions.
These countries face many challenges in developing the renewable energy sector, such as solar and wind energy, which is a less harmful alternative to the environment.
According to a World Bank report, the contribution of renewable energies to electricity production in the countries of the region does not exceed 7%.
The impact of climate change on security and peace in the region
The impact of climate change is not limited to the environment and natural resources, but extends to security and peace in the region.
Climate change increases the risk of conflicts over water and agricultural resources among countries in the region, especially with disputed water borders.
An example of this is the dispute between Egypt, Sudan and Ethiopia over the Renaissance Dam, which threatens Egypt ’ s share of the Nile River water.
Climate change is also exacerbating the problem of migration and internal and external displacement, with millions of people forced to leave their areas because of poor living conditions.
This phenomenon exacerbates tensions and conflicts in host communities and places a burden on basic services.
Given these challenges, countries in the region need to take urgent action to adapt to and mitigate climate change.
These include increasing investments in the renewable energy sector, implementing policies to rationalize water and electricity consumption, improving the efficiency of agriculture and soil management, strengthening regional and international cooperation to resolve water conflicts, and providing protection and support to migrants and displaced people affected by climate change.
In this way, the States of the region can preserve their environment, security and peace in the face of this imminent threat.
World leaders in the face of climate change
At the 78th session of the United Nations General Assembly, leaders and officials from different countries addressed various global issues, including climate change, which is a major challenge for humanity.
The leaders stressed the need for cooperation and commitment to reduce the effects of this phenomenon, especially before the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), which will be hosted by the UAE in November.
Gutierrez: We must make up for the time lost due to inaction and greed
In his speech at a climate summit on the sidelines of the General Assembly, UN Secretary-General Antonio Guterres warned that “time is running out ” to tackle climate change, noting that“ heat is rising and disasters are increasing. ”
Guterres criticized the “blatant greed ” of fossil fuel interests and called for a shift to renewables.
He called for increased funding and support for the countries most affected by climate change, especially in Africa and small islands.
Von der Leyen: It's a matter of trust
European Commission President Ursula von der Leyen reaffirmed the EU ’ s commitment to agreements and targets on climate change, noting that it is “the first region in the world to be greenhouse gas neutral by 2050. ”
Von der Leyen stressed the need to meet the goal of raising $100 billion a year to finance the fight against climate change in developing countries, saying it was a matter of trust.
She announced that the EU will send $27 billion this year as part of this contribution.
Macron: We support agricultural development and education in rural areas
French President Emmanuel Macron has pledged to support agricultural development and education in rural areas affected by climate change by investing in the International Fund for Agricultural Development (IFAD) and the UN Global Fund to Support Education in Emergencies and Protracted Crises (Education does not wait).
Macron said France would host and organize IFAD ’ s replenishment, contributing $150 million to the fund and €40 million to the Education Not Waiting Fund.
He added that these initiatives aim to "give young people and women in rural areas an opportunity to get education, training and income."
Biden: We must fight climate change together
For his part, US President Joe Biden expressed concern about the effects of climate change on security and stability in the world, saying that "this is a crisis that threatens every person on the planet."
Biden said his administration was prioritizing the fight against climate change and had rejoined the United States in the Paris climate agreement.
Biden called for “working together ” to reduce greenhouse gas emissions by 30 percent this decade and increase the use of renewable energy sources.
Biden promised that "the United States will be a reliable partner" on the issue.

The Middle East is transitioning towards renewable energy, with countries like the UAE, Egypt, Jordan, and Morocco leading in solar and wind power plant establishment.

Several Middle Eastern countries, including the UAE, are taking steps to address climate change and transition to cleaner energy, with initiatives such as the 'Net Zero by 2050 Initiative' and investments in solar energy.

Several Middle Eastern countries, including Jordan, Morocco, Egypt, and the UAE, are developing renewable energy sources like solar and wind power, which may be part of a broader regional climate initiative.

The Kingdom of Saudi Arabia launched the Middle East Green initiative, aiming to reach net zero carbon emissions by 2060 and transition away from oil.

"Egypt and Saudi Arabia are investing in solar energy, with Egypt having multiple projects underway and planned, including a 5 GW project with Norwegian developer Skatek and a 10 GW project with UAE clean energy company Masdar, and Saudi energy development company Aqua building a 1.1 GW wind farm at Jebel Zeit on the Gulf of Suez."

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Content: The Middle East and North Africa have significant investments in wind energy
The Middle East and North Africa have significant investments in wind energy
Renewable energy throughout the Middle East and North Africa is usually talked about from one point of view: the sun shining strongly on the region ’ s deserts.
Solar energy is indeed a great source of energy and is designed to power equipment and appliances, but wind also blows through the plains, hills and seas of the Middle East, and megaprojects harness the power of wind and turn it into energy.
Political analyst Robin Mills says the Middle East and North Africa (MENA) region actually started using modern wind energy on a commercial scale a decade before using solar power, with projects in Morocco, Egypt, Israel and in Tafileh in Jordan, where the turbines are slowly spinning near the ancient fortress of Karak.
The cheapest electricity in the world is generated from solar power in the UAE and Saudi Arabia, and global projects such as the largest single-site solar farm in Al Dhafra in Abu Dhabi, with a power of 2 GW, and two of the largest multi-project sites, the Mohammed bin Rashid Solar Park in Dubai (5 GW) and Banban in Egypt (1.8 GW), can also be installed. solar on a smaller scale on the shelves of homes and factories.
Despite the lack of consistency unlike Northwest Europe, there are excellent wind resources in the MENA region.
Winds are blowing in southern Morocco and the areas around the Gulf of Suez and Aqaba in Egypt, Jordan, northwestern Saudi Arabia, southern Egypt and the southeastern coast of Oman.
Parts of Libya, southern Tunisia, the Algerian desert, inland Iran and Kuwait also experience strong winds, and in contrast to most parts of Europe, the region has open spaces where the construction of wind stations will not be rejected by some segments of society.
Egypt, which hosted the COP27, benefits from having projects that produce 1.59 GW currently installed, 0.75 GW under construction and 1.6 GW planned, and has signed a series of projects in recent weeks, which have included memorandums of understanding with Norwegian developer Skatek for 5 GW, with UAE clean energy company Masdar for 10 GW, and with Saudi energy development company Aqua for 10 GW.
It will be the second largest wind farm in the world, and the largest is Gansu, which produces 20 gigawatts in China.
Aqua is already building a 1.1 GW wind farm at Jebel Zeit on the Gulf of Suez, which will be the largest in the region when it comes into operation in late 2026, with Egypt ’ s total projected production capacity of 24 GW, the seventh largest national capacity in the world according to current figures.
In addition, Egypt, Saudi Arabia, Oman, Morocco and Mauritania will need huge wind farms to build their planned green hydrogen projects, which use renewable electricity to analyze water with electricity.
Under MENA conditions, wind power is likely to be more expensive than solar, even if Saudi Arabia gets a very competitive tariff of 2.13 cents per kilowatt-hour for its first wind farm in Dumat al-Jandal (which was the lowest solar contract in the region at 1.03 cents per kilowatt-hour).
Wind power also takes longer to build, and production cannot be predicted after a few days.
But wind has many advantages: it is clear that it often blows at night more strongly than during the day, making it complementary to solar energy.
This is especially useful in hot early autumn evenings, when people need air conditioning even after sunset.
Solar energy in the region has achieved a capacity factor, which is the average output of the source as a proportion of its peak output, and is about 20 percent over the year, allowing work at night and different seasons, Egyptian wind power manages 53 percent, and solar and wind power in the best locations can have a combined capacity factor of more than 70 percent.
And there are still some vital questions about the location of turbines and mega projects planned in Egypt?
Wind lanes around Sinai are relatively confined and surrounded by mountains, and areas to the south on the Red Sea coast, or inland areas with difficult logistical hurdles, will have to be considered.
And will the region venture out and explore offshore wind power, as Northwest Europe has successfully done?
There are stronger and more consistent winds, and much more room to develop them, albeit at higher costs.
Will current project announcements overlap with green hydrogen projects?
If this is done, the wind requirements will be much greater, and will provoke competition for good sites and equipment.
Can countries in the Middle East and North Africa that are less exposed to wind power, particularly the UAE, Qatar and Bahrain, benefit economically from improved turbines for slower wind speeds?
Will other wind-blowing countries with low energy, such as Iraq, Kuwait, Libya and Tunisia, start adopting this technology?
If those questions can be answered with a yes, the spinning turbines and shimmering solar panels in the Middle East and North Africa will become a symbol of the region ’ s shift to clean energy.
arabic

"Saudi Arabia and Egypt are among the Middle Eastern countries investing in solar energy, with high solar energy potential and ongoing efforts to increase solar capacity."

"Egypt and Saudi Arabia are investing in solar energy as part of their energy transition strategies, with Egypt aiming to derive 42 per cent of its electricity mix from renewable sources by 2035."

Egypt and Saudi Arabia are among the Middle Eastern countries investing in solar energy, with targets to increase their renewable energy capacity to 20-50% by 2030.

The Benban Solar Park in Egypt has a capacity of 1800 megawatts.

The United Arab Emirates, among other Middle Eastern countries like Morocco and Egypt, is investing in renewable energy, as evidenced by its hosting of the World Future Energy Summit, which focuses on future energy and sustainability.

"Countries in the Middle East, such as Egypt, are investing in renewable energy as part of their energy transition strategies, with goals to increase their electricity mix from renewable sources and reduce dependence on oil and gas."

The United Arab Emirates, Morocco, and Egypt are investing in renewable energy as part of their energy transition strategies in the Middle East, with the UAE launching a dedicated hydrogen innovation centre and hosting Cop28.

The United Arab Emirates is among the countries in the Middle East investing in renewable energy as part of its strategy to diversify its economy and contribute to global climate action.

The United Arab Emirates is one of the countries in the Middle East investing in renewable energy, with a 15-year history of investment in solar and broader renewable space.

The Middle East region is witnessing investments in non-traditional sectoral projects, particularly in renewable energy sources and new technologies, driven by regulatory reforms and concerns about climate change.

"The Middle East region is attracting new investments in non-traditional sectoral projects, including alternative energy sources, as part of its energy transition strategy, with countries like Saudi Arabia diversifying their investments away from fossil fuels."

"The Middle East region is witnessing a shift in investments towards non-traditional sectoral projects, such as electric vehicle manufacturing, as oil states diversify their economies away from oil."

The region is attracting new investments in non-traditional sectoral projects, such as infrastructure and technology, as part of efforts to diversify the economy away from oil.

The Middle East is diversifying its economy by investing in non-traditional sectoral projects, including renewable energy, to reduce reliance on oil and promote sustainable sources of economic activity.

Investing in renewable energy in Arab Gulf countries aims to reduce carbon dioxide emissions, contributing to a more sustainable environment and addressing climate change concerns.

Investing in renewable energy in Arab Gulf countries aims to reduce carbon dioxide emissions, with countries like the UAE and Saudi Arabia implementing large-scale projects to achieve net zero emissions.

"Arab Gulf countries are investing in renewable energy to reduce carbon dioxide emissions and achieve clean energy goals, with countries like Egypt aiming to derive a significant portion of their electricity mix from renewable sources."

Investing in renewable energy in Arab Gulf countries aims to reduce carbon dioxide emissions, in line with global climate change agreements and the growing interest in clean energy sources like green hydrogen.

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Content: Atef Abdullah (Abu Dhabi)
Global interest in green hydrogen as the fuel of the future and the “optimal ” source of clean energy has recently increased at the level of governments and companies, in a hybrid phase of energy fuel compatible with new environmental regulations and laws that also include oil and gas (carbon free) and hydroelectric.
A host of factors have spurred investment in green hydrogen, including pledges by major industrialized nations to cut emissions to zero by 2050 under the Paris Agreement on climate change.
To achieve these goals, countries need to produce massive amounts of solar, wind, and hydro to meet industry, transportation, and electricity sectors, while hydrogen provides flexible solutions to store, send, and charge energy when needed.
Hydrogen is also the most abundant element in the universe, and is produced, the green type of it, through the electrolysis of water, where this method uses an electric current to separate hydrogen from oxygen in the water, and feed electricity from renewable sources (wind and sun), while oxygen, the second component of water, is produced and released into the air, where it is a positive factor for the atmosphere.
Hydrogen economy
According to a report by Goldman Sachs, hydrogen is expected to meet about a quarter of the world ’ s energy needs by 2050, and the sector is expected to attract an estimated $11.7 trillion in investment, a forecast that is in line with a previous Bank of America study that projected an injection of $11 trillion over the period 2020-2050.
Hydrogen is likely to generate $2.5 trillion in direct revenue and $11 trillion in associated infrastructure by 2050, especially with production expected to double sixfold.
Role of the region
Although the Arab world holds about 57% of the world ’ s crude oil reserves and 26% of the world ’ s natural gas reserves, according to the statistics of the Organization of Arab Petroleum Exporting Countries (OAPEC), it also has several elements that can make it a major player in the field of renewable energy due to the large area of   the desert and sunshine most of the year.
According to a study by the Friedrich-Ebert-Stiftung (FES), the Middle East and North Africa (MENA) region is blessed with abundant wind and wind energy, which is essential for the production of low-cost green hydrogen, which in turn supports local industries, the economic and social development of the region and the creation of more new jobs.
The study stressed that the Middle East region has the potential to become a center for green hydrogen production, both for its regional and global markets, as the opportunities that exist will outweigh all challenges.
The region is home to major energy players led by ADNOC, Mubadala, Masdar, Abu Dhabi Holding, Dubai Electricity, ACWA Power and NEOM, who can accelerate the transition to a low-carbon economy in the Arab world with their physical capabilities, qualified technical staff and global expertise.
In addition to international initiatives, there are regional initiatives focused on the development of the sector such as the Middle East and North Africa Hydrogen Alliance (Dii Desert Energy), which implements initiatives aimed at the prosperity of the green hydrogen sector and sustainability by creating a strong market with local jobs and industries linked to the transformation of the energy sector.
Cost of production
At present, producing green hydrogen costs three times the cost of producing natural gas, and producing it is more expensive than gray hydrogen naturally because of the electrolysis process required to manufacture it.
But according to a recent report by the International Renewable Energy Agency (IRENA), hydrogen produced with electricity generated from renewable sources could rival conventional energy sources in terms of production costs from 2030 onwards.
This is due to the continuous decline of a range of costs such as solar and wind power production, as well as the improvement of operational and production performance in general, as well as the expansion of the production of electrolysis devices, which is reflected positively over time in reducing their costs by 40% in the short term and up to 80% in the long term.
According to the Bernstein Investment Group ’ s projections, the cost of producing green hydrogen could fall below $2 per kilogram by 2030, versus $1 per gallon of gasoline.
Fuel cell costs are likely to drop 80 percent over the same period, to $30 per kilowatt, as the hydrogen industry grows.
By the mid-2000s, hydrogen fuel-cell heavy cargo vehicles may be more competitive than diesel trucks, and by 2030 fuel-cell vehicles could compete with electric vehicles in terms of total cost.

Investing in renewable energy in Arab Gulf countries aims to reduce carbon dioxide emissions and transition to a low-carbon economy, with regional initiatives and major energy players driving this effort.

"Sustainable development is a key aspect of energy transition strategies in the Middle East, with countries aiming to balance their energy deployment approaches to ensure inclusivity and sustainability."

"Saudi Arabia's Future Investment Initiative likely emphasizes sustainable development as a solution for the region's economic stability and sustainability, as implied by the discussion of diversifying economies and investing in clean technologies."

"Saudi Arabia's Future Investment Initiative emphasizes sustainable development as a key solution, with the Gulf States collaborating to develop renewable energy infrastructure and promote sustainability."

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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.
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