The Middle East region has high solar energy potential, with several countries investing heavily in solar energy as part of their energy transition strategies, and the region is expected to play a pivotal role in the global energy transition, with renewable energy investments accounting for 34% of electricity investment.

The UAE leads Arab countries in solar energy production, with the country producing 2.6 gigawatts of electricity from solar energy, and the UAE has invested $163.5bn in clean energy projects over three decades, and is building the world's largest solar plant in the Al Dhafra region.

Saudi Arabia has received $3 billion in solar investment from China, and JinkoSolar plans to build 10GW of high-efficiency batteries in the country, and the Saudi government aims for 50% renewable energy by 2030, and 75% localized wind power production by 2030.

Egypt has 1.59 GW of solar power currently installed, and the Benban Solar Park has a capacity of 1.8 GW, and the Benban Solar Park is valued at $4 billion and includes 41 solar power plants, making it one of the largest solar parks in the world.

The UAE and Saudi Arabia generate the cheapest electricity from solar power, with the UAE hosting the World Future Energy Summit for sustainability, and Turkey's GETAS Group has invested $60 million in a solar energy project in Bahrain, with a capacity of 72 MW initially.

The project will increase to 200 megawatts later, and solar panels will be installed on the University of Bahrain campus, and Jordan and the UAE have signed a memorandum for 2 GW wind energy projects, and the UAE has invested $90 million in the Jordan Wind Company.

Masdar owns 31% of the Jordan Wind Company shares, and the Abu Dhabi Future Energy Company has invested $240 million in the Baynouna solar project, and the Mohammed bin Rashid Solar Park in Dubai has a capacity of 5 GW, and the Al Dhafra solar farm in Abu Dhabi has a power capacity of 2 GW.

The Arab countries plan to add 73 GW of solar and wind capacity by 2030, and aim to double renewable energy by 2030, and the region's renewable energy market is growing at 13.43% annually, with the Middle East solar investment expected to reach nearly $100 billion.

The Gulf countries' green hydrogen export revenues are expected to reach $200 billion, with the renewable energy capacity expected to reach 45 GW by 2027, and the Middle East saw a 12.8% increase in renewables in 2022, and the Arab countries are expected to invest $1 trillion in renewables by 2040.

The UAE aims to achieve climate neutrality by 2050, with a significant increase in solar energy production capacity expected in the next 10 years, and Egypt's current installed solar capacity is 1.59 GW, with plans to produce 24 GW of wind power by 2026.

The UAE has set a target to triple its renewable energy contribution by 2029, with a planned investment of 150-200 billion dirhams, and the UAE's solar market is expected to grow at a 35% compound annual growth rate until 2029, with the global solar market expected to grow at a 29% rate between 2024 and 2029.

The Middle East is seeking to become a global leader in Green Hydrogen projects, with export revenues expected to reach $200 billion by 2050, and Oman's renewables capacity growth is the fourth largest in the MENA region, with a target of 16% of electricity from renewables by 2025.

The UAE has launched several initiatives, including a roadmap for hydrogen leadership and carbon sequestration, to support its energy transition goals, and the Arab Coordination Group has allocated $10 billion for green transformation, demonstrating the region's commitment to investing in sustainable energy solutions.

The region is vulnerable to climate change, with Middle East warming rates twice as high as global rates, and Mecca may not be livable by the end of the century due to climate change, and Qatar is the world's highest emitting country per capita, and the climate crisis costs the UAE $6 billion annually in health costs.

The Gulf states rely heavily on gas and oil exports, with 70% of goods exported coming from these sources, but Saudi Arabia relies on oil resources for 75% of its budget, and the UAE aims to generate 50% of electricity from renewables by 2050, and Saudi Arabia plans to reach net zero carbon emissions by 2060.

The Middle East produces 30% of global oil production, and oil revenues drive government revenues in the region, but energy transition will change Middle East economies profoundly, and the region has 9 of the 10 most water-poor countries, and climate change causes extreme weather events, highlighting the need for sustainable water management practices.

The UAE has built the first nuclear power plant in the Middle East and is investing in renewable energy projects through Masdar in 40 countries, demonstrating its commitment to clean energy, and Saudi Arabia is investing in electric vehicle company Lucid and has raised $1.5 billion in funding, indicating a growing interest in alternative transportation technologies.

The region is expected to play a pivotal role in the global energy transition, with renewable energy investments accounting for 34% of electricity investment, and the MENA region receiving 22-26% of global solar radiation energy, and green finance in the MENA region reached $3.8 billion in 2020, and banks have increased legislation to support the green energy business environment.

The UAE aims to achieve climate neutrality by 2050 through its national strategy, and 50% of respondents think the UAE is on track to achieve climate neutrality, highlighting the importance of government-led initiatives, and overall, the energy transition in the Middle East is driven by a combination of economic, environmental, and social factors, with governments, companies, and individuals working together to reduce dependence on fossil fuels and promote sustainable energy sources.

The Middle East has 57% of the world's crude oil reserves and 26% of the world's natural gas reserves, but the region is also rich in solar and wind energy resources, and the region's abundant wind and solar energy resources make it an ideal location for the production of green hydrogen, which is expected to create new jobs in the Middle East and North Africa (MENA) region.

Egypt has invested $84 billion in green hydrogen production and has signed 9 framework agreements worth $84 billion for green hydrogen development, which is expected to create new jobs and stimulate economic growth, and the United Arab Emirates (UAE) expects to save $138 billion by 2030 through its green transformation, which will reduce 150 million tonnes of emissions and contribute to sustainable development.

The UAE aims to reach 100 gigawatts of renewable energy capacity, and the energy transition is expected to create new industries, skills, and jobs in the country, and Oman aims to increase electricity production from renewable sources to 30% by 2050 and has established the Oman Sustainability Centre to achieve zero carbon neutrality.

The Gulf Cooperation Council (GCC) countries' combined GDP may reach $6 trillion by 2050 with the current growth pattern, but implementing a green growth strategy could increase GCC GDP to $13 trillion by 2050, and the International Finance Corporation (IFC) estimates that there are $10.2 trillion in investment opportunities in low-carbon sectors by 2030, which could create 213 million jobs and reduce greenhouse gas emissions.

The Middle East and North Africa region receives 22 to 26 percent of the solar radiation energy on Earth, making it an ideal location for solar energy production, and hydrogen is expected to generate annual revenues of $120 billion to $200 billion by 2050, and the region is expected to be the source of 10 to 20 percent of the global hydrogen market by 2050.

Green finance in the MENA region reached $3.8 billion in 2020 and grew significantly in 2022 in countries such as Turkey, UAE, Egypt, and Saudi Arabia, and the energy transition is expected to create 25 million new jobs by 2030, but 5 million workers may lose their jobs in other fields, highlighting the need for a just transition.

Renewable energy is expected to create new jobs in the Middle East, particularly in the solar energy sector, which already accounts for a significant proportion of renewable energy jobs, and Kuwait Vision 2035 is expected to benefit from new energy jobs, which will enhance existing ones and contribute to sustainable development.

The region's transition to renewable energy is expected to reduce greenhouse gas emissions and contribute to climate goals, with several countries aiming to achieve zero carbon neutrality by 2050, and the UAE aims to produce 15 million metric tons of hydrogen annually by 2050, and joint international action is necessary for global energy security.

Egypt launched the Nexus of Water, Food and Energy investment program, which integrates $14.7 billion worth of projects aiming to replace thermal power plants with renewable energy, and the Nexus platform uses innovative financing mechanisms to mobilize funds, including debt-for-climate swaps, which provide debt relief for emissions reduction.

Just Energy Transition Partnerships direct private capital to decarbonization, and Egypt's initiative provides a model for developing countries' climate agendas, and the success of the energy transition hinges on domestic agency, transparency, and accountability, and the green transition must be perceived as just to be sustainable.

The UAE aims

The Middle East region has high solar energy potential, with several countries investing heavily in solar energy as part of their energy transition strategies, and the region is expected to play a pivotal role in the global energy transition, with renewable energy investments accounting for 34% of electricity investment.

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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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The UAE leads Arab countries in solar energy production, with the country producing 2.6 gigawatts of electricity from solar energy, and the UAE has invested $163.5bn in clean energy projects over three decades, and is building the world's largest solar plant in the Al Dhafra region.

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Content: In numbers...
Arab countries race to double their renewable energy production by 2030
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DUBAI, United Arab Emirates — (CNN) Arab countries are on track to grow their utility-scale wind and solar capacity by more than 500% by 2023, according to a report by Global Energy Monitor.
According to the report, the Middle East and North Africa (MENA) region has enormous potential for large-scale wind and solar power projects because of its favorable climate and sunny weather for most of the year.
Arab countries are planning more than 73 gigawatts of utility-scale solar and wind projects, a more than fivefold increase in current capacity, which together with operational projects will account for 91% of the Arab League ’ s renewable energy goals for 2030.
The UAE is at the top of the list of Arab countries that produce the most electricity from solar energy, with solar plants producing 2.6 gigawatts of electricity.
Egypt is among the Arab countries that produce the most electricity from wind power at 1.6 gigawatts.
Egypt produces 1.9 gigawatts of electricity from solar power plants.
Egypt ’ s total electricity production from both places it at the top of the list of Arab countries with a production capacity of 3.5 gigawatts.
Thanks to its huge investments in solar electricity production, the UAE ranks second in wind and solar electricity production, followed by Morocco in third place with 1.9 GW and Jordan in fourth place with 1.7 GW.
While Egypt, the United Arab Emirates, Morocco and Jordan are the first Arab countries to initiate wind and solar power plants, Oman, Algeria and Kuwait are poised to follow suit, ranking first in expected solar and wind power production in the near future.
Here are the top Arab countries in terms of the current operation of solar and wind energy on the scale of utilities and the capacity of wind and solar energy expected to be produced at the level of each country in the Arab region.

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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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Saudi Arabia has received $3 billion in solar investment from China, and JinkoSolar plans to build 10GW of high-efficiency batteries in the country, and the Saudi government aims for 50% renewable energy by 2030, and 75% localized wind power production by 2030.

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Content: Land solar energy investment set off the "Middle East fever" total amount of nearly 100 billion
China's new energy investment set off the "Middle East fever", solar industry giants Jingke Energy, TCL Central almost at the same time announced cooperation with Saudi Arabia (Saudi Arabia) sovereign fund solar projects, a total investment of about 3 billion US dollars (about NT $97.5 billion).
In addition, inverter giant Sunlight Power announced the successful signing of the world's largest energy storage project with Saudi company ALGIHAZ, with a capacity of up to 7.8GWh.
Analysts pointed out that the above case means that in addition to the continued investment of Middle East funds in the mainland, in the solar industry is subject to overcapacity criticism, mainland funds choose to go to the Middle East to develop the solar industry.
Founded in 1971, PIF is one of the largest and most influential sovereign renewable wealth funds in the world. Its wholly-owned subsidiary, RELC, is one of the largest and most influential renewable wealth funds in the world. and a leader in green energy technology manufacturing.
Founded in 2021 by two major conglomerates, Abunayyan and Al Muhaidib, VI aims to build a new energy industry chain manufacturing capacity in Saudi Arabia to meet the huge demand for new energy in the Middle East and the world, and is an investor and developer of green energy industrial projects to support the localization of supply chains.
Among them, JinkoSolar ’ s joint venture company plans to set up a joint venture company in Saudi Arabia to build 10GW of high-efficiency batteries and components, with a total investment of 7.157 billion yuan.
JinkoSolar has a market share of more than 50% in the Middle East in 2023, including more than 70% in Saudi Arabia.
The joint venture company of TCL Central has an annual output of 20 GW of solar wafer projects in Saudi Arabia, with a total investment of about RMB15.1 billion.
It is also TCL ’ s first overseas solar wafer factory in Central.
After the project is launched, it will become the first solar wafer project in Saudi Arabia and the largest wafer factory in the world.
Vision Group ’ s joint venture will manufacture wind turbines and critical components locally. Helping Saudi wind power value chain achieve 75% localized production by 2030.
And Vision is the global wind power leader, overseas wind orders for two consecutive years accounted for 70% of the orders of mainland China's wind power enterprises.
At the same time, Sunlight Power also announced three sites in the Middle East energy storage project, in the Najran, Madaya and Khamis Mushait regions of Saudi Arabia, with deliveries starting in 2024 and full capacity grid operation in 2025.
However, Sun Power did not disclose the contract amount in the announcement.
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Content: People 's Network > > International
Sino-Arab green transformation cooperation is on the rise
December 8, 2022, 13: 09 | Source: Xinhua Network
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Xinhua News Agency, BEIJING, December 8 (International observation) Sino-Arab cooperation on green transformation is on the rise
Xinhua News Agency reporter Luo Guofang
China and Arab countries have different resource endowments and development paths, but they are in the key stage of green development transformation.
The pursuit of a common vision of sustainable development will push China and Argentina to move forward together in a cleaner, greener and low-carbon direction, and continuously deepen cooperation in related fields to benefit the people of China and Argentina.
Development Complementary Advantages
At present, China's development is changing from high-speed growth to high-quality development, and it is committed to energy transformation and clean development in the field of energy, and strives to build a clean, low-carbon, safe and efficient energy system.
At the same time, many Arab countries have also launched energy transformation plans in recent years, committed to the development of clean and renewable energy, and strive to reduce dependence on fossil fuels such as oil and natural gas, and promote sustainable economic development.
Saudi Arabia announced in its Vision 2030 development strategy that by 2030, the proportion of renewable energy in the country's energy mix will reach 50%.
The UAE ’ s Energy Strategy 2050 aims to increase the share of clean energy in the total energy mix to 50% by 2050.
Egypt plans to increase the share of clean energy generation to 40% by 2035.
The Arab region has one of the best solar and wind energy resource endowments in the world, and the development of clean and renewable energy has unique conditions.
According to a report released by the Global Energy Monitor in June this year, Arab countries in the Middle East and North Africa plan to add 73 gigawatts of utility-scale solar and wind capacity by 2030, more than five times the current installed capacity.
China has advanced technology and rich experience in the field of photovoltaic and wind power, and has complementary advantages with Arab countries in the field of clean and renewable energy.
Abu Dhabi Energy Director, Avida Murshid Maral, said that vigorously developing renewable energy has become a global trend, which creates a good opportunity for deepening Arab-Chinese energy cooperation.
Collaborating for a Green Transition
In recent years, China has actively expanded cooperation with Arab countries in the field of clean and renewable energy, and the two sides have jointly implemented a number of cooperation projects.
The Zafra Solar Power Station, about 35 kilometers from Abu Dhabi City, is the largest single photovoltaic power station in the world, with an installed capacity of 2 GW.
The solar power plant, which is contracted by a Chinese company, will help Abu Dhabi reduce carbon dioxide emissions by 2.4 million tons per year and play an important role in the sustainable development of the UAE's energy economy.
Saudi Arabia's Red Sea coast is creating a green new city, the project called the Red Sea New City, the future electricity supply will be 100% from clean energy.
The realization of this vision will not only rely on solar and wind energy, but also benefit from energy storage systems that can act as energy “cisterns ” and“ regulators, stabilizers ”.
The successful signing of the Red Sea New City energy storage project by Chinese enterprises will help Saudi Arabia to build a global clean energy and green economy center.
Abdullah Wadi, a researcher at the Saudi think tank Research and Knowledge Exchange Center, said that Saudi Arabia and China are committed to vigorously developing clean and renewable energy, and actively promoting relevant international cooperation, which has set a good example for the international community to work together to promote green and low-carbon development and jointly deal with various challenges and global issues facing mankind.
Helping Fishing Development
With the deepening of cooperation between China and Arab countries in clean energy, low-carbon economy and energy transition, China ’ s advanced technology in related fields has also entered Arab countries. China adheres to the concept of “teaching people to fish ” and helps Arab countries improve their independent development capabilities through multi-level cooperative research and training programs.
China and Arab countries jointly set up the China-Arab Clean Energy Training Center to jointly organize capacity-building activities in photovoltaic, solar thermal, wind power and smart grid.
China and Egypt have set up a Sino-Egyptian joint laboratory on renewable energy to carry out joint research, promote personnel training, and help Egypt strengthen scientific and technological capacity building.
Since its establishment in 2015, the China-Arab Technology Transfer Center has built eight bilateral technology transfer centers in Saudi Arabia, Jordan and other countries, forming a technology transfer cooperation network linking nearly 5,000 Chinese and foreign members.
“The development of zero-carbon and low-carbon energy technologies is of great significance.
These technologies align with our energy transition goals, make the energy industry more resilient and help us build a sustainable and peaceful future, ” said Maral.
(Editor: Jia Wenting, Liu Jieyan)
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Egypt has 1.59 GW of solar power currently installed, and the Benban Solar Park has a capacity of 1.8 GW, and the Benban Solar Park is valued at $4 billion and includes 41 solar power plants, making it one of the largest solar parks in the world.

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Content: Chairman of the Board of Directors and Editors
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Economy: Benban and the Gulf of Suez are among the largest renewable energy projects
Economic Middle East magazine, which specializes in economics and energy, said that the Benban solar park and the Gulf of Suez wind project in Egypt are considered among the largest renewable energy projects in the Middle East.
Renewable Energy Projects in the Middle East
The Middle East has long relied on oil and gas, not only for revenue but also for power generation, but in the past years, the region has positioned itself as a leader in the renewable energy sector, boasting numerous renewable energy projects.
From 2023 to 2028, Mordor Intelligence expects the renewable energy market in the Middle East to grow by 13.43% annually.
The Arab Clean Energy Initiative was launched by the International Renewable Energy Agency (IRENA), and during the Arab Economic and Social Development Summit of 2013, the League of Arab States adopted the initiative, with leaders pledging to increase renewable energy generation capacity in the region from 12 GW in 2013 to 80 GW by 2030.
Benban Solar Park
Located in Aswan, Egypt with a capacity of 1,800 megawatts, Benban Solar Park is valued at $4 billion and includes 41 solar power plants, one of the largest solar PV parks in the world, spanning 37 square kilometers and containing 7 million photovoltaic panels, this initiative is a component of Egypt ’ s Renewable Energy Feed Tariff (FiT) program, which was unveiled in September 2014.
Gulf of Suez Wind Power Project
In November last year, ACWA Power and the Sovereign Fund of Egypt (TSFE) signed a memorandum of understanding, and together they will invest in a 1100 MW wind power project in Jebel Zeit and the Gulf of Suez. The project is one of the largest onshore wind farms in the world, and aims to provide power to more than one million households and reduce annual CO2 emissions by 2.4 million tons.

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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.
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The UAE and Saudi Arabia generate the cheapest electricity from solar power, with the UAE hosting the World Future Energy Summit for sustainability, and Turkey's GETAS Group has invested $60 million in a solar energy project in Bahrain, with a capacity of 72 MW initially.

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Content: Archive / Global News
A Turkish company invests $60 million in solar energy in Bahrain
You are now following the news of a Turkish company investing $60 million in solar energy in Bahrain from the World News section and now we leave you with full details
Shahd Mohammed - Abu Dhabi on Monday, August 21, 2023 04: 20 PM - The management of Turkish company GETAS Group announced on Monday that it will invest in a solar power plant in Bahrain worth $60 million.
The Chairman of the Board of Directors of the company, Aykut Erdogan, said in a press statement that the solar power plant in Bahrain will have a capacity of up to 72 MW.
“But this capacity could be increased to 200 megawatts in the next phase. ”
“Solar panels will be installed on the roofs of the car parks at the University of Bahrain campus and Al Dana Exhibition Centre, on the grounds of the University of Bahrain campus, and on the roofs of other exhibitions. ”
The chairman pointed out that his company will import solar panels from a Taiwanese partner company of Turkey ’ s GETAS Group.
He added that the implementation of the project will start in November and that the project will be ready within a maximum of 18 months.
We hope that we have succeeded in conveying the full details of the news of a Turkish company investing $60 million in solar energy in Bahrain.
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The project will increase to 200 megawatts later, and solar panels will be installed on the University of Bahrain campus, and Jordan and the UAE have signed a memorandum for 2 GW wind energy projects, and the UAE has invested $90 million in the Jordan Wind Company.

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Content: Wednesday, 15 November 2023 08: 46 GMT
Growing UAE investments in energy fields in the Kingdom
(MENAFN- Alghad Newspaper)
Jordanian-UAE relations have witnessed a great development in various fields, especially economic and investment in the fields of energy during recent years, thanks to the leadership of the two brotherly countries.
These relations are framed by several agreements, memorandums of understanding, programs and protocols that will contribute to opening wider horizons for cooperation between the two countries, which have had the effect of raising the volume of UAE investment in the Kingdom to reach about 16 billion dinars, according to the Ministry of Investment.
The latest positive developments in bilateral relations between the two countries came during the recent visit of His Majesty King Abdullah II to the UAE and his meeting with His Highness Sheikh Mohammed bin Zayed Al Nahyan, where the two leaders affirmed their pride in the level of historical and solid relations between Jordan and the UAE, and their keenness to strengthen economic partnership and investment cooperation in various fields.
According to the Ministry of Energy and Mineral Resources, UAE investments in Jordanian land in the field of energy have grown over recent years, with government projects and commercial projects (private sector).
The commercial projects (private sector) focused on the project of Jordan Wind Company in Tafileh, where the implementation, connection and commercial operation of the project was completed in September 2015, according to the direct supply system with a generating capacity of 117 MW.
Masdar owns 31% of the shares of Jordan Wind Company with an investment value of $90 million out of a total investment of $290 million in the project.
The Abu Dhabi Future Energy Company ’ s (Masdar / Baynouna) solar project was commercially completed in December 2020 with an investment of $240 million at 100% and a generating capacity of 200 MW.
Masdar is a UAE government company established in 2006 and headquartered in the UAE capital Abu Dhabi, where it seeks to invest in clean and renewable energy and sustainable development.
The government projects are the Sheikh Zayed Solar Park in Al Quwaira, Aqaba, one of the most important development and investment projects owned by the Jordanian government, with a generating capacity of 92 MW and an annual output of 211 GWh, implemented through a grant from the Abu Dhabi Fund for Development with a total investment of $150 million.
The project has been in commercial operation since 18 / 7 / 2018, and its importance is to enhance Jordan ’ s ability to use renewable energy, contribute to the needs of more than 50 thousand homes with electricity, reduce dependence on imported energy, reduce the costs of importing oil derivatives, and provide job opportunities in the construction, operation and maintenance phases of the project.
The solar complex works on a land area of 3000 dunums, where the number of solar panels comprising the project reached 328,320 solar panels.
The other project is Oman ’ s strategic facilities in the Maduna area, where the project was implemented with a $210 million grant from the Abu Dhabi Fund for Development, which aims to secure the storage capacities necessary to maintain and enhance the Kingdom ’ s strategic oil derivatives stockpile, with a total capacity of 312,000 tons.
In November 2022, the Ministry of Energy signed a memorandum of understanding with Abu Dhabi Future Energy Company (Masdar) to explore the possibility of investing and developing wind energy projects with a capacity of (2) GW, which would be economically feasible (more detail).
The memorandum of understanding, signed by the Jordanian and Emirati sides and witnessed by His Majesty the King and the UAE President, on a grant from the UAE to enable the Jordanian government to implement a package of development priority programs and projects in the field of energy and tourism, in addition to the sectors of education and digital transformation / administrative modernization and public budget support worth $400 million, including the construction of a pipeline network. Gas for three development and industrial regions and cities worth $70 million.
According to the ministry, the project aims to reduce production costs and increase the competitiveness of Jordanian industries by supplying Al-Muwaqar Industrial City, Al-Rawda Industrial City in Ma ’ an Governorate and the development zone in Mafraq with Egyptian gas, to reduce the cost of energy on national industries to raise the competitiveness of local products in export markets and in the local market.
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Masdar owns 31% of the Jordan Wind Company shares, and the Abu Dhabi Future Energy Company has invested $240 million in the Baynouna solar project, and the Mohammed bin Rashid Solar Park in Dubai has a capacity of 5 GW, and the Al Dhafra solar farm in Abu Dhabi has a power capacity of 2 GW.

The Arab countries plan to add 73 GW of solar and wind capacity by 2030, and aim to double renewable energy by 2030, and the region's renewable energy market is growing at 13.43% annually, with the Middle East solar investment expected to reach nearly $100 billion.

The Gulf countries' green hydrogen export revenues are expected to reach $200 billion, with the renewable energy capacity expected to reach 45 GW by 2027, and the Middle East saw a 12.8% increase in renewables in 2022, and the Arab countries are expected to invest $1 trillion in renewables by 2040.

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Content: Sunday, 24 September 2023 02: 03 GMT
2030 Arab Goal to Advance Renewable Energy Capabilities Globally
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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 UAE aims to achieve climate neutrality by 2050, with a significant increase in solar energy production capacity expected in the next 10 years, and Egypt's current installed solar capacity is 1.59 GW, with plans to produce 24 GW of wind power by 2026.

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Content: Sunday 26 March 2023 Abu Dhabi UAE
Prayer times
News Highlights
Today 's Issue
Today 's Issue
The Role of Solar Energy in Changing the Future of the UAE ’ s Energy Sector
The Role of Solar Energy in Changing the Future of the UAE ’ s Energy Sector
March 26, 2023 02: 39
Othman Juma Al Ali *
The UAE has a huge potential in the field of solar energy, with more than 90% of its land area capable of producing solar energy efficiently, making it one of the leading countries in this field globally.
In recent years, the importance of balancing the three most important pillars in the energy sector has been highlighted: first, security, reliability and reliability of supplies and systems, second, economic and cost of electricity services, and third, environmental and sustainability requirements and standards.
These axes constitute the most prominent challenges facing the world today, despite the seriousness of efforts and intentions in the field of sustainability, but they remain the main priorities that cannot be compromised and must be taken seriously and carefully.
EWEC continues to drive the development of pioneering global strategic projects that will enhance the UAE ’ s journey towards a more sustainable future and make it a model for sustainable, efficient and efficient water and electricity production.
By 2030, we will see a 600% surge in EWEC solar power plants with installed capacity of 7.3 GW. During this period, the average CO2 intensity of electricity generation will be reduced by more than 40%. We will continue to invest in reverse osmosis desalination plants to increase the production of low-carbon water.
Abu Dhabi is currently home to the world ’ s largest single-site solar power plant, Noor Abu Dhabi, with a capacity of 1 GW (AC), and the Al Dhafra 1.5 GW (AC) solar PV plant, which will be the world ’ s largest single-site PV plant once it enters commercial operation, is under development.
The 1.5 gigawatt (GW) Al Ajban Solar PV Plant is our third solar PV plant and, once commercially operational, will generate enough electricity for 160,000 homes and reduce Abu Dhabi ’ s CO2 emissions by more than 2.4 million tonnes per year, equal in size and capacity to Al Dhafra Solar Power Plant.
Our growing portfolio of renewable and clean energy projects accelerates efforts to reduce and decarbonize the UAE ’ s energy sector, in line with the Strategic Initiative to Achieve Climate Neutrality by 2050, and supports the requirements to achieve the Department of Energy ’ s Clean Energy Targets – Abu Dhabi 2035.
Increasing solar power generation capacity is one of our top strategic priorities to achieve the country ’ s sustainability goals.
EWEC continues to lead the transformation of the energy sector and is responsible for ensuring the economic, sustainable and reliable supply of water and electricity in Abu Dhabi and the UAE.
In the next 10 years we will work to increase the production capacity of solar energy, we have the necessary solutions, and our latest report outlines the road map for its implementation.
Through innovation and collaboration, we will make solar energy the cornerstone of the UAE ’ s energy mix and contribute to the country ’ s strategic initiative to achieve climate neutrality by 2050.
* Chief Executive Officer, Emirates Water and Electricity Company
All rights reserved to Al Ittihad Newspaper 2023 ©

The UAE has set a target to triple its renewable energy contribution by 2029, with a planned investment of 150-200 billion dirhams, and the UAE's solar market is expected to grow at a 35% compound annual growth rate until 2029, with the global solar market expected to grow at a 29% rate between 2024 and 2029.

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Content: UAE strengthens its position in the solar energy sector
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Solar investments in the UAE have huge potential, driven by government subsidies, large government investments, supportive policies, an innovation-friendly environment, commitment to sustainability goals, increased energy demand and lower technology costs.
The UAE is a pioneer in the adoption of renewable energy sources and strives to make solar energy the cornerstone of the national energy system, with many global reports indicating that the UAE is one of the fastest countries in the world in the adoption of solar energy.
And in this regard...
A report by Mordor Intelligence International, for research and studies, predicted that the size of the solar energy market in the UAE will grow at a compound annual growth rate of more than 35% during the coming period, specifically until 2029.
The report stressed the importance of the UAE Energy Strategy, which aims to triple the contribution of renewable energy over the next seven years, and to inject national investments between 150 and 200 billion dirhams during the same period, in order to reach the targets of climate neutrality 2050.
He also predicted that the transformation in the field of renewable energy, specifically solar energy, which is a key player in the energy transformation strategy, will create many opportunities for the solar market in the UAE in the future.
According to another report from Mordor Intelligence, the global solar market is expected to grow at a rate of only 29% between 2024 and 2029, thus surpassing the global average.
The UAE has emerged as a major player in the global solar market in recent years, and has leapfrogged production rates over the past 10 years: from just about 12 megawatts of solar capacity in 2012, it has raised the figure at a staggering rate to more than 3,040 megawatts, according to the Energy Institute.
In 2022, the UAE emerged as a major player in the global solar energy market, ranking second in the world in terms of per capita solar energy consumption, according to the Statutory Review of World Energy.
S & P reported that the proliferation of solar PV as an abundant, low-cost and rapidly deployable technology has overshadowed the potential of wind in the Middle East, pointing to the UAE ’ s role in the region in the field of solar energy and the transition to clean energy.
Masdar is involved in the development of a number of key projects in the UAE, including Shams, the region ’ s first concentrated solar power plant, which was inaugurated in 2013.
It has also invested in a range of world-leading solar power plants, including the 2 GW Al Dhafra plant, the world ’ s largest single-site solar PV plant in operation.
Masdar has developed the third phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai and won the bid to develop the sixth phase of the project, which will have a total production capacity of 5 gigawatts and will be the largest in the world.
The Mohammed bin Rashid Al Maktoum Solar Park, implemented by DEWA, is the largest single-site solar park in the world under the IPP system and will have a production capacity of 5,000 megawatts by 2030, with a total investment of AED 50 billion.
When completed, the complex will reduce more than 6.5 million tonnes of carbon emissions annually.
At the end of March this year, DEWA ’ s production capacity from the complex reached 2,627 megawatts.
The fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park uses three common technologies to produce clean energy: a 600 MW parabolic trough system, a 100 MW CSP tower and 250 MW photovoltaic solar panels.
The Mohammed bin Rashid Al Maktoum Solar Park achieved two records for the world ’ s “highest concentrated solar power tower ” at 263.126 meters and the“ largest thermal energy storage capacity ” in the world with a capacity of 5907 MWh using concentrated solar energy using parabolic inverters and molten salt.
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The Middle East is seeking to become a global leader in Green Hydrogen projects, with export revenues expected to reach $200 billion by 2050, and Oman's renewables capacity growth is the fourth largest in the MENA region, with a target of 16% of electricity from renewables by 2025.

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Content: MUSCAT: Renewable capacity expansion in the Middle East and North Africa (MENA) is projected to grow three-fold over the next five years (2023 – 2028), with the Sultanate of Oman ranked among the front-runners in driving this growth. According to a new report by the International Energy Agency (IEA), Oman’s renewables capacity growth is set to be the fourth largest in the region after Saudi Arabia, United Arab Emirates and Morocco.

These countries will account for the lion’s share of the 62 gigawatt (GW) increase in renewables capacity anticipated in the region by 2028, the Paris-based intergovernmental agency noted in its newly published report. “Over the next five years, the pace of growth is expected to accelerate to more than three times the previous five-year period, with solar PV making up over 85 per cent of the increase. Onshore wind and concentrated solar power also contribute,” said the IEA in its report, titled ‘Renewables 2023: Analysis and forecast to 2028’.

Driving much of this growth will be efforts by individual countries to decarbonize their electricity generation, but green hydrogen production is set to play a major role as well, according to the report. This is particularly the case in Saudi Arabia, UAE and Oman, it pointed out. “In fact, hydrogen accounts for more than 13 per cent of the region’s renewable capacity growth thanks to government policies to stimulate development for trade. Good solar resources, land availability and existing port infrastructure create favourable conditions for economically attractive renewable hydrogen to be shipped to demand centres in Europe and Asia,” the agency further stated.

Additionally, the report reaffirmed Oman’s positioning among the world’s top exporters of renewable hydrogen. It said: “By 2028, potential export countries could account for over one-fifth of hydrogen-driven renewable capacity deployment, led by Saudi Arabia, Australia, Oman and the United Arab Emirates. With the prospect of producing economically attractive renewable hydrogen to ship to potential demand centres in Europe and Asia, these countries aim to become major exporters of renewable hydrogen and hydrogen-based fuels.”

A revised Renewable Energy Plan enshrined in Oman’s 2040 Vision seeks to secure 16 per cent of electricity from renewables by 2025, rising to 30 per cent by 2030. Clean energy capacity is projected to rise to 2.6 GW by 2025 under the National Energy Master Plan. Supplementing this strategy is a commitment to embracing green hydrogen to, on the one hand, decarbonise the economy, and on the other to evolve into a major producer and exporter of renewable hydrogen. Green hydrogen output is targeted at around 1 million tonnes per annum by 2030.

2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).

The UAE has launched several initiatives, including a roadmap for hydrogen leadership and carbon sequestration, to support its energy transition goals, and the Arab Coordination Group has allocated $10 billion for green transformation, demonstrating the region's commitment to investing in sustainable energy solutions.

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

By Megha Merani

Opinions expressed by Entrepreneur contributors are their own.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Megha Merani

Independent Journalist

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

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

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

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Title:

Content: A new era of climate action
Good luck, Mr. Adele.
The 28th Conference of the Parties to Climate Change (COP 28) concluded in Dubai last December with a landmark agreement between the 198 parties, ushering in a new era of climate action.
Add Announcement
The final negotiations saw several landmark commitments on their agenda, including an unprecedented reference to switching away from fossil fuels in energy systems and tripling the capacity of renewables as part of the UAE agreement.
The World Bank has played a key role in moving the agenda forward, completing country climate and development reports for a total of 42 economies, pledging 45% of its annual funding for climate-related projects during fiscal year 2025, and being tasked with hosting the Losses and Damage Fund.
Some of the world ’ s largest oil producers have also made important announcements about their commitments to clean energy.
The event was a unique opportunity for GCC countries to reaffirm their commitment to green growth and the climate change adaptation agenda.
The Arab Coordination Group, a strategic alliance of regional and international development institutions, announced its intention to allocate US $10 billion until 2030, in line with the group ’ s previous pledge of US $24 billion to support the green transformation.
In recent years, GCC countries have announced national targets and ambitious regional initiatives to address climate change.
These include the UAE and Oman ’ s commitment to achieve zero emissions by 2050; Saudi Arabia ’ s commitment to achieve zero emissions by 2060; and the Green Middle East Initiative.
Many have also joined the Global Methane Pledge (an international effort to reduce methane emissions by a minimum of 30% by 2030) and invested in programs that support low-carbon technologies such as green hydrogen, a circular carbon economy, increased participation in carbon markets, and local energy efficiency initiatives, to name a few.
The private sector plays a crucial role in the success of climate initiatives in the GCC by pushing for a low-carbon transition and attracting green investments.
Transforming resource consumption, energy production, manufacturing processes and other economic systems will require significant investment to meet climate targets.
For example, the UAE ’ s Nationally Determined Contributions (NDCs) estimate its investment needs to be close to $36 billion between 2023 and 2030 to meet the climate goals.
The International Energy Agency (IEA) estimates that investments in renewable energy reached a record $1.7 trillion in 2022, up from $530 billion in 2021, with a large portion coming from the private sector.
Sustained public sector commitment is also needed in tandem, with concrete policy interventions to drive change at the speed and scale needed to address environmental challenges and support a low-carbon transition.
Among the first of these actions, green growth must be integrated as a national policy that contributes to shaping the future in all relevant sectors; energy, water, food security, urban planning and services, among others.
Rapid green growth across sectors – including renewables, energy storage, electric vehicles, green buildings, the circular carbon economy and waste recycling – provides opportunities for skilled jobs, productivity growth and economic diversification and transformation.
IFC estimates that supporting low-carbon investments in 10 key sectors in 21 emerging markets will generate $10.2 trillion in investment opportunities, create 213 million jobs and reduce greenhouse gas emissions by 4 billion tons by 2030.
In order to fully benefit from these benefits, GCC countries will need sustainable national commitments to these priorities, climate strategies, access to finance for businesses, and an enabling environment for green investment.
The World Bank estimates that if GCC countries continue to operate as usual, their combined GDP will reach $6 trillion by 2050.
However, implementing a green growth strategy would accelerate its economic diversification and possibly contribute to increasing its GDP to more than $13 trillion by 2050.
The Gulf Cooperation Council (GCC) countries are pursuing ambitious targets to generate electricity from renewable sources.
For example, Saudi Arabia aims to get 50% of its energy mix from renewable energy by 2030, while Oman aims to secure 30% of its electricity from renewable sources by 2030.
The UAE, which already has three of the world ’ s largest and least expensive solar plants, has announced a roadmap for hydrogen leadership, and Abu Dhabi National Oil Company (ADNOC) plans to sequester 10 million tonnes of carbon dioxide annually, in addition to ambitious investments in renewable energy.
In addition, the GCC is moving towards development strategies geared towards the use of public transport with the opening of mass transit systems in Dubai and Doha, which are nearing completion in Riyadh.
The GCC countries are well positioned to contribute to the global transition to a low-carbon economy, balancing energy security and the deployment of renewable energy sources for a zero-carbon future.
It is able to become a leader in the Middle East and North Africa region and the world, by investing its resources and capabilities towards a better climate and a livable planet.
Safaa Al-Tayeb Al-Koogli, World Bank Director in the Gulf Cooperation Council.
Syed Adil Abbas, Regional Climate Change Coordinator for the Middle East and North Africa at the World Bank

The region is vulnerable to climate change, with Middle East warming rates twice as high as global rates, and Mecca may not be livable by the end of the century due to climate change, and Qatar is the world's highest emitting country per capita, and the climate crisis costs the UAE $6 billion annually in health costs.

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 Gulf states rely heavily on gas and oil exports, with 70% of goods exported coming from these sources, but Saudi Arabia relies on oil resources for 75% of its budget, and the UAE aims to generate 50% of electricity from renewables by 2050, and Saudi Arabia plans to reach net zero carbon emissions by 2060.

The Middle East produces 30% of global oil production, and oil revenues drive government revenues in the region, but energy transition will change Middle East economies profoundly, and the region has 9 of the 10 most water-poor countries, and climate change causes extreme weather events, highlighting the need for sustainable water management practices.

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.
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The UAE has built the first nuclear power plant in the Middle East and is investing in renewable energy projects through Masdar in 40 countries, demonstrating its commitment to clean energy, and Saudi Arabia is investing in electric vehicle company Lucid and has raised $1.5 billion in funding, indicating a growing interest in alternative transportation technologies.

Title:

Content: Advertisement
Arabic-International
In COP28...
What can the UAE offer?
26-05-2023 | 13: 45
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Diplomats and observers have relied on the UAE ’ s role in hosting the upcoming COP28 climate summit at the end of this year, in giving a major boost to climate action and obliging countries to implement international commitments to confront climate change, which has become a threat to the entire world.
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Diplomats and climate action specialists expressed the UAE ’ s support for hosting COP28 in response to voices trying to disrupt the next edition of the world ’ s biggest climate event.
The UAE has selected ADNOC CEO Dr. Sultan Al Jaber to chair the 28th session of the Conference of the Parties on Climate Change (COP28).
Accelerated steps
Paul Sullivan, a senior economic analyst and non-resident fellow at the Atlantic Council ’ s Global Energy Center, said in an interview with Sky News Arabia that “the UAE is taking many accelerated steps in the field of climate action and facing the crisis of climate change. ”
Sullivan stressed that these efforts are "not new, but many years," pointing to a number of points about the role played by the UAE during the hosting of the climate summit late this year, saying:
“The UAE is a developed country, especially in the fields of climate and energy, and seeks to reach the goals quickly. ”
“Al Jaber has worked on energy and environmental issues, he is a true professional and also has an excellent staff to brief him on the situation when needed. ”
“The UAE has been working on renewable energy and climate issues for a long time, and this is nothing new for it, as it has proven its worth in organizing international meetings. ”
“I hope that the UAE ’ s highest hopes are to reach some workable solutions and agreements during the upcoming climate summit, but the nature of the climate conferences and discussions does not make this easy. ”
“There needs to be a focus on an agreement between the major countries that caused the emissions crisis, before moving on to agreements with others. ”
“I am sure that UAE officials are aware of the structural problems of the COP decisions, but they are seeking to resolve them. ”
The US special envoy for climate affairs, John Kerry, praised the selection of Al-Jaber as president of the Conference of the Parties "COP28", describing him as a "successful choice".
The Mayor of London ’ s Financial District, Nicholas Lyons, said he thought the COP28 summit “would be a great version, ” praising the stunning methodology the UAE has taken as it moves to host the event.
In the same context, Italian strategic advisor Daniele Rofinetti told Sky News Arabia that the organization of the climate summit "reflects two types of interests and activities that the UAE has within the climate change file."
He added:
“First, from a technical point of view, Abu Dhabi has the technical expertise, economic capacity and political will to become a leader in the energy transition and can play an important role in the development of clean energies, such as green hydrogen. ”
Second, it has political dimensions with the UAE asserting its independent position in international affairs and the ability to do so through the issues of the climate conference.
Abu Dhabi could also achieve a double-digit level of gains. ”
Irina Tsukerman, an American expert on international affairs and strategy, told Sky News Arabia that “the UAE ’ s hosting of the conference pushes it to play a major international role in one of the most important global issues and top priorities of many countries at the moment. ”
Tuskerman stressed that the climate summit “will allow the UAE to showcase its own capabilities and commitments to action and participation, and to build new and advanced regional and international alliances on the basis of this issue. ”
The US expert considered that the UAE can give a strong impetus to climate action through a number of axes, including:
“The UAE has the opportunity to be a bridge between the countries formerly known as the ‘ Global South ’ and the West, as well as emphasising the integration of the Middle East and the growing leadership role on issues of energy, climate and the global economy. ”
“The Climate Conference brings together three major concerns of the global community: environmental impact, energy security, and economic impact on different segments of the population. ”
“The UAE has the credibility to address the complexities of these discussions, especially with Al Jaber who has a broad energy background and can work to bring together various energy leaders to work together for a successful renewable energy transition. ”
New model
Former Indian ambassador to the UAE Navdeep Singh Suri, a fellow at Observer Research, criticized some Western voices ’ opposition to the country ’ s moves in the run-up to the climate summit.
“The patronizing approach of ‘ we know what ’ s best for you ’ is still lingering in scattered western strongholds, ” he said.
“The UAE has shown that it can use its oil wealth to create a new model: an oil-rich country hosting the International Renewable Energy Agency (IRENA), built the first nuclear power plant in the Middle East, and set up an organisation like Masdar to invest in renewable energy projects in 40 countries, ” the former Indian diplomat said in an article published in The National.
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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%.

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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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The region is expected to play a pivotal role in the global energy transition, with renewable energy investments accounting for 34% of electricity investment, and the MENA region receiving 22-26% of global solar radiation energy, and green finance in the MENA region reached $3.8 billion in 2020, and banks have increased legislation to support the green energy business environment.

The UAE aims to achieve climate neutrality by 2050 through its national strategy, and 50% of respondents think the UAE is on track to achieve climate neutrality, highlighting the importance of government-led initiatives, and overall, the energy transition in the Middle East is driven by a combination of economic, environmental, and social factors, with governments, companies, and individuals working together to reduce dependence on fossil fuels and promote sustainable energy sources.

Title:

Content: 7 out of 10 UAE residents believe it is necessary
T + T - normal size
Eight in 10 respondents in the UAE said that global climate change is a serious crisis, with 70% of respondents believing that urgent action must be taken within the next five years to mitigate the effects of climate change and secure a more sustainable future.
This is according to a study by global management consultancy Kearney, which reveals how UAE residents view sustainability initiatives.
The study comes ahead of the 27th United Nations Climate Change Conference later this month, where the issue of climate change is gaining global attention.
Among the main themes of the conference will be the role that the global community should play to promote national interests and contribute to the achievement of global climate goals, under the slogan “Together for Implementation ” to protect the future of the world.
According to the findings of the study, the majority of UAE residents believe that addressing the impacts of climate change will have a positive impact on global cultural and social issues, with 81% of respondents indicating that climate change significantly affects the livelihoods of people in different countries around the world.
68% said social imbalances could be corrected to some degree through collective action by countries to combat climate change.
Mauricio Zwaazua, partner at Kearney Middle East, said: “The Middle East has given great attention to sustainability and energy transition in the past decade, and countries in the region have made significant efforts to shift away from oil as their sole source of energy by investing in more renewable energy sources.
We have seen how strategic initiatives such as UAE Climate Neutrality 2050 and Saudi Arabia ’ s Climate Neutrality 2060 have come into effect to combat climate change at the national level, as well as many clean energy initiatives.
With the 27th and 28th UN Climate Change Conferences being hosted in Egypt and the UAE respectively, we expect the region to see more global investment, which in turn will accelerate sustainable development, and there is an opportunity to capitalize on this momentum to accelerate sustainable development through design in the Middle East.
The UAE Climate Neutrality Strategy 2050 is a national engine that aims to reduce emissions and climate neutrality by 2050, making the UAE the first country in the Middle East and North Africa to announce its goal of achieving climate neutrality.
The survey also indicated that 50% of respondents believe that the country is on track to achieve climate neutrality, while 73% of respondents stressed the importance of the role of companies in achieving this goal.
More than half (56%) believe companies need to do more to slow climate change, and 72% believe new technologies should be adopted to mitigate the climate change crisis.
70% of respondents noted the importance of individual contributions in supporting national sustainability goals.
77% said they were willing to make lifestyle changes in an effort to slow climate change.
68% said they prefer companies that implement core practices and protocols in the areas of social environment and governance such as sustainable products, green certificates, and transparent reporting on carbon emissions.
Fifty-nine percent of respondents were willing to pay a small amount for sustainable products, a sentiment that was prevalent among all surveyed groups.
In terms of living sustainably, the survey revealed that 73% of respondents would be more inclined to live sustainably if governments encouraged them to do so by implementing stricter rules on carbon emissions from cars, the use of plastics, green labeling on white goods, retrofitting old appliances and so on.
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The Middle East has 57% of the world's crude oil reserves and 26% of the world's natural gas reserves, but the region is also rich in solar and wind energy resources, and the region's abundant wind and solar energy resources make it an ideal location for the production of green hydrogen, which is expected to create new jobs in the Middle East and North Africa (MENA) region.

Title:

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.

Egypt has invested $84 billion in green hydrogen production and has signed 9 framework agreements worth $84 billion for green hydrogen development, which is expected to create new jobs and stimulate economic growth, and the United Arab Emirates (UAE) expects to save $138 billion by 2030 through its green transformation, which will reduce 150 million tonnes of emissions and contribute to sustainable development.

Title:

Content: Egypt News
84 billion investments in Egypt.
Details of the largest dollar deal in the coming period
Egypt faces many economic challenges over the past years, and within the framework of the Egyptian government ’ s search for solutions and overcoming difficulties, the ministers of planning, economic development, finance, international cooperation, and the Postal Authority succeeded in concluding important deals and agreements to achieve a dollar return, while the Egyptian Post achieved a surplus of profits exceeding $4 billion.
9 agreements worth $84 billion
For her part, Dr. Hala Al-Saeed, Minister of Planning and Economic Development, participated in the side event organized by PepsiCo, in cooperation with the League of Arab States entitled “Unlocking Opportunities in the Middle East.
Transition to renewable energy ”, which was held on the sidelines of the United Nations Climate Change Conference “COP28 ′ ′, held in the UAE.
She stressed that the transition to renewable energy is not just an environmental necessity but has many benefits, as it is a strategic opportunity for the Middle East to create a diversified economy, enhance its global competitiveness, create new jobs, and exploit the region ’ s abundant renewable energy resources to export clean energy to the world and not just local sufficiency.
During her remarks at the conference, Al-Saeed revealed that 9 framework agreements worth $84 billion for the production of green hydrogen with regional and international developers, in addition to 22 memorandums of understanding with relevant government stakeholders and major international developers, to develop a green hydrogen seamless, including renewable energy, electrolysis facilities, and green fuel production.
The Minister of Planning pointed out that the government is actively promoting green data centers and attracting investments to facilities that use renewable energy sources in order to reduce energy consumption and operating costs that consume a lot of fuel.
Minister of Finance Mohamed Moait stressed that the transformation of the green economy, adaptation to climate change and flexible dealing with it in light of the current global economic challenges, requires new financing tools and large investment flows for emerging economies, with the need to take into account the social and environmental dimensions and sustainability standards to meet future and current needs.
Maait explained, in his meeting with representatives of HSBC banks.
On the sidelines of the climate summit held in the United Arab Emirates, we look forward to a greater role for global banking institutions in supporting the development goals of emerging economies by pushing for huge investments that contribute to improving the lives of citizens and improving the level of services provided to them.
Dr. Sherif Farouk, Chairman of the Board of Directors of the National Postal Authority, said that the Board of Directors approved the budget of the Authority for the fiscal year 2022 / 2023 with a net surplus of 4 billion and 422 million pounds.
During the past three years, the Authority has succeeded in achieving many achievements at all levels, where financial inclusion and digital transformation have been applied to all procedures and transactions, which contributed to improving the quality and diversity of services, developing existing post offices and establishing new post offices along with mobile post cars and post kiosks. With the continued support of Dr. Amr Talaat, Minister of Communications and Information Technology.
The conference, which was held in Dubai, discussed strengthening cooperation between the government and the World Bank, as the latter seeks to consolidate its role as a knowledge bank in the field of development and expand partnerships to address the global challenges that are expected to occur in the future, especially climate change.
The discussions at the conference dealt with strengthening the role of the World Bank in the field of financing for development and climate action in member countries, and ways to strengthen the role of the Bank in addressing the challenges of development, eradicating poverty and enhancing shared prosperity in developing and emerging economies.
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Content: Global News
The world today – the green transition.
$138 billion in expected savings
You are now following the news of the green shift.
$138 billion Gulf savings expected from the World News section and now we leave you with full details
Mohammed - Abu Dhabi on Wednesday 25 May 2022 02: 15 PM - UAE Minister of Economy, Abdullah bin Tawq Al Marri, predicted that the integration of circular initiatives and projects in urban areas, within the framework of the green transformation of the sustainable economy, will contribute to savings of $138 billion in the GCC by 2030.
This came during the UAE Minister ’ s participation in a session entitled “Green Transformation in the Middle East ” within the World Economic Forum, which will be held in Davos, Switzerland, from 22 to 26 May 2022, entitled“ The World at a Turning Point: Government Policies and Business Sector Strategies ”, with the participation of more than 2,000 government officials and decision makers.
Al Marri added that these savings are equivalent to 1% of the cumulative GDP of the Gulf region in the period 2020-2030.
The integration of circular initiatives and projects for a sustainable green economy will also play a role in reducing emissions by 150 million tonnes.
He said that the UAE government adopts an integrated national policy aimed at promoting sustainable production and consumption, enabling economic diversification and developing new economic sectors in areas that serve sustainable development and the green economy, most notably promoting the transition towards clean and renewable energy and circular economy applications as an imperative priority for the next phase.
He added that the UAE government is committed to achieving more sustainable consumption and production, and meeting the twelfth goal of the United Nations Sustainable Development Goals 2030, by shifting from a traditional economy model to a circular economy in which consumption and production work sustainably within environmental boundaries, ensuring the quality of life for present and future generations.
In April 2019, the UAE government became the first to sign the “Scale 360 ” initiative for the Middle East and North Africa, in cooperation with the World Economic Forum, which aims to move towards a more circular economy with less natural resources and less pollution to address climate change.
He stressed that the transition to a circular economy requires the concerted efforts of the government, the private sector and society to consider how to think and act in a more circular way to help the country to move to a successful and sustainable circular economy, pointing out that the rapid changes taking place in the world require thinking about a new economic model that is flexible and ready for challenges. It will accelerate growth and sustain it.
We hope that we have succeeded in conveying the full details of the news of the green transformation..
$138 billion in projected savings.
In God ’ s care and protection.
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The UAE aims to reach 100 gigawatts of renewable energy capacity, and the energy transition is expected to create new industries, skills, and jobs in the country, and Oman aims to increase electricity production from renewable sources to 30% by 2050 and has established the Oman Sustainability Centre to achieve zero carbon neutrality.

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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Title:

Content: NEWS
Oman ’ s Green Economy Charts New Features for Future Growth in All Sectors
The expansion of green industries paves the way for a significant impact on GDP growth, fiscal revenues and credit rating determinants
– World Bank: National targets and ambitious initiatives adopted by the Sultanate of Oman to shift towards a green economy and address climate change
– Fitch Rating: Capabilities and potentials qualify Oman for a good competitive position with low production costs and structure available for export through Hydrom and Port of Duqm facilities
– Energy Agency: Oman can be at the forefront of leading countries in the field of sustainable energy
The Sultanate of Oman is witnessing important shifts towards green economy, low emission industries and the expansion of the use of clean and renewable energy. These shifts are highly praised and followed by international institutions due to the importance of these efforts in the global effort to curb climate change. The expansion of green industries, especially green hydrogen, can bring about GDP growth, fiscal revenue volume, and credit rating determination.
The World Bank praised Oman ’ s national goals and ambitious initiatives to transition to a green economy, address climate change and achieve zero carbon neutrality by 2050, which confirms its commitment to green growth and the UN climate change adaptation agenda. A World Bank report released this week indicated that Oman ’ s green economy transition includes ambitious targets, including electricity generation from renewable sources, aiming to increase electricity production from renewable sources to 30% by 2050. 2030.
The World Bank pointed out that Oman ’ s green transformation strategies are part of an increasing trend in recent years by some of the world ’ s largest oil producing countries to commit to adopting clean energy. The GCC countries are among the countries that have announced national and regional goals and initiatives to address climate change. Balancing energy security and the deployment of renewable energy sources for a carbon-free future, it is able to become a leader in the Middle East and North Africa region and the world by investing its resources and capabilities towards a better climate and a livable planet.
Rapid green growth across sectors — including renewables, energy storage, electric vehicles, green buildings, a circular carbon economy and waste recycling — provides opportunities for skilled jobs, productivity growth and economic diversification, the World Bank said.
IFC estimates that supporting low-carbon investments in 10 key sectors in 21 emerging markets will generate $10.2 trillion in investment opportunities, create 213 million jobs and reduce greenhouse gas emissions by 4 billion tonnes by 2030.
In order to fully benefit from these benefits, GCC countries will need sustainable national commitments to these priorities, climate strategies, access to finance for businesses, and an enabling environment for green investment.
The World Bank estimates that if GCC countries continue to follow their current growth pattern, their combined GDP will reach $6 trillion by 2050.
Implementing a green growth strategy would accelerate its economic diversification and possibly contribute to increasing its GDP to more than $13 trillion by 2050.
This shift to a green economy offers a unique opportunity for GCC countries to increase their commitment to green growth and the climate change adaptation agenda, boosting international climate action that is progressing in a number of areas, including many countries joining the Global Methane Pledge (an international effort to reduce methane emissions by a minimum of 30 percent by 2030), increased investments in programs to support low-carbon technologies such as green hydrogen, circular carbon economy, and increased participation in markets. Carbon, local energy efficiency initiatives, and other important initiatives.
The World Bank stressed that the private sector plays a critical role in the success of climate initiatives in the GCC countries by pushing for a low-carbon transition and attracting green investments, and the transformation of resource consumption, energy production, manufacturing processes and other economic systems will require significant investment to achieve climate goals.
Sustained public sector commitment is also needed along with concrete policy interventions to drive change at the speed and scale required to address environmental challenges and support low-carbon transformation. First, green growth must be integrated as a national policy that shapes the future in all relevant sectors such as energy, water, food security, urban planning and services, among others.
The International Energy Agency (IEA) has highlighted the significant economic potential of Oman ’ s green hydrogen industries, which enhances its export competitiveness and supports economic growth, as well as pushing Oman to the forefront of global sustainable energy. The IEA has praised the move towards green hydrogen industries as a new engine of economic growth, with Oman potentially the sixth largest exporter of green hydrogen in the world by 2030.
According to a recent report by Fitch Rating, Oman has the capabilities to be competitive in the production and export of green hydrogen, especially with low costs of renewable energy, infrastructure available for export through the facilities of Hydrom and Port of Duqm, as well as a clear tax framework and relatively low rate of corporate income taxes in Oman.
Fitch said that against the backdrop of global shifts towards renewable energy and in the long term, the ambitious goals of the Government of Oman to expand the production of green hydrogen to strengthen the key criteria and indicators that determine the credit rating such as GDP growth, fiscal revenue volume and balance of payments.
The International Energy Agency (IEA) estimates that global investments in renewable energy reached a record $1.7 trillion in 2022, up from $530 billion in 2021, with a large portion coming from the private sector.
Oman is an active contributor to the world ’ s efforts to reduce global warming and has taken important steps towards reducing carbon emissions by declaring zero carbon neutrality by 2050, establishing the Oman Sustainability Centre, implementing a national strategy for an orderly transition to zero neutrality, and a national energy policy.
Recently, the Ministry of Economy announced that it is conducting a detailed study on the economic cost of the transition to a low-carbon green economy in Oman, including estimating expected returns and defining policies, legislation and economic governance.
Oman is witnessing a growing interest in switching to renewable energy and building a green economy to reduce harmful emissions and achieve carbon neutrality, targets that fall within the strategic direction of the priorities of environment, natural resources, economic diversification and development in Oman Vision 2040.

The Gulf Cooperation Council (GCC) countries' combined GDP may reach $6 trillion by 2050 with the current growth pattern, but implementing a green growth strategy could increase GCC GDP to $13 trillion by 2050, and the International Finance Corporation (IFC) estimates that there are $10.2 trillion in investment opportunities in low-carbon sectors by 2030, which could create 213 million jobs and reduce greenhouse gas emissions.

The Middle East and North Africa region receives 22 to 26 percent of the solar radiation energy on Earth, making it an ideal location for solar energy production, and hydrogen is expected to generate annual revenues of $120 billion to $200 billion by 2050, and the region is expected to be the source of 10 to 20 percent of the global hydrogen market by 2050.

Green finance in the MENA region reached $3.8 billion in 2020 and grew significantly in 2022 in countries such as Turkey, UAE, Egypt, and Saudi Arabia, and the energy transition is expected to create 25 million new jobs by 2030, but 5 million workers may lose their jobs in other fields, highlighting the need for a just transition.

Title:

Content: Sunday Day
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Al Hussein: Renewable energy contributes to sustainable development
The President of the Kuwait Society for Sustainable Energy, Ms. Suad Al-Hussein, called on the Civil Service Bureau and the concerned authorities in the State to develop a special classification for the names of professions in the various fields of renewable energy and to include their jobs in the list of approved and required jobs in the public and private sectors. The creation of new jobs will enhance the existing jobs, showing a positive impact on the realization of the new Kuwait Vision 2035.
The number of jobs in the global renewable energy sector reached a record high of 12.7 million by the end of 2021, an increase of 700,000 jobs year on year, according to new data from the International Renewable Energy Agency (IRENA), noting that the spread and empowerment of renewable energy jobs depends on the ambitious policies of countries as well as the policies of deployment and integration of the sector itself, which must be combined with work to overcome structural barriers in the wider economy. during the transition.
The ILO ’ s global sustainability scenario until 2030 requires up to 25 million new jobs, so that around 5 million workers who will lose their jobs in other fields can find new jobs in these same jobs and new industries, while the World Energy Organization predicts that the renewable energy sector will attract about 43 million people by 2050, with the vast majority of jobs related to solar energy followed by wind and other renewable energy.
She concluded by stressing that the ability of renewable energy to create jobs and achieve the goals of sustainable development is beyond doubt, expressing the readiness of the Kuwait Society for Sustainable Energy to help and participate in the development of a technical and administrative classification of renewable energy professions related to the Kuwaiti market in cooperation with the concerned authorities in the State in this regard. Pushing towards the comprehensive renaissance of the homeland.
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Renewable energy is expected to create new jobs in the Middle East, particularly in the solar energy sector, which already accounts for a significant proportion of renewable energy jobs, and Kuwait Vision 2035 is expected to benefit from new energy jobs, which will enhance existing ones and contribute to sustainable development.

The region's transition to renewable energy is expected to reduce greenhouse gas emissions and contribute to climate goals, with several countries aiming to achieve zero carbon neutrality by 2050, and the UAE aims to produce 15 million metric tons of hydrogen annually by 2050, and joint international action is necessary for global energy security.

Title:

Content: Urgent.
Chairman of Wafd Party
Dr. Abdul Sindh Yamama
Chairman of the Board of Directors
Dr. Ayman is an accountant.
Editor-in-Chief
I'm sorry.
My grandfather, Zainuddin.
Chairman of Wafd Party
Dr. Abdul Sindh Yamama
Chairman of the Board of Directors
Dr. Ayman is an accountant.
Editor-in-Chief
I'm sorry.
My grandfather, Zainuddin.
UAE Energy Minister: Joint international action essential for fair and sustainable transition to clean energy
UAE Minister of Energy and Infrastructure Suhail bin Mohammed Faraj Faris Al Mazrouei stressed the importance of joint international action to achieve tangible progress in a just and sustainable transition towards clean energy, which is an urgent necessity and of global importance to enhance global energy security and climate action.
This came during the participation of the UAE minister in the activities of the special meeting of the World Economic Forum, which is hosted by the Saudi capital "Riyadh" under the slogan "International cooperation, growth and energy for development", according to the UAE news agency "WAM" on Monday.
Al Mazrouei explained that the UAE aims through its hydrogen strategy to produce 1.4 million metric tons of hydrogen annually by 2031 to produce 15 million metric tons annually in 2050, in addition to reducing emissions in intensive industrial sectors by 100 percent.
The Minister of Energy identified a number of key factors that will make the transition towards green energy a success, most notably international cooperation, strengthening institutional participation (governmental, academic, commercial and industrial) in leading the transformation, creating real public-private partnerships, and developing major projects that can make tangible progress in the development of supply chain and infrastructure.
On the policies and systems that must be worked on to strengthen the position of hydrogen in the future energy mix, he stressed the need to work hard to develop a clear regulatory framework for hydrogen, provide strong political incentives to accelerate investment and increase confidence, establish standards and regulations related to hydrogen to establish a certificate scheme "guarantee of origin", in addition to the need to evaluate policy measures such as carbon pricing mechanisms.
UAE confirms follow up of recovery efforts after latest weather situation ends
The UAE has confirmed its success in achieving an effective response in the face of the recent weather situation, in an effort to restore normal life.
This came as a result of the response procedures and mechanisms implemented by the field work teams under the directives of the wise leadership, which ordered the harnessing of all capabilities in order to provide all means of security and safety for UAE citizens, residents and visitors as the human being is the focus of the country ’ s attention and care.

Egypt launched the Nexus of Water, Food and Energy investment program, which integrates $14.7 billion worth of projects aiming to replace thermal power plants with renewable energy, and the Nexus platform uses innovative financing mechanisms to mobilize funds, including debt-for-climate swaps, which provide debt relief for emissions reduction.

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Content: Egypt leading the way on ensuring net-zero transition is just

Rania Al-Mashat & Erik Berglof

The gap between the resources needed to achieve net-zero greenhouse gas emissions by 2050 and the resources that are available currently amounts to trillions of dollars – and is still growing. As many developing and emerging economies lose ground in the wake of the COVID-19 pandemic, public and private capital must be mobilized to accelerate mitigation and adaptation efforts. But this requires governments to produce credible plans for achieving global sustainability goals, to design and implement these policies themselves and to ensure that their strategies’ costs and benefits are fairly distributed.
Last November’s UN Climate Change Conference in Egypt, known as COP27 and dubbed the “implementation COP,” laid the groundwork for a fairer, more robust climate finance system. The conference’s “guidebook” called on the international community to advance a transformative agenda that accounts for developing countries’ national priorities and ensures equitable access to financial and technical resources. It included, in its definition of climate justice, “equitable access to quality and quantity climate financing” that considers “historical responsibility for climate change” and “supports resilient development pathways, leaving no one behind.”
With this in mind, Egypt launched its Nexus of Water, Food and Energy investment program during COP27, providing a practical and replicable model for ensuring a just net-zero transition through a concept of “country platforms.” These platforms are meant to help countries build state capacities and emphasize the importance of developing countries’ agency (or “ownership,” in aid parlance).
The Nexus of Water, Food and Energy – whose acronym NWFE, pronounced “nuafiy,” is Arabic for “fulfilling pledges” – builds on Egypt’s commitments under the 2015 Paris climate agreement and aims to attract financial support for the country’s development agenda, while accelerating climate action. The stakeholders include multilateral development banks such as the European Bank for Reconstruction and Development, the African Development Bank, the European Investment Bank and the Asian Infrastructure Investment Bank. The Nexus of Water, Food and Energy platform integrates several high-priority water, food and energy projects – all selected by the Egyptian government – worth a total of $14.7 billion. The projects seek to replace existing inefficient thermal power plants with renewable energy; enhance small farmers’ adaptation to climate risks; modernize farming practices to increase irrigation efficiency and boost crop yields; strengthen the resilience of vulnerable regions; create water desalination capacity; and establish early-warning systems.
By using innovative financing mechanisms to mobilize public funds, technical assistance and private investment, Egypt seeks to leverage its partnerships with the multilateral development banks and other development stakeholders to accelerate its climate agenda. This would support the country’s green transition and show that climate action and economic development can go hand in hand. Egypt can also rely on these partnerships to help it phase out “brown” oil, gas and mineral assets. For example, partial concessional financial support from the US will enable the country to retrain (or retire) fossil fuel workers. Yet, the most innovative instrument may be debt-for-climate swaps, whereby Egypt receives partial debt relief from, say, Germany, in exchange for commitments to reduce greenhouse gas emissions. These types of performance-linked financial instruments could provide many developing and emerging countries with an opportunity to lower their debt burden or obtain low-cost funds. By tying development assistance to progress on a common global target, such swaps could also prove to be significant in mitigating the worst effects of climate change.
As a 2018 report by the G20 Eminent Persons Group on Global Financial Governance noted, collective action through country platforms has the power to unlock public and private investment to achieve climate-resilient and sustainable development. Such investment platforms can take different forms. For example, Just Energy Transition Partnerships – first introduced during COP26 in Scotland in 2021 – aim to direct private capital toward decarbonization targets in the energy sector. Since launching in South Africa, Just Energy Transition Partnerships have also been established in Indonesia, India, Vietnam and Senegal. Egypt’s Nexus of Water, Food and Energy initiative provides a useful model for how developing and emerging countries can expedite the implementation of their national climate agendas in line with global priorities. By encouraging coordination among domestic and external stakeholders, such programs can help bridge the information gap, establish shared standards and increase the number of bankable projects.
But the platform’s success hinges on domestic agency, transparency and accountability in managing these partnerships. Most importantly, the green transition must be perceived as just in order to be sustainable. Predictability is particularly important for the poor and fairness is essential to winning long-term public support for climate measures. To achieve these goals, governments must lead on climate finance. The net-zero transition depends on it.

Just Energy Transition Partnerships direct private capital to decarbonization, and Egypt's initiative provides a model for developing countries' climate agendas, and the success of the energy transition hinges on domestic agency, transparency, and accountability, and the green transition must be perceived as just to be sustainable.

The UAE aims

The UAE aims