The Middle East is undergoing an energy transition driven by solar investments, expected to benefit its economy and environment.

The region is ideal for solar energy generation, with 2,000 kilowatt-hours per square meter per year.

Saudi Arabia, the UAE, and Egypt are leading renewable energy investments, focusing on solar and wind power.

The UAE and Mashreq Bank aim to mobilize $302 billion in sustainable finance by 2030.

The region's energy transition is expected to create jobs, stimulate economies, and reduce carbon emissions, helping to mitigate climate change.

The use of renewable energy is expected to reduce dependence on oil and gas, promoting energy security.

The Middle East is making significant progress in its energy transition through heavy investment in renewables and grid modernization.

National grids are struggling to integrate renewables, and energy storage is a key solution.

The COP28 pledge aims to increase renewable energy capacity by 2030, helping Middle Eastern countries reduce their carbon footprint.

The UAE is hosting the 2023 UN Climate Conference, showcasing its commitment to addressing climate change and renewable energy.

Middle Eastern countries are modernizing their grids to support increased renewable energy and achieve carbon reduction goals.

The UAE targets net zero emissions by 2050, while Saudi Arabia aims for 50% renewable energy by 2030.

The region is expected to see its strongest renewable energy growth in 30 years, with global capacity expected to more than double by 2030.

The goal is to triple global renewable energy by 2030, requiring strong regulatory frameworks.

Jordan and other Middle East countries have laws and mechanisms to develop renewable energy for economic diversification.

The UAE, Oman, Saudi Arabia, and Qatar are developing solar and wind power despite infrastructure challenges.

Renewable energy is expected to account for 34% of electricity investment.

The Middle East is undergoing an energy transition driven by solar investments, expected to benefit its economy and environment.

Title:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Updated: October 19, 2022, 10:41 AM
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The region is ideal for solar energy generation, with 2,000 kilowatt-hours per square meter per year.

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

Saudi Arabia, the UAE, and Egypt are leading renewable energy investments, focusing on solar and wind power.

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Content: Sunday, 24 September 2023 02: 03 GMT
2030 Arab Goal to Advance Renewable Energy Capabilities Globally
(MENAFN- Al-Bayan) $(resize) .css ('font-size', newFontSize); return false;});});
Several Arab countries are accelerating to keep pace with the international aspiration to achieve the goal of tripling global renewable energy capacity by 2030, which is receiving widespread attention, amid various plans and strategies at national levels in many countries.
The Arab countries that are likely to play the largest role in this regard, according to industry experts, are the UAE, Saudi Arabia, Oman, Kuwait, Egypt, Jordan, Algeria and Morocco, by injecting more investments into this vital and promising sector.
During the recent G20 summit in New Delhi in September, G20 leaders expressed their support for all efforts to increase renewable energy capacity and pledged to accelerate measures to address environmental crises and challenges.
With this growing international interest in the energy transition, the plans are facing many challenges, including (but not limited to) access to finance, especially for low- and middle-income countries, with significant investment required over the coming years.
(Al-Bayan), a group of American academics and specialists in the renewable energy sector were surveyed about the main opportunities and challenges on the way to increase the desired capacity, the investments required to achieve that goal, and the extent of its expected environmental and economic repercussions.
Huge spikes.
Achieving the ambitious goal of doubling global renewable energy capacity in the near term will be reflected concretely in several contexts, explains Gregory Nemet, a specialist in the analysis of international energy systems and environmental policies at the University of Wisconsin. By 2030, it will deliver significant benefits in terms of jobs, economic development, and improved air quality, as well as putting the world on the path to addressing climate change in the long term.
“The costs of renewable energy, especially solar and wind, have dropped dramatically over the last 10 years, and most experts expect them to continue to fall, ” says Nemet, explaining that a clean, affordable source of energy creates huge opportunities, allowing global renewable energy capacity to be tripled by taking full advantage of it.
According to Nemet, the 3-fold increase also presents challenges, such as “access to finance for low- and middle-income countries, and investments in electricity grids to accommodate this growth ”, stressing that“ challenges can be overcome through sustained efforts and supportive policies, as we have seen many examples in the recent past. ” A sign of broad international cooperation is required in this regard.
Last year, renewable energy capacity (globally) increased by 9.6 percent to 3,372 gigawatts, an increase of a record 295 gigawatts, despite global uncertainty in light of geopolitical developments and the Ukrainian war, according to data published by the International Renewable Energy Agency (IRENA) on March 22.
Almost half of the new capacity from renewable energy in Asia has been added, with China contributing more than 141 gigawatts to the new capacity of the entire continent.
Renewable energy sources in Europe and the United States grew by 57.3 gigawatts and 29.1 gigawatts respectively.
African capacity increased slightly by 2.7 gigawatts.
According to IRENA data, although hydropower accounts for the largest share of total global renewable energy capacity at 1,250 gigawatts, solar and wind power continue to dominate new capacity, contributing 90% of total capacity last year.
Solar capacity came first with an increase of 22%, followed by wind power with an increase of 9%.
Policies and Incentives
University of Massachusetts academic David Turcotte, whose research interests include climate change and environmental justice, believes that there are many opportunities in the context of increasing global renewable energy capacity, due to increases in oil prices as a result of the Ukrainian crisis, which makes renewable energy sources more cost-effective, as well as worsening economic and human costs. Recurrent, more severe climate change disasters.
“Many developed countries have expanded policies and incentives to encourage increased capacity to produce renewable energy.
However, we still face a lot of challenges […]
That threatens to derail efforts to increase renewable energy capacity, and the transition to a clean energy economy.
Among these challenges is the lack of adequate funding to support increases in renewable energy capacity in developing countries, a challenge he described as “serious. ”
While international efforts are accelerating to target investments in the context of increasing global renewable energy capacity, those investments are still below the 1.5 ° C target.
This is shown by data from IRENA and the Climate Policy Initiative (CPI) released in February, which estimate the total volume of investments in renewable energy sectors during 2022 at $499 billion, up from $430 billion in the previous year 2021.
Developments in the world over the past year, especially with the start of the Russian military operation in Ukraine in February 2022, have also encouraged many countries to move more towards renewable energy sources, to overcome the energy crisis caused by the consequences of the war, in the interest of the desired goal of increasing capacity.
Required investments
John Hall, Professor of Mechanical Engineering at the Center for Energy Production and Infrastructure, University of North Carolina, United States, notes that “the goal of tripling global renewable energy capacity by 2030 is a challenge, and achieving the goal requires an intensive global strategy, focused on significant financial investment, technological innovation targeting these communities, inclusive policies, and collaborative efforts. ”
Speaking with Al-Bayan, he stressed that community participation and infrastructure development in underserved areas should be central to the strategy, leading not only to the promotion of the energy transition, but also to economic upgrading.
The International Renewable Energy Agency (IRENA) estimates that $4 trillion per year will be required in the clean energy sector until 2030 to strengthen global capacity in this regard.
Logistical challenges
Warren Mabey, an academic at Queen ’ s University who specialises in energy policy and natural resource management, told Al Bayan that “it is technically possible to triple global renewable energy capacity over the next six years, and this will put enormous pressure on the global supply chains that support the sector. and manufactured goods, necessary for the transformation process).
Mabe believes that “the cost will be enormous, and the logistical challenge may be too great to overcome ”, stressing the need for“ strong and consistent leadership from countries around the world to achieve this. ”
Arabic Steps
At the Arab level, five Arab countries (Egypt, Morocco, Oman, Saudi Arabia and the United Arab Emirates) are expected to account for about 72% of the region ’ s total growth in renewable energy, according to the Organization of Arab Petroleum Exporting Countries (OAPEC), which expects renewable energy capacity to reach 45 gigawatts by 2027, an increase of 3 times. Compared to the last five years.
The International Renewable Energy Agency (IRENA) estimates that in 2022, the Middle East saw the highest increase in renewables ever, with 3.2 gigawatts of new capacity added last year, a 12.8 percent increase over the previous year.
According to the Arab Renewable Energy Authority (AREA), the volume of investments by Arab countries in renewable energy projects is expected to reach $1 trillion by 2040, in light of the interest of Arab governments in this file, to achieve global environmental goals.
A Great Leap in 10 Years
According to the current data, the renewable energy sector in the region is expected to witness a huge leap in the next 10 years, at a time when eight Arab countries are leading this trend, according to the researcher in international relations and political economy, Abu Bakr al-Deeb, adviser to the Arab Center for Studies and Research, who tells Al-Bayan that the countries strongly candidate to move in this direction are:, Kuwait, Egypt, Jordan, Algeria and Morocco).
Aldeeb also cites the volume of electricity generated from renewable sources in the Middle East and Arab countries, which is expected to increase six-fold in 10 years through heavy reliance on solar photovoltaic energy, noting that the Arab region has “great potential ” to help launch major projects to produce energy from the sun. And wind, among these possibilities or advantages (the right climate, the bright sun most days of the year, as well as human expertise, and financial capabilities also for some countries).
The UAE is at the top of the list of Arab countries that produce electricity from solar energy, while Egypt is the largest country in the Arab world in terms of electricity production from wind energy, according to a report issued by (Global Energy Monitor), which Al-Deeb cites when explaining the progress made by some Arab countries in this sector, The UAE, Egypt, Jordan and Morocco are among the first Arab countries to establish solar and wind power plants.
According to the report, renewable power plant projects for Arab countries are likely to achieve 92% of the region ’ s total target by 2030 when completed.
One of the most reliable projects in this regard is the Green Hydrogen projects, through which the Middle East is seeking global leadership, with export revenues likely to reach $200 billion by 2050 for the Gulf countries, according to a study by Dii Desert Energy.
In this context, Al-Deeb notes the abundance of renewable energy resources, clean hydrogen, human expertise, capital, and their geographical proximity to the European market, all of which provide them with important and growing opportunities.
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The UAE and Mashreq Bank aim to mobilize $302 billion in sustainable finance by 2030.

Title:

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

By Megha Merani

Opinions expressed by Entrepreneur contributors are their own.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Megha Merani

Independent Journalist

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

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

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

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The region's energy transition is expected to create jobs, stimulate economies, and reduce carbon emissions, helping to mitigate climate change.

Title:

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

The use of renewable energy is expected to reduce dependence on oil and gas, promoting energy security.

The Middle East is making significant progress in its energy transition through heavy investment in renewables and grid modernization.

National grids are struggling to integrate renewables, and energy storage is a key solution.

The COP28 pledge aims to increase renewable energy capacity by 2030, helping Middle Eastern countries reduce their carbon footprint.

The UAE is hosting the 2023 UN Climate Conference, showcasing its commitment to addressing climate change and renewable energy.

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Content: Strong French Presence at Dubai Energy Show
T + T - normal size
The Middle East Energy Expo 2022 is witnessing a strong presence of France through the participation of 11 French companies under the umbrella of the French pavilion, organized and supported by the National Agency for the Development of the French Economy internationally Business France.
The most prestigious and comprehensive event for the energy sector in the Middle East and North Africa region is expected to attract more than 800 exhibitors and thousands of visitors, specialists and experts from around the world.
With a heritage of more than 45 years, Middle East Energy has established itself as one of the region ’ s leading energy events.
The 11 French companies, all with expertise in energy storage, equipment and applications, transmission and distribution of electricity, network protection products, systems and lighting, offer innovative, efficient and competitive solutions to the region.
The Middle East Energy Show will be an opportunity for French companies to discover the demands of new markets, share their valuable industry knowledge and experience and promote new and existing business areas.
Countries in the Middle East and North Africa (MENA) region are investing heavily in strengthening their electricity infrastructure and building new power lines, in order to secure supplies and respond to the growing demand for electricity in light of their booming economies and growing populations.
This includes the development of “high voltage ” direct current interconnection (HDVC) projects, such as connecting Egypt to GCC interconnected networks, or connecting Saudi Arabia to North Africa and Egypt to Iraq via Jordan.
The strategic importance of energy cooperation between the Middle East and North Africa is stronger than ever.
In this context, the French role is highlighted by its expertise in the areas of building new smart infrastructure, integrating renewable energies into the grid, and energy storage, which qualifies it to play an important and specific role in helping the Middle East and North Africa region achieve its carbon reduction goals.
In addition, the overall familiarity of French equipment manufacturers with the electrification of unconnected and isolated sites, with appropriate off-grid / mini-grid solutions, meets the specific requirements of the region.
As MEE coincides with the announcement that the UAE will host the UN Climate Conference (COP28) in 2023, French companies have been keen to introduce new solutions and systems to support the energy transition, cleaner energy production and sustainable energy.
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Middle Eastern countries are modernizing their grids to support increased renewable energy and achieve carbon reduction goals.

The UAE targets net zero emissions by 2050, while Saudi Arabia aims for 50% renewable energy by 2030.

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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 region is expected to see its strongest renewable energy growth in 30 years, with global capacity expected to more than double by 2030.

Title:

Content: Global News
World Today - Energy Agency: Historic growth of renewable energies but insufficient
You are now following the news of the Energy Agency: Historic growth of renewable energies but insufficient from the World News section and now we leave you with full details
MOHAMMED, Abu Dhabi, Jan. 11, 2024 6: 24 PM - Last year, the world recorded a "historic" increase in renewable energy by 50 percent compared to 2022, according to the International Energy Agency, which expects an unprecedented pace in the coming years, although insufficient in the face of the challenge of climate warming.
The agency said in a report published on Thursday that about 507 gigawatts of renewable electricity had been put into service, a 50 percent increase from 2022.
The head of the body, Fatih Birol, told reporters it was a "huge and historic leap" equivalent to the current equipment of Germany, France and Spain combined.
Three-quarters of these new installations are in solar PV.
China has again been the main driver of this growth (60 percent of new infrastructure with more than 66 percent of wind turbines over a one-year period, for example).
But Europe, the United States and Brazil have also reached unprecedented levels, with India making significant progress while the agency pointed to a jump in Southeast Asia as well as in the Middle East.
The agency expects the next five years to see "the strongest growth" on record in 30 years.
“Renewable electricity generation capacity has not expanded at all in 30 years, presenting a real opportunity to achieve the goal set by governments at the United Nations Climate Change Conference (COP28) of tripling global capacity by 2030. ”
But the agency believes that this pace is not yet sufficient, pointing to the need for funding especially for emerging and developing countries.
“In the current market and policy conditions, global capacity will double and a half times by 2030, which is not enough yet to meet the target set at COP28 but we are approaching it and governments have the tools to achieve it, ” said Fatih Birol.
Support for developing countries
“Onshore wind and photovoltaic power are cheaper today than new fossil fuel plants almost everywhere and cheaper than plants already installed in most countries, ” the same official asserts.
Last year saw a clear decline in the price of PV modules by almost 50 percent in one year and this movement is expected to continue with a marked increase in manufacturing capacity, according to the agency set up by the Organisation for Economic Co-operation and Development (OECD) nearly 50 years ago to cope with the oil shock.
But the situation is more sensitive for the wind energy industry, particularly in Europe, where it is affected by high production costs, interest rates and lengthy licensing procedures.
However, a large number of countries have adapted their requests for proposals in this area.
The goal of tripling renewable energy sources is on the table globally, with needs varying from country to country.
On the part of rich and large emerging countries, the International Energy Agency stresses the need to end hesitation in national policies and invest in modernizing and adapting networks to reduce delays and administrative complications.
For other countries, access to finance and the establishment of strong regulatory frameworks will be crucial, along with setting targets for renewable energy construction that is still absent in some countries, the report said.
Dave Jones, from the Amber Research Center, said: “The level reached in 2023 shows that a threefold increase is achievable.
He believes that if added to the progress in efficiency in power generation, "we are moving not only towards peak demand for fossil energy but towards a decrease in the volume of its consumption."
According to Dean Cooper of the World Wildlife Fund (WWF), “Renewable energy production is growing fast but not fast enough. ”
"Those who want a livable planet should increase the pressure on their governments to move from words to action."
"The fact that more than 200 countries signed the COP28 agreement is a good thing," said Fatih Birol, adding: "We think they signed it because they take it very seriously."
"But we believe in the numbers, so the International Energy Agency will follow up on the progress that has been made...
We will inform the public about it. ”
We hope that we have succeeded in conveying the full details of the news of the Energy Agency: a historic growth of renewable energies but insufficient..
In God ’ s care and protection.
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The goal is to triple global renewable energy by 2030, requiring strong regulatory frameworks.

Jordan and other Middle East countries have laws and mechanisms to develop renewable energy for economic diversification.

The UAE, Oman, Saudi Arabia, and Qatar are developing solar and wind power despite infrastructure challenges.

Renewable energy is expected to account for 34% of electricity investment.

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Content: People 's Daily Online > > Economy and Technology
Electric cars welcome in the Middle East
Li Xuehua
July 18, 2024 08: 47 | Source: Economic Daily
Small number
Original title: China's electric car welcomed by the Middle East market
In recent years, in the face of increasingly severe climate change challenges and increasingly urgent pressure to reduce emissions, countries in the Middle East have accelerated the green transformation of energy and economic diversification, and the development of green transportation has become one of the important contents.
With its cost-effective and beautiful design, Chinese-made electric vehicles are favored by more and more industry insiders and consumers in the region.
The Middle East is becoming a "blue ocean" for Chinese electric vehicle companies to explore the international market.
The development of electric vehicles is the general trend
According to the International Energy Agency (IEA), the transportation sector currently accounts for about 60% of global oil consumption.
In order to achieve global emission reduction targets, the proportion of electric vehicles must be greatly increased.
The development of electric vehicles has become an important part of the Middle East countries to promote the green transition.
The UAE is the first country in the Gulf region to commit to net zero emissions by 2050.
To this end, the UAE has formulated a National Electric Vehicle Policy, which provides preferential measures such as free registration, free parking and reduced charging and tolls to promote the development of the electric vehicle industry.
The UAE has converted 20% of federal government agency vehicles to electric vehicles and has set a target of at least 30% of government vehicles and 10% of road vehicles to be electric (pure electric or hybrid) by 2030.
By 2050, 50% of the UAE ’ s road vehicles will be electric.
The development of the electric vehicle industry is an important part of the Saudi strategic transformation program “Vision 2030 ”. In 2022, the Saudi government launched the national electric vehicle strategy, in addition to increasing the market share of electric vehicles, the Saudi government also provides a series of incentives for consumers to buy electric vehicles, including tax cuts and subsidies.
In addition, the Saudi government has also set a target of 30% of electric vehicles in the capital Riyadh by 2030, with an annual output of 300,000 vehicles.
Saudi Arabia has completed the formulation of relevant supporting policies for the infrastructure of electric vehicle charging stations in August 2022, and promoted the acceleration of the landing of charging infrastructure.
The Egyptian government launched the Electric Vehicle Development Plan in 2018, aiming to make up 2% of the total vehicle fleet by 2025 and 10% of the total vehicle fleet by 2030.
In order to achieve these policy objectives, the Egyptian government has adopted a series of policy measures and incentives to stimulate and support investment and consumption of electric vehicles and charging stations.
The Qatari government ’ s goal is to reach 10% penetration of pure electric vehicles by 2030, expand 15,000 charging stations, and make public transport 100% electric buses.
Governments in the Middle East have launched plans to promote electric vehicles, accelerating the growth of the electric vehicle market, and the acceptance and recognition of electric vehicles by consumers is rising.
Chinese car companies compete
According to PwC ’ s latest “Electric Vehicle Outlook 2024: UAE ” report, it is expected that by 2030, the market share of electric vehicles in new passenger and light commercial vehicle sales in the UAE will exceed 15% (about 58,000 vehicles), and by 2035, this share will increase to 25% (about 110,500 vehicles).
Arthur D. Little, an international consultancy, expects the UAE EV market to grow at a rate of 30% per year between 2022 and 2028.
Deloitte predicts that by 2030, the total value of the Saudi electric vehicle market is expected to reach 28 billion US dollars.
The huge demand for electric vehicles and supporting facilities in the Middle East is undoubtedly a major positive and unmissable opportunity for Chinese car companies.
According to the statistics of the China Automobile Industry Association, in 2023, China's new energy vehicles exported 1.203 million, an increase of 77.6%.
China's new energy vehicle production and sales account for more than 60% of the world's total.
In addition to meeting the needs of the domestic market, "going to sea" has become a concerted action of the industry, and the Middle East has become an important market for large car companies to explore.
Xie Qiyi, Vice President of Dubai One Road Group, said that electric vehicles have become a new business card for Chinese brand cars in the Middle East. During the 2022 World Cup in Qatar, China Yutong Bus provided 1,002 special electric buses to Qatar and put them into the national public transportation system after the World Cup. In October 2022, Red Flag Electric Vehicles successfully “joined ” the Dubai Police Force as the first electric vehicle for the Dubai Police, and the Red Flag E-HS9 has become one of the favorite electric vehicles of local chiefs, royals and government dignitaries.
At the end of 2022, Geely ’ s electric commercial vehicle brand Long Range Motors signed an order for 1,000 electric commercial vehicles with Emirati enterprises. In September 2023, Geely ’ s other electric vehicle brand, Gekrypton Automobile, signed a national general generation agreement with dealers in the UAE, Saudi Arabia, Qatar and Bahrain to build a sales service network.
BYD began to enter the Middle East market in 2023, entering the UAE, Saudi Arabia, Jordan, Qatar, Israel and other countries. In May 2024, BYD officially opened its first store in Riyadh, the capital of Saudi Arabia. In June 2024, BYD completed its 1000th delivery in the UAE.
BYD has established a leading position for electric vehicle brands in the Middle East.
Other Chinese electric vehicle companies such as the Great Wall, Beiqi, Changan, Xiaopeng, Skyworth, etc. have also opened up the Middle East market.
With its high cost performance and beautiful design, China's electric vehicles are favored by more and more consumers in the Middle East.
According to data released by the Israel Automobile Importers Association, in 2023, China 's electric vehicles accounted for about 61% of the Israeli electric vehicle market share. In the first half of 2024, the market share increased to 68.31%, and BYD became the sales champion brand, with the ATTO 3 becoming the best-selling model in Israel in the first half of the year with 7265 sales.
In Jordan, Egypt and other countries, sales of Chinese brand electric vehicles are also growing.
Industry insiders are generally optimistic about the sales prospects of Chinese brand electric vehicles in the Middle East.
Heiko Seitz, head of global and Middle East electric vehicles at PwC, expects to see more electric vehicle models from Chinese companies in the UAE in the coming years.
A report by Dubai-based Glasgow Research Consulting found that Chinese automakers are seizing the opportunity to deliver reliable and cost-effective electric vehicles, making them key players in the UAE ’ s transition to a green future.
Help the Middle East improve the industrial chain
Zhang Chenling, executive president of One Road Group, believes that China's electric vehicle industry chain is complete, upstream and downstream batteries, energy storage, infrastructure and other aspects are in the world's leading level, many Middle Eastern countries not only aim to import electric vehicles, but also hope to promote the development of their own electric vehicle industry chain through cooperation with China to expand their local manufacturing capacity, thereby boosting their own industrialization process.
The best way for Chinese auto companies to enter the Middle East market is to choose a reliable local partner, which can make full use of the preferential policies of the local government and effectively deal with some trade barriers.
Cooperation between the two sides can complement each other's advantages and be mutually beneficial and win-win.
In March 2024, Rongding Consulting released a research report that China's foreign direct investment in electric vehicle related industries is shifting from North America to Europe, the Middle East and Asia.
The report predicts that China's overseas investment in electric vehicles will remain strong in 2024, and the Middle East and North Africa will jump to second place.
In June 2024, Egypt ’ s GV Investment Company entered into a cooperation agreement with China FAW Group to begin production of China FAW ’ s affordable electric vehicles in Egypt in the first quarter of 2025. GV Investment aims to localize 65% of vehicle parts and export products to the Middle East, Africa, Europe and Latin America in the next three to five years.
In July 2024, BYD signed an agreement with the Turkish government, BYD will invest $1 billion to build a plant in Turkey with an annual output of 150,000 electric vehicles and set up a research and development center.
The plant is expected to go into production by the end of 2026, providing 5,000 jobs.
In June 2023, during the 10th Entrepreneur Conference of the China-Arab Cooperation Forum, the Saudi Ministry of Investment and Chinese electric vehicle manufacturer China Express signed a $5.6 billion contract to establish a joint venture for research, development, manufacturing and sales of automobiles.
In the same month, NIO Motor announced that it had signed a share subscription agreement with CYVN, the Abu Dhabi sovereign fund, which will make a total strategic investment of about $1.1 billion through the targeted issuance of new and old shares.
Some countries enjoy duty-free access to markets in Europe and North America.
While meeting the local market demand, Chinese electric vehicle companies can also take the Middle East countries as an important partner in developing third-party markets, and radiate broader markets such as Europe and Africa from here.
Cooperation between China and Middle East countries in the field of electric vehicles has broad prospects and great potential.
(Editor: Yang Xi, Chen Jian)
Public Number ： People 's Network Finance
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