The Middle East is transitioning to renewable energy, particularly solar, to reduce oil dependence.

The UAE and Saudi Arabia aim to achieve zero emissions by 2050 and 2060, respectively.

Saudi Arabia aims to generate 50% of its energy from renewables by 2030.

The IFC estimates $10.2 trillion in energy transition investment opportunities by 2030.

Egypt has invested $84 billion in green hydrogen production agreements.

Renewable energy can diversify the Middle East economy, reducing oil dependence.

The UAE has been investing in solar and renewable energy for 15 years to diversify its economy.

Masdar has nearly doubled its renewable energy capacity.

The UAE aims to reach 100 gigawatts of renewable energy capacity.

The Middle East and North Africa region could generate 60% of its electricity from renewables by 2030.

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

Morocco aims for 52% of its electricity to come from renewable sources by 2030.

Egypt aims for 42% of its electricity to come from renewable sources by 2035.

The MENA region may supply 10-20% of the global hydrogen market by 2050.

Hydrogen is expected to generate $120-200 billion in annual revenues by 2050.

The region has 10% of global carbon capture capabilities, showing potential to reduce emissions.

The Middle East aims to become a new energy export base, driven by green hydrogen.

The region plans to export green energy to Europe, Africa, and South Asia.

The renewable energy sector is expected to create 225,000 new jobs in the Gulf region by 2030.

The UAE aims to increase non-oil exports by 50% by 2031, shifting focus to non-oil sectors like renewable energy.

The GCC countries can lead in renewable energy, with solar PV being the region's cheapest option at $2/kilowatt-hour.

The Middle East energy demand is expected to grow 1.8% annually, with renewables playing a key role in enhancing energy security.

The transition to renewable energy promotes economic growth, job creation, and reduces greenhouse gas emissions.

The Middle East is transitioning to renewable energy, particularly solar, to reduce oil dependence.

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.
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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 UAE and Saudi Arabia aim to achieve zero emissions by 2050 and 2060, respectively.

Saudi Arabia aims to generate 50% of its energy from renewables by 2030.

The IFC estimates $10.2 trillion in energy transition investment opportunities by 2030.

Egypt has invested $84 billion in green hydrogen production agreements.

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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Renewable energy can diversify the Middle East economy, reducing oil dependence.

The UAE has been investing in solar and renewable energy for 15 years to diversify its economy.

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

More news from Business

Masdar has nearly doubled its renewable energy capacity.

The UAE aims to reach 100 gigawatts of renewable energy capacity.

The Middle East and North Africa region could generate 60% of its electricity from renewables by 2030.

Title:

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

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

Fossil Fuels: A Double-Edged Sword

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

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

The Countdown to Depletion

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

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

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

Toward a Sustainable Energy Paradigm

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

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

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

The Promise of Sustainable Energy

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

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

The MENA Region: The abundance of wisdom

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

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

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

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

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

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

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

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

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

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

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

Morocco aims for 52% of its electricity to come from renewable sources by 2030.

Egypt aims for 42% of its electricity to come from renewable sources by 2035.

The MENA region may supply 10-20% of the global hydrogen market by 2050.

Title:

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

The region has 10% of global carbon capture capabilities, showing potential to reduce emissions.

The Middle East aims to become a new energy export base, driven by green hydrogen.

Title:

Content: Total investment of more than 100 million yuan Chinese enterprises to build the first hydrogen refueling station in Dubai, United Arab Emirates
Author: Lin Zhiying
Published: Updated:
The 28th Conference of the Parties to the United Nations Framework Convention on Climate Change is being held in Dubai, United Arab Emirates, and China will further develop practical cooperation in green hydrogen, green ammonia, green methanol and other aspects.
The first hydrogen refueling station in Dubai, UAE, was also put into use during the climate conference, CCTV Finance reported.
Its biggest feature is the upstream hydrogen source, from the green hydrogen produced by photovoltaics, which also realizes the first application of green hydrogen in the field of transportation in Dubai.
The hydrogenation station uses hydrogen from the green hydrogen produced by the local photovoltaic project in Dubai, and the water used is from seawater desalination, the entire hydrogen station is built by Chinese companies, and the key hydrogenation equipment is also from China.
Zhou Yuxuan, director of a Chinese hydrogen energy equipment company, introduced the project investment of more than 100 million yuan, renewable energy through green hydrogen as an important way of energy storage and consumption, will be the direction of energy transformation in the Middle East and even the world.
Since this year, large oil companies in the Middle East have also made hydrogen energy their investment focus and transformation direction, increasing investment in the hydrogen energy field, while extending to the chemical sector to produce green methanol and green ammonia.
Liu Chunping, deputy general manager of HSE management department of Sinopec, introduced that methanol is a kind of "liquid sunlight", which is through the reaction of green hydrogen and carbon dioxide, green methanol and green ammonia as an important carrier of green hydrogen in the future, providing a good solution for industrial decarbonization.
Jin Jian, president of the Middle East region of Longhi Green Energy, said that the Middle East region hopes to transform from a traditional energy export base to a new energy export base, "which is why green power and green hydrogen in this region has become particularly critical, by converting to ammonia, to Europe, Africa, South Asia more power-hungry regions."

The region plans to export green energy to Europe, Africa, and South Asia.

The renewable energy sector is expected to create 225,000 new jobs in the Gulf region by 2030.

Title:

Content: The UAE is ready for the future today
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The Gulf Conference Board for Economic and Business Research said that the UAE is ready for the future today thanks to its diversification of the economy and knowledge-based economy, where its policy of thinking about the future has borne fruit, which made it ranked ninth in the world in the measure of digital competitiveness.
He explained that the UAE is currently working on an industrial strategy to increase the sector ’ s contribution to GDP to 300 billion dirhams by 2031, and to increase non-oil exports by 50%, with GDP growth expected to reach 3.0% between 2022 and 2026 and 3.6% between 2027 and 2031.
He said Gulf economies were continuing to close the pages of the pandemic and were looking forward to more positive growth in 2022.
In its annual GCC Economic Outlook for 2022 report, the Centre said that the rising global demand for oil and the increase in oil production is expected to contribute to a jump in the GDP of the Gulf region from 2.4% in 2021 to 4.3% next year.
Dr. Mahdi Al-Jazaf, Executive Director of the Center, said that The Conference Board annually publishes this report, which reviews the vision of the organization ’ s experts on the economic conditions in various regions around the world, including the Gulf region, explaining that the report outlines the general direction of the economy over the next decade.
He pointed out that the Gulf countries are directing their efforts over the next decade towards developing the non-oil sector with the slowdown in the growth of global demand for oil coinciding with the global shift towards renewable energy sources, and it is expected that the renewable energy and information technology sectors will be among the most attractive sectors for domestic and foreign investment, and will be a driver of economic growth in the coming years.
He explained that although these sectors will be based on the recruitment of specialized foreign workers in the early years, these sectors are also attractive to national labor, allowing the oil and rent economy to shift to a more sustainable economy.
3 Engines
He added that economic growth in the Gulf region will depend on three main drivers: skilled national labor, renewable energy, and advanced digital infrastructure.
The Conference Board forecasts that global oil demand will reach 97.4 million barrels per day by the end of this year, rising next year to 101 million barrels per day, with demand gradually increasing to 103 million barrels per day in 2031 to coincide with the steady rise in renewable energy consumption. The Gulf states are counting on ambitious plans to switch to renewable energy and reduce carbon emissions, with 225,000 expected to be created. jobs by 2030, equivalent to 1% of all jobs in the region.
The UAE and Saudi Arabia are leading these ambitious plans.
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The UAE aims to increase non-oil exports by 50% by 2031, shifting focus to non-oil sectors like renewable energy.

The GCC countries can lead in renewable energy, with solar PV being the region's cheapest option at $2/kilowatt-hour.

Title:

Content: IRENA offers great opportunities for GCC leadership in the renewable energy sector
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The International Renewable Energy Agency (IRENA) has confirmed that the GCC countries have great opportunities to become a leading global hub for renewable energy, climate action and economic diversification.
In a report entitled “Renewable Energy Markets: GCC 2023 ”, the agency highlighted the opportunities for GCC countries to use their existing resources to develop innovative renewable energy solutions that contribute to reducing the impact of climate change, diversify their economies, create new jobs and reduce the environmental impact of the energy sector.
As the United Nations Climate Change Conference (COP28) takes place in the Gulf Cooperation Council (GCC) region, in Dubai, the new IRENA report is a resource for policymakers, business and society to tap into the region ’ s vast potential from this renewable energy resource.
Solar PV is now the least expensive option to produce energy in the GCC at less than $2 per kilowatt-hour, outpacing the cost of generating power using natural gas, liquefied natural gas, oil, coal and nuclear. Low generation costs and abundant solar and wind resources in the region open the door to adopting innovative energy technologies to produce resources such as green hydrogen competitively.
Francesco La Camera, Director General of the International Renewable Energy Agency (IRENA), said: “The GCC region has a unique opportunity to maintain its leading role in the international energy market as the world enters a new energy era, and this momentum is growing in the region as the GCC countries develop ambitious renewable energy and hydrogen strategies and continue to implement their zero-emission commitments.
La Camera added: Renewable energy sources have become cost-effective in the GCC. Very successful achievements have brought solar PV prices to record levels globally, enhancing their economic viability and paving the way for the inclusion of large shares of renewable energy sources in the electricity mix.
To translate ambitious goals into reality on the ground, more sustained action is needed.
Production Capabilities
The report highlights the significant increase in renewable energy production capacity in the GCC, from 176 megawatts in 2013 to more than 5.6 gigawatts in 2022.
However, renewables still represent a small fraction of the region ’ s electricity generation capacity, while energy end-uses continue to rely on fossil fuels.
Public investments in infrastructure and value chains can stimulate and enable the deployment of renewable energy while enhancing the benefits associated with it.
The report stresses the importance of building on existing energy infrastructure, including the promotion of regional connectivity and infrastructure development to support the deployment of renewable energy sources in end-uses such as transportation.
The report emphasizes that GCC countries have an opportunity to play a greater role in achieving global energy and sustainability goals, both domestically and internationally.
The report concludes that GCC countries are well positioned, in addition to continuing their efforts at national levels, to support the energy transition in developing countries through joint international investments in renewable energy.
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The Middle East energy demand is expected to grow 1.8% annually, with renewables playing a key role in enhancing energy security.

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Content: 900 exhibitors showcase their innovations at Middle East Energy in Dubai
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His Excellency Saeed Mohammed Al Tayer, Managing Director and Chief Executive Officer of Dubai Electricity and Water Authority (DEWA), inaugurated yesterday Middle East Energy 2023, the region ’ s leading energy event with over 900 suppliers from around the world showcasing their latest innovations and new technologies to the market.
The 48th edition of the exhibition, which runs until March 9 at the Dubai World Trade Centre and is attended by more than 35,000 energy professionals, will feature an exhibition and three separate conferences, including Intersolar Middle East, the Strategic Conference and Technical Seminars, which explore plans and policies to shape the region ’ s energy sector and inform attendees of its current reality.
During his tour, Al Tayer spoke to a number of leading exhibitors from the region and the world to take a closer look at the latest products and trends in the industry, including Fanar and the German National Pavilion.
Sibylle Bfaff, Consul General of the Federal Republic of Germany in Dubai, stressed that Germany has been keen to participate in the Middle East Energy Show for years, and the German pavilion returns with the largest area in the history of the exhibition this year with the participation of 58 companies, reflecting an increase of 20% compared to last year.
She said: “We were delighted that His Excellency Saeed Al Tayer visited our stand, where he was particularly interested in energy efficiency and sustainability in line with the objectives of the UAE Year of Sustainability.
The UAE is our largest trading partner in the region and is a destination for companies looking to do business in the region and looking forward to the opportunities the region offers. ”
Future Expectations
Nicholas Daher, Principal Energy Analyst at The Economist Intelligence, opened the strategic conference by talking about the current state of energy consumption in the region and the world and the outlook for the future: “Fossil fuels in the Middle East and North Africa account for 98% of total energy consumption, with energy demand in the region expected to grow by 1.8% annually, making it the second fastest growing region in the world after Asia.
The Middle East needs to strike a balance between decarbonising efforts and meeting growing energy demand. ”
Change of Directions
At the Intersolar Middle East Conference, Ahmed Nada, President of the Middle East Solar Industry Association, highlighted the rapidly changing energy trends in the Middle East.
“The cost of solar energy was very high decades ago, and landowners across the region did not trust the vision of a world-leading solar ecosystem, as other fuels such as oil and gas were abundant at the time, ” he said.
But things have changed considerably faster than we can imagine, as the Middle East is now poised to make a real contribution to global energy security by replacing existing resources with renewable resources.
“Several countries like Egypt, Algeria, Libya and Turkey are competing to supply Europe with energy, and this cannot be achieved without coordinated efforts and cooperation.
The Middle East will certainly play a key role in enhancing energy security in the future, especially with regard to renewables.
We have also seen a shift in the supply chain away from reliance on China as the sole source, if the COVID-19 crisis teaches us that no single country can take over supply, prompting Europe to invest heavily in production processes while the United States has enough assets and high demand to rely on itself in domestic manufacturing.
The 48th Middle East Energy Show will see the return of the previously successful Global Buyers Programme, bringing together key industry stakeholders, investors and suppliers from around the world by connecting with more than 100 direct procurement influencers.
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The transition to renewable energy promotes economic growth, job creation, and reduces greenhouse gas emissions.

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Content: Ling Announces Comprehensive Insights on the Role of Renewable Energy in Combating Climate Change

Ling Announces Comprehensive Insights on the Role of Renewable Energy in Combating Climate Change.

Climate change is one of the most pressing challenges of our time, driven primarily by the burning of fossil fuels which releases greenhouse gases into the atmosphere. As global temperatures rise, the impacts on weather patterns, sea levels, and ecosystems become increasingly severe. One of the most promising solutions to mitigate these effects is adopting renewable energy sources. Renewable energy not only reduces greenhouse gas emissions but also promotes sustainable development. This article explores the critical role of renewable energy in combating climate change.

Renewable energy, derived from natural sources such as sunlight, wind, rain, tides, and geothermal heat, is sustainable and replenishable. Unlike fossil fuels, renewable energy sources do not emit significant amounts of greenhouse gases, making them a cleaner alternative for power generation. As the world seeks to address the impacts of climate change, transitioning to renewable energy is a key strategy. This transition involves significant changes in how energy is produced, consumed, and managed, with the potential to transform economies and societies.

Reducing Greenhouse Gas Emissions

"One of the primary benefits of renewable energy is its potential to reduce greenhouse gas emissions significantly. Fossil fuel combustion for electricity and heat production is a major source of carbon dioxide (CO2) emissions. In contrast, renewable energy technologies, such as solar panels and wind turbines, produce electricity without burning fossil fuels, thus emitting little to no CO2. For instance, every megawatt-hour (MWh) of electricity generated by wind power prevents the emission of approximately 0.6 to 1.2 metric tons of CO2 that coal-fired power plants would have produced. By replacing fossil fuels with renewable sources, we can dramatically lower the concentration of CO2 in the atmosphere, mitigating the greenhouse effect and global warming" says, Lisa Ockinga, Chief Product Officer at Ling

Enhancing Energy Security and Sustainability

Renewable energy enhances energy security by diversifying the energy supply and reducing dependence on imported fuels. Many countries rely heavily on imported oil, natural gas, and coal, making them vulnerable to geopolitical tensions, price volatility, and supply disruptions. By harnessing domestic renewable resources, countries can secure a stable and sustainable energy supply. For example, solar energy can be harnessed in regions with high solar irradiance, and wind energy can be captured in areas with strong and consistent winds. This localized production reduces the need for long-distance energy transportation and the associated environmental impacts, such as oil spills and pipeline leaks.

Promoting Economic Growth and Job Creation

The renewable energy sector is a significant driver of economic growth and job creation. The transition to renewable energy involves the development and deployment of new technologies, which can stimulate investment, innovation, and employment. According to the International Renewable Energy Agency (IRENA), the renewable energy sector employed over 11 million people globally in 2018, with the potential to create millions more jobs as the industry expands. Jobs in renewable energy range from manufacturing and installation to maintenance and research and development. Moreover, renewable energy projects can spur economic development in rural and underdeveloped areas by providing new infrastructure, services, and opportunities.

Conclusion

The role of renewable energy in combating climate change cannot be overstated. By reducing greenhouse gas emissions, enhancing energy security, and promoting economic growth, renewable energy provides a comprehensive solution to the climate crisis. The transition to a renewable energy future requires concerted efforts from governments, businesses, and individuals to invest in and support sustainable energy technologies. As we move towards a low-carbon economy, the widespread adoption of renewable energy will be crucial in achieving climate goals and ensuring a sustainable and resilient future for generations to come. In summary, renewable energy is a key component in the global strategy to combat climate change. Its benefits extend beyond environmental protection, offering economic and social advantages that contribute to a more sustainable and equitable world. Embracing renewable energy is not only an environmental imperative but also an opportunity to build a better, more sustainable future.

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Name: Julia Zhang
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Organization: Start Link How
Website: https://ling-app.com/

Release ID: 89132542

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