The Middle East and North Africa region has high solar energy potential, with countries like Saudi Arabia, the UAE, Morocco, and Egypt receiving over 2,000 kilowatt-hours of solar radiation per square meter annually.

The region's solar growth is expected to continue, but remains below the levels needed to replace fossil fuels.

Several Arab countries are accelerating efforts to help triple global renewable energy capacity by 2030.

The costs of solar and wind energy have dropped dramatically over the last 10 years and are expected to continue falling.

Access to finance is a significant challenge for low- and middle-income countries to increase renewable energy capacity.

The UAE has emerged as a potential key influencer in the global climate agenda after hosting COP28.

The COP28 agreement may spark innovation and rethinking across the Middle East.

The UAE is investing Dh600 billion to achieve net zero emissions by 2050 through clean energy projects.

Saudi Arabia aims to be carbon neutral by 2060 with new renewable energy projects.

Egypt targets 42% of its electricity from renewables by 2035.

The Benban solar park in Egypt is a $4 billion, 1,800-megawatt project.

The IFC has approved a $635 million investment for 11 Egyptian solar plants with a 500-megawatt capacity.

The Middle East and North Africa region is expected to allocate 34% of its electricity investment to renewables between 2022 and 2026.

The region receives 22-26% of the world's solar radiation energy, according to McKinsey & Company.

The UAE aims for 50% clean energy in its mix by 2050.

The Arab region is well-suited for developing clean energy due to its abundant solar and wind resources.

Arab countries plan to add 73 gigawatts of solar and wind capacity by 2030, over five times the current amount.

The Zafra Solar Power Station in Abu Dhabi, with 2 GW capacity, is the world's largest single photovoltaic power station, reducing carbon emissions by 2.4 million tons annually.

Iraq aims for 12 gigawatts of renewable energy, 33% of its electricity, by 2030.

The region receives 3,000 to 3,650 hours of sunshine annually, making it suitable for large-scale PV deployment.

Iraq has a $680 million fund for clean energy, specifically solar energy development.

The Middle East is experiencing coexisting reconciliation and conflict, while seeking global leadership in Green Hydrogen, with the Gulf countries' export revenues projected to reach $200 billion by 2050.

The UAE has launched a AED 4 billion renewable energy plant and the world's largest waste-to-energy plant in Dubai.

Egypt has issued a $750 million green sovereign bond to finance projects in waste management, clean transport, and renewable energy.

Egypt aims for a 100% green investment budget by 2030.

Lebanon's Ministry of Energy and Water plans to install 3,000 megawatts of solar farms by 2030.

Jordan has a wealth of renewable energy resources and has achieved its goal of 31% of total energy coming from renewables.

Jordan aims to become a regional renewable energy hub and export clean power to neighboring countries.

The UAE targets 30% government and 10% road vehicles to be electric by 2030, and 50% of road vehicles by 2050.

Saudi Arabia has launched a national electric vehicle strategy, aiming for 30% of vehicles in Riyadh to be electric by 2030, with incentives like tax cuts and subsidies.

Egypt aims for electric vehicles to comprise 2% of its fleet by 2025 and 10% by 2030.

Qatar aims for 10% electric vehicle penetration, 15,000 charging stations, and 100% electric public buses by 2030.

The Middle East's renewable energy market is expected to grow 13.43% annually from 2023 to 2028.

The Arab Clean Energy Initiative targets 80 GW of renewable energy capacity by 2030, up from 12 GW in 2013.

The Gulf of Suez Wind Power Project is a 1100 MW project aiming to power one million households and reduce CO2 emissions by 2.4 million tons annually.

The Middle East's transition to renewable energy is expected to reduce dependence on fossil fuels.

The IFC has approved a $635 million investment for 11 solar plants in Egypt, which will have a combined capacity of 500 megawatts.

The project is part of Egypt's solar Feed-In Tariff program to build the world's largest solar photovoltaic generation park.

The Middle East aims for global leadership in Green Hydrogen, with the Gulf countries' export revenues expected to reach $200 billion by 2050.

The Arab region has growing opportunities due to its abundance of renewable energy, clean hydrogen, expertise, capital, and proximity to the European market.

Egypt's Industrial Development Authority is discussing a solar production complex with Swiss company Thermosolar.

The project with Thermosolar aims to manufacture solar energy components using advanced technologies.

The Middle East's renewable energy sector is expected to create jobs and stimulate economic growth.

Renewable energy, like solar energy, can reduce greenhouse gas emissions, mitigating global warming.

The renewable energy sector drove economic growth and job creation, employing over 11 million people globally in 2018.

The transition to renewable energy stimulates investment, innovation, and employment through new technologies.

The world is on track for a 2.5 to 2.9 degree temperature rise this century.

Current country pledges under the Paris Agreement are insufficient, requiring a 28% cut for a 2 degree goal and 42% for a 1.5 degree goal by 2030.

The Middle East's energy transition will align with global climate goals, including reducing emissions and limiting warming to 1.5°C.

Middle Eastern governments have set ambitious climate neutrality targets.

The UAE aims to be climate neutral by 2050.

International cooperation and support from developed to developing countries are crucial for achieving energy transition goals.

The Kingdom of Saudi Arabia hosted the Middle East and North Africa Climate Week 2023 in coordination with the UNFCCC Secretariat.

The event focused on renewable energy transition and carbon reduction in the Middle East.

Saudi Arabia has adopted programs to address climate change, including carbon emissions mitigation.

The UAE sees the energy transition as a chance to diversify its economy.

$3 trillion will be invested in global renewable energy over the next decade.

The Mena region can leverage its energy leadership to accelerate the energy transition.

International cooperation is essential for accelerating the energy transition and achieving global climate goals.

The Middle East aims to limit global warming to 1.5°C above pre-industrial levels.

Regional cooperation is crucial for the Middle East's decarbonization and energy transition.

70% of UAE residents think urgent climate action is needed within five years for a sustainable future.

Most UAE residents believe climate change affects people's livelihoods worldwide.

The UAE and Saudi Arabia have launched initiatives, UAE Climate Neutrality 2050 and Saudi Arabia's Climate Neutrality 2060, to combat climate change.

The Middle East and North Africa region has high solar energy potential, with countries like Saudi Arabia, the UAE, Morocco, and Egypt receiving over 2,000 kilowatt-hours of solar radiation per square meter annually.

Title:

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

The region's solar growth is expected to continue, but remains below the levels needed to replace fossil fuels.

Several Arab countries are accelerating efforts to help triple global renewable energy capacity by 2030.

Title:

Content: Sunday, 24 September 2023 02: 03 GMT
2030 Arab Goal to Advance Renewable Energy Capabilities Globally
(MENAFN- Al-Bayan) $(resize) .css ('font-size', newFontSize); return false;});});
Several Arab countries are accelerating to keep pace with the international aspiration to achieve the goal of tripling global renewable energy capacity by 2030, which is receiving widespread attention, amid various plans and strategies at national levels in many countries.
The Arab countries that are likely to play the largest role in this regard, according to industry experts, are the UAE, Saudi Arabia, Oman, Kuwait, Egypt, Jordan, Algeria and Morocco, by injecting more investments into this vital and promising sector.
During the recent G20 summit in New Delhi in September, G20 leaders expressed their support for all efforts to increase renewable energy capacity and pledged to accelerate measures to address environmental crises and challenges.
With this growing international interest in the energy transition, the plans are facing many challenges, including (but not limited to) access to finance, especially for low- and middle-income countries, with significant investment required over the coming years.
(Al-Bayan), a group of American academics and specialists in the renewable energy sector were surveyed about the main opportunities and challenges on the way to increase the desired capacity, the investments required to achieve that goal, and the extent of its expected environmental and economic repercussions.
Huge spikes.
Achieving the ambitious goal of doubling global renewable energy capacity in the near term will be reflected concretely in several contexts, explains Gregory Nemet, a specialist in the analysis of international energy systems and environmental policies at the University of Wisconsin. By 2030, it will deliver significant benefits in terms of jobs, economic development, and improved air quality, as well as putting the world on the path to addressing climate change in the long term.
“The costs of renewable energy, especially solar and wind, have dropped dramatically over the last 10 years, and most experts expect them to continue to fall, ” says Nemet, explaining that a clean, affordable source of energy creates huge opportunities, allowing global renewable energy capacity to be tripled by taking full advantage of it.
According to Nemet, the 3-fold increase also presents challenges, such as “access to finance for low- and middle-income countries, and investments in electricity grids to accommodate this growth ”, stressing that“ challenges can be overcome through sustained efforts and supportive policies, as we have seen many examples in the recent past. ” A sign of broad international cooperation is required in this regard.
Last year, renewable energy capacity (globally) increased by 9.6 percent to 3,372 gigawatts, an increase of a record 295 gigawatts, despite global uncertainty in light of geopolitical developments and the Ukrainian war, according to data published by the International Renewable Energy Agency (IRENA) on March 22.
Almost half of the new capacity from renewable energy in Asia has been added, with China contributing more than 141 gigawatts to the new capacity of the entire continent.
Renewable energy sources in Europe and the United States grew by 57.3 gigawatts and 29.1 gigawatts respectively.
African capacity increased slightly by 2.7 gigawatts.
According to IRENA data, although hydropower accounts for the largest share of total global renewable energy capacity at 1,250 gigawatts, solar and wind power continue to dominate new capacity, contributing 90% of total capacity last year.
Solar capacity came first with an increase of 22%, followed by wind power with an increase of 9%.
Policies and Incentives
University of Massachusetts academic David Turcotte, whose research interests include climate change and environmental justice, believes that there are many opportunities in the context of increasing global renewable energy capacity, due to increases in oil prices as a result of the Ukrainian crisis, which makes renewable energy sources more cost-effective, as well as worsening economic and human costs. Recurrent, more severe climate change disasters.
“Many developed countries have expanded policies and incentives to encourage increased capacity to produce renewable energy.
However, we still face a lot of challenges […]
That threatens to derail efforts to increase renewable energy capacity, and the transition to a clean energy economy.
Among these challenges is the lack of adequate funding to support increases in renewable energy capacity in developing countries, a challenge he described as “serious. ”
While international efforts are accelerating to target investments in the context of increasing global renewable energy capacity, those investments are still below the 1.5 ° C target.
This is shown by data from IRENA and the Climate Policy Initiative (CPI) released in February, which estimate the total volume of investments in renewable energy sectors during 2022 at $499 billion, up from $430 billion in the previous year 2021.
Developments in the world over the past year, especially with the start of the Russian military operation in Ukraine in February 2022, have also encouraged many countries to move more towards renewable energy sources, to overcome the energy crisis caused by the consequences of the war, in the interest of the desired goal of increasing capacity.
Required investments
John Hall, Professor of Mechanical Engineering at the Center for Energy Production and Infrastructure, University of North Carolina, United States, notes that “the goal of tripling global renewable energy capacity by 2030 is a challenge, and achieving the goal requires an intensive global strategy, focused on significant financial investment, technological innovation targeting these communities, inclusive policies, and collaborative efforts. ”
Speaking with Al-Bayan, he stressed that community participation and infrastructure development in underserved areas should be central to the strategy, leading not only to the promotion of the energy transition, but also to economic upgrading.
The International Renewable Energy Agency (IRENA) estimates that $4 trillion per year will be required in the clean energy sector until 2030 to strengthen global capacity in this regard.
Logistical challenges
Warren Mabey, an academic at Queen ’ s University who specialises in energy policy and natural resource management, told Al Bayan that “it is technically possible to triple global renewable energy capacity over the next six years, and this will put enormous pressure on the global supply chains that support the sector. and manufactured goods, necessary for the transformation process).
Mabe believes that “the cost will be enormous, and the logistical challenge may be too great to overcome ”, stressing the need for“ strong and consistent leadership from countries around the world to achieve this. ”
Arabic Steps
At the Arab level, five Arab countries (Egypt, Morocco, Oman, Saudi Arabia and the United Arab Emirates) are expected to account for about 72% of the region ’ s total growth in renewable energy, according to the Organization of Arab Petroleum Exporting Countries (OAPEC), which expects renewable energy capacity to reach 45 gigawatts by 2027, an increase of 3 times. Compared to the last five years.
The International Renewable Energy Agency (IRENA) estimates that in 2022, the Middle East saw the highest increase in renewables ever, with 3.2 gigawatts of new capacity added last year, a 12.8 percent increase over the previous year.
According to the Arab Renewable Energy Authority (AREA), the volume of investments by Arab countries in renewable energy projects is expected to reach $1 trillion by 2040, in light of the interest of Arab governments in this file, to achieve global environmental goals.
A Great Leap in 10 Years
According to the current data, the renewable energy sector in the region is expected to witness a huge leap in the next 10 years, at a time when eight Arab countries are leading this trend, according to the researcher in international relations and political economy, Abu Bakr al-Deeb, adviser to the Arab Center for Studies and Research, who tells Al-Bayan that the countries strongly candidate to move in this direction are:, Kuwait, Egypt, Jordan, Algeria and Morocco).
Aldeeb also cites the volume of electricity generated from renewable sources in the Middle East and Arab countries, which is expected to increase six-fold in 10 years through heavy reliance on solar photovoltaic energy, noting that the Arab region has “great potential ” to help launch major projects to produce energy from the sun. And wind, among these possibilities or advantages (the right climate, the bright sun most days of the year, as well as human expertise, and financial capabilities also for some countries).
The UAE is at the top of the list of Arab countries that produce electricity from solar energy, while Egypt is the largest country in the Arab world in terms of electricity production from wind energy, according to a report issued by (Global Energy Monitor), which Al-Deeb cites when explaining the progress made by some Arab countries in this sector, The UAE, Egypt, Jordan and Morocco are among the first Arab countries to establish solar and wind power plants.
According to the report, renewable power plant projects for Arab countries are likely to achieve 92% of the region ’ s total target by 2030 when completed.
One of the most reliable projects in this regard is the Green Hydrogen projects, through which the Middle East is seeking global leadership, with export revenues likely to reach $200 billion by 2050 for the Gulf countries, according to a study by Dii Desert Energy.
In this context, Al-Deeb notes the abundance of renewable energy resources, clean hydrogen, human expertise, capital, and their geographical proximity to the European market, all of which provide them with important and growing opportunities.
MENAFN24092023000110011019ID1107129201
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The costs of solar and wind energy have dropped dramatically over the last 10 years and are expected to continue falling.

Access to finance is a significant challenge for low- and middle-income countries to increase renewable energy capacity.

The UAE has emerged as a potential key influencer in the global climate agenda after hosting COP28.

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 UAE is investing Dh600 billion to achieve net zero emissions by 2050 through clean energy projects.

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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Saudi Arabia aims to be carbon neutral by 2060 with new renewable energy projects.

Egypt targets 42% of its electricity from renewables by 2035.

The Benban solar park in Egypt is a $4 billion, 1,800-megawatt project.

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

The IFC has approved a $635 million investment for 11 Egyptian solar plants with a 500-megawatt capacity.

Title:

Content: $635mn investment approved to build and operate 11 solar plants in Egypt

By James Henderson
The Board of Executive Directors of IFC, a member of the World Bank Group, has approved an investment of $635mn that will help construct, ope...

The Board of Executive Directors of IFC, a member of the World Bank Group, has approved an investment of $635mn that will help construct, operate and maintain up to 11 solar power plants in Egypt.

The combined capacity of the plants amount to 500 megawatts, and will be one of the largest private foreign direct investments in the country’s power sector in recent years.

Part of Egypt's landmark solar Feed-In Tariff (FIT) program, the $730mn project in Benban, near Aswan, aims to mobilise private investment to build the world's largest solar photovoltaic generation park, harnessing the country’s vast solar resources.

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As well as helping to spur economic growth, the project will help drive the local economy, including the creation of temporary and long-term jobs and help reduce greenhouse gas emissions

“This landmark investment demonstrates that when you have the right reform policies, and a government willing to allow greater involvement by the private sector, you can attract investors in every sector, including infrastructure,” said Mouayed Makhlouf, IFC Director for the Middle East and North Africa.

“Investments like these are the nucleus for economic growth, which is needed in Egypt.”

Egypt’s solar FIT program, which includes projects financed by other institutions like the European Bank for Reconstruction and Development and Proparco, is expected to be one of the largest foreign direct investments in years, attracting investments of up to $2bn.

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The Middle East and North Africa region is expected to allocate 34% of its electricity investment to renewables between 2022 and 2026.

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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The region receives 22-26% of the world's solar radiation energy, according to McKinsey & Company.

The UAE aims for 50% clean energy in its mix by 2050.

Title:

Content: People 's Network > > International
Sino-Arab green transformation cooperation is on the rise
December 8, 2022, 13: 09 | Source: Xinhua Network
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Xinhua News Agency, BEIJING, December 8 (International observation) Sino-Arab cooperation on green transformation is on the rise
Xinhua News Agency reporter Luo Guofang
China and Arab countries have different resource endowments and development paths, but they are in the key stage of green development transformation.
The pursuit of a common vision of sustainable development will push China and Argentina to move forward together in a cleaner, greener and low-carbon direction, and continuously deepen cooperation in related fields to benefit the people of China and Argentina.
Development Complementary Advantages
At present, China's development is changing from high-speed growth to high-quality development, and it is committed to energy transformation and clean development in the field of energy, and strives to build a clean, low-carbon, safe and efficient energy system.
At the same time, many Arab countries have also launched energy transformation plans in recent years, committed to the development of clean and renewable energy, and strive to reduce dependence on fossil fuels such as oil and natural gas, and promote sustainable economic development.
Saudi Arabia announced in its Vision 2030 development strategy that by 2030, the proportion of renewable energy in the country's energy mix will reach 50%.
The UAE ’ s Energy Strategy 2050 aims to increase the share of clean energy in the total energy mix to 50% by 2050.
Egypt plans to increase the share of clean energy generation to 40% by 2035.
The Arab region has one of the best solar and wind energy resource endowments in the world, and the development of clean and renewable energy has unique conditions.
According to a report released by the Global Energy Monitor in June this year, Arab countries in the Middle East and North Africa plan to add 73 gigawatts of utility-scale solar and wind capacity by 2030, more than five times the current installed capacity.
China has advanced technology and rich experience in the field of photovoltaic and wind power, and has complementary advantages with Arab countries in the field of clean and renewable energy.
Abu Dhabi Energy Director, Avida Murshid Maral, said that vigorously developing renewable energy has become a global trend, which creates a good opportunity for deepening Arab-Chinese energy cooperation.
Collaborating for a Green Transition
In recent years, China has actively expanded cooperation with Arab countries in the field of clean and renewable energy, and the two sides have jointly implemented a number of cooperation projects.
The Zafra Solar Power Station, about 35 kilometers from Abu Dhabi City, is the largest single photovoltaic power station in the world, with an installed capacity of 2 GW.
The solar power plant, which is contracted by a Chinese company, will help Abu Dhabi reduce carbon dioxide emissions by 2.4 million tons per year and play an important role in the sustainable development of the UAE's energy economy.
Saudi Arabia's Red Sea coast is creating a green new city, the project called the Red Sea New City, the future electricity supply will be 100% from clean energy.
The realization of this vision will not only rely on solar and wind energy, but also benefit from energy storage systems that can act as energy “cisterns ” and“ regulators, stabilizers ”.
The successful signing of the Red Sea New City energy storage project by Chinese enterprises will help Saudi Arabia to build a global clean energy and green economy center.
Abdullah Wadi, a researcher at the Saudi think tank Research and Knowledge Exchange Center, said that Saudi Arabia and China are committed to vigorously developing clean and renewable energy, and actively promoting relevant international cooperation, which has set a good example for the international community to work together to promote green and low-carbon development and jointly deal with various challenges and global issues facing mankind.
Helping Fishing Development
With the deepening of cooperation between China and Arab countries in clean energy, low-carbon economy and energy transition, China ’ s advanced technology in related fields has also entered Arab countries. China adheres to the concept of “teaching people to fish ” and helps Arab countries improve their independent development capabilities through multi-level cooperative research and training programs.
China and Arab countries jointly set up the China-Arab Clean Energy Training Center to jointly organize capacity-building activities in photovoltaic, solar thermal, wind power and smart grid.
China and Egypt have set up a Sino-Egyptian joint laboratory on renewable energy to carry out joint research, promote personnel training, and help Egypt strengthen scientific and technological capacity building.
Since its establishment in 2015, the China-Arab Technology Transfer Center has built eight bilateral technology transfer centers in Saudi Arabia, Jordan and other countries, forming a technology transfer cooperation network linking nearly 5,000 Chinese and foreign members.
“The development of zero-carbon and low-carbon energy technologies is of great significance.
These technologies align with our energy transition goals, make the energy industry more resilient and help us build a sustainable and peaceful future, ” said Maral.
(Editor: Jia Wenting, Liu Jieyan)
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The Arab region is well-suited for developing clean energy due to its abundant solar and wind resources.

Arab countries plan to add 73 gigawatts of solar and wind capacity by 2030, over five times the current amount.

The Zafra Solar Power Station in Abu Dhabi, with 2 GW capacity, is the world's largest single photovoltaic power station, reducing carbon emissions by 2.4 million tons annually.

Iraq aims for 12 gigawatts of renewable energy, 33% of its electricity, by 2030.

Title:

Content: BAGHDAD/PRNewswire/ -- In a strategic move toward harnessing the untapped potential of Iraq's solar landscape, Sungrow is taking the lead in shaping the nation's green energy sector.

Iraq's Minister of Oil, Ihsan Abdul Jabbar, stressed the importance for Arab countries to prioritize high-efficiency, low-cost energy production to foster a modern economy. The country has set a target to install 12 gigawatts of renewable energy, accounting for 33% of the country's electricity by 2030.
Spearheading this initiative, Lei Wu, the Acting Chief Operating Officer of Sungrow MENA region, emphasized the significance of bringing cutting-edge technology to tackle Iraq's longstanding electricity shortage, ultimately enhancing the availability of reliable and high-quality electricity for its residents.

Urgent energy transition needs calls for international cooperation
Iraq faces a substantial electricity shortage, with nearly one-third of its supply coming from imports, including natural gas, according to Reuters.
With 8 to 10 hours of daily sunshine and an annual average of 3,000 to 3,650 hours, the region is poised for large-scale PV deployment.
Wu outlines three key avenues for PV expansion in Iraq: utility-scale power plants, commercial and industrial (C&I) installations, and residential solutions.

Iraq's $680 million fund for clean energy development supports these efforts, demonstrating the government's ambition to build a green economy and foster international cooperation aiming for this goal.

Fragile grid demands innovative solutions
As the demand for solar power grows in Iraq, Iraq emerges as a burgeoning solar market. However, the underdeveloped power grid in Iraq presents challenges that demand higher standards for both products and technologies. Solar projects operating under Iraq's weak grid, whether serving as backup power sources during outages or directly connecting to the grid, have the potential to affect the overall stability of the grid, worsening an already precarious situation.

Lei Wu emphasizes, "Tailoring our products and solutions to diverse requirements is crucial. For example, when a project requires connection to a weak grid, our focus is on providing robust grid support. This involves a seamless integration of PV and energy storage to enhance the stability and optimize consumption ratios. Alternatively, in off-grid scenarios or as a backup power source, our goal is to ensure seamless collaboration between PV and energy storage for maximum efficiency."

A weak grid signifies a low Short Circuit Ratio (SCR), making it vulnerable to grid failure or disconnection issues. Currently, the minimum SCR required by the grid is 1.5, and the lower the SCR value inverters are compatible with, the more robust the grid supports after connection.

Notably, Sungrow, leveraging its technological prowess, has developed a "1+X" modular inverter and SG350HX string inverter, passing SCR tests at 1.018 and 1.1, respectively. In terms of energy storage, Sungrow employs Stem Cell Grid technology, achieving 0ms grid connection and disconnection switching. This ongoing exploration of boundaries serves to comprehensively enhance grid support capabilities.

"We have extensive experience in the MENA region. Previously, we participated in the construction of an 800 MW solar project for the Qatar World Cup. At that time, the integration of large-scale green energy into the Qatar power grid served as a test, and with the backing of advanced Chinese technology, the project proceeded smoothly. This success has bolstered our confidence in venturing into the Iraqi market", said Wu.

Provide localized services
"Venturing into international markets" is intrinsic to Chinese PV enterprises, yet breaking new ground is far from straightforward. Operating abroad not only scrutinizes technology and products, but also the effectiveness of local sales networks, post-sales teams, and service response capabilities. For seasoned players like Sungrow, however, this challenge is effortlessly managed.

Since its establishment in 1997, Sungrow has been dedicated to renewable energy power generation. Whether considering product quality, scale, or market coverage, the company stands as a global industry leader. Up to now, in addition to its traditional strength in solar inverters, Sungrow has diversified its business portfolio to include energy storage systems, renewable energy hydrogen production systems, smart operation and maintenance, EV-charging, investment and development in renewable energy power plants, and new energy automotive driving systems, etc. Wu told the reporter, "Every enterprise may face challenges of not fitting the local conditions while exploring new markets. To overcome this, concerted efforts are necessary. Firstly, we must understand the local business environment and social culture, do thorough groundwork in advance, and avoid potential risk factors."

"Secondly, we need a strong sales and service network for timely customer response. Currently, our business reaches 150+ countries and regions, committed to addressing overseas customer needs within 48 hours.

Sungrow follows a global development strategy, with branches and sales networks in the MENA region for localized services. This enhances cooperation with local customers, aiding in expanding the Iraqi market," he added.

Wu further emphasized that, "Exploring new markets is about establishing roots. The deeper the roots, the more abundant the growth."

In the first nine months of this year, Sungrow marked a revenue of RMB 46.415 billion, surpassing the annual revenue of RMB 40.257 billion in 2022, setting a new record. As per consulting firm S&P Global Commodity Insights, Sungrow has maintained its global lead by shipping 77 GW of PV inverters in 2022. Additionally, its delivery of energy storage systems exceeded 7.7 GWh in the same year.

SOURCE Sungrow Power Supply Co., Ltd.

CONTACT: Bertha Wang, wangxiaoyu@sungrowpower.com

The region receives 3,000 to 3,650 hours of sunshine annually, making it suitable for large-scale PV deployment.

Iraq has a $680 million fund for clean energy, specifically solar energy development.

The Middle East is experiencing coexisting reconciliation and conflict, while seeking global leadership in Green Hydrogen, with the Gulf countries' export revenues projected to reach $200 billion by 2050.

The UAE has launched a AED 4 billion renewable energy plant and the world's largest waste-to-energy plant in Dubai.

Title:

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

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

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

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

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

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

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

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

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

Regulatory frameworks

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

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

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

Data availability

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

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

ESG talent gap

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

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

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

Implementation by region’s corporates

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

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

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

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

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

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

Egypt has issued a $750 million green sovereign bond to finance projects in waste management, clean transport, and renewable energy.

Title:

Content: Money and Business
Madbouly: Egypt aims to strengthen partnership with the private sector and transition …
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Dr. Mostafa Madbouly, Prime Minister of Egypt, delivered a recorded speech today at the forum organized by the American Chamber of Commerce, in collaboration with the American Chamber of Commerce in Egypt, under the theme “Building Momentum towards COP27 to Enhance Public-Private Collaboration in Facing Climate Challenges. ”
Dr. Mostafa Madbouly pointed out that Egypt intends to invest its next presidency of COP27, and its leadership of global climate action to strengthen public-private partnership, sustainability, and the transition towards a green economy.
He pointed out that there is huge potential for cooperation between Egypt and the United States in these fields, expressing his aspiration to build a continuous partnership in this regard during the coming period.
In this context, Dr. Mostafa Madbouly reviewed some of the recent efforts made by the government, pointing out that it has contributed significantly to the development of an enabling environment for the private sector in various sectors, which included policy reform, the introduction of new laws and legislation, the amendment of existing regulations and regulations, and the implementation of a set of environmental measures on the investment plan 2021-2022, to reach a 100% green investment budget by 2030.
Green Bonds
He also noted the issuance of the first ever green sovereign bond in the Middle East and North Africa, worth $750 million, to provide new and innovative tools to finance green projects in the areas of waste management, clean transport, renewable energy, and others.
Minister of Planning: Egypt issued $750 million green bonds to become the leading country in the Middle East
He also referred to the issuance of the Waste Management Regulatory Law No. 202 of 2020, which includes incentives to attract the private sector to invest in solid waste management, and provides it with all the benefits, exemptions and guarantees granted under the Investment Law No. 72 of 2017.
He continued to work closely with the banking sector to mainstream climate and environment files into banking policies and strategies, which has led many banks to establish dedicated units to deal with green finance, finance projects related to environmental protection, and address climate change.
We look forward to further cooperation with the US private sector.
“All these measures are just some of the efforts made by the government in the past few years, which are already bearing fruit, and we look forward to further cooperation with the US private sector to embody these ambitious policies into projects and programs that will contribute to achieving sustainable development while addressing climate change. ”
Dr. Mostafa Madbouly pointed out that despite contributing less than 1% of global emissions, Egypt attaches great importance to combating climate change and has therefore rushed to take responsibility for hosting COP27 and leading the global momentum in the fight against climate change.
Egypt is committed to working comprehensively with all parties, including the United States, to build on the outcome of the Glasgow Conference and move forward towards transforming the remainder of this critical decade into one characterized by implementation and bridging gaps at all levels related to mitigation, adaptation and finance.
The Prime Minister expressed his hope that this dialogue will contribute to the realization of the mutual benefits that Egypt and the United States can achieve by working together to address climate change and push forward more green economy and green investments in Egypt.
Madbouly called on participants to identify promising areas and challenges for which innovative solutions must be found.
In conclusion, Dr. Mostafa Madbouly stressed the need to work together today, not tomorrow, to better address climate change, and to provide a good and implementable model of public-private partnership in conjunction with the preparation for COP27.
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Egypt aims for a 100% green investment budget by 2030.

Lebanon's Ministry of Energy and Water plans to install 3,000 megawatts of solar farms by 2030.

Title:

Content: World News
Clean Energy Middle East Exhibition and Conference Opening Ceremony
The opening ceremony of the third edition of the Middle East Clean Energy Conference and Exhibition, a conference and exhibition dedicated to clean and renewable energy, showcasing the latest technologies, as well as a range of related solutions and services.
Dealers display their commercial goods in terms of inverters, panels, batteries, solar programs and heaters, and project finance.
It will last until May 10, 2024 at the Venice Hotel, Beirut.
The first session of the conference and exhibition was held under the title: "National Policy for the Energy Sector", in which Minister of Energy and Water Walid Fayyad participated.
In a related context, the Director General of EDL, Kamal Hayek, reviewed the reality of the institution after the explosion of August 4, the national emergency plans approved by the government to promote the electricity sector, and the decisions of the Board of Directors to put national emergency plans into effect, the most important of which is the amendment of the tariff, and the future vision of EDL and its dealings with international donors such as the World Bank.
Then came the word A.
Sami Alawiya, who spoke about the importance of hydropower and its role in reducing emissions as clean energy, and the relationship with EDL.
Fayyad pointed out that the Ministry of Energy and Water is moving towards more clean, sustainable and environmentally friendly energy technologies, and that Lebanon is serious about the transition to sustainable energy that is less expensive than fossil energy and is a partner in the fight against climate change.
He pointed out that the solar energy market has witnessed good growth between 2010 and 2020, especially in the level of water heating on solar energy, where the area of water heating systems on solar energy exceeded 900 thousand square meters on the entire Lebanese territory.
The market of electricity production through solar energy and fans has also witnessed a remarkable growth, especially with the lifting of subsidies on oil derivatives, as the clean energy currently produced in Lebanon is less expensive, where the cost of electricity production in EDL is about 14 US cents per kilowatt hour, while the cost of electricity production from private generators is about 30 US cents per kilowatt hour, the cost of electricity production from clean energy is currently about 6 or 7 cents per kilowatt hour. ”
"The lifting of subsidies on electricity prices has given the clean and renewable energy market a significant boost, making the volume of solar energy projects implemented to exceed the threshold of 1500 MW by June 2024," he said.
He also touched on government plans to implement major projects in the field of electricity production through the sun, especially the construction of 11 solar plants to produce electricity with a capacity of 15 MW per plant, i.e. a total of 165 MW, with the production being linked to EDL and sold to EDL.
It is estimated that the share of clean and renewable energy in electricity production will be about 30 percent of the national consumption by 2030.
The ministry ’ s goal is to install 3,000 megawatts of solar farms by 2030 and about 1,000 megawatts of wind farms, in addition to completing the volume of water heating on solar energy, and increasing hydropower; the ministry will spare no effort to achieve these figures, even surpassing them. ”
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Jordan has a wealth of renewable energy resources and has achieved its goal of 31% of total energy coming from renewables.

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.

Jordan aims to become a regional renewable energy hub and export clean power to neighboring countries.

The UAE targets 30% government and 10% road vehicles to be electric by 2030, and 50% of road vehicles by 2050.

Title:

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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Saudi Arabia has launched a national electric vehicle strategy, aiming for 30% of vehicles in Riyadh to be electric by 2030, with incentives like tax cuts and subsidies.

Egypt aims for electric vehicles to comprise 2% of its fleet by 2025 and 10% by 2030.

Qatar aims for 10% electric vehicle penetration, 15,000 charging stations, and 100% electric public buses by 2030.

The Middle East's renewable energy market is expected to grow 13.43% annually from 2023 to 2028.

Title:

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

The Arab Clean Energy Initiative targets 80 GW of renewable energy capacity by 2030, up from 12 GW in 2013.

Title:

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

The Gulf of Suez Wind Power Project is a 1100 MW project aiming to power one million households and reduce CO2 emissions by 2.4 million tons annually.

Title:

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

The Middle East's transition to renewable energy is expected to reduce dependence on fossil fuels.

Title:

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

The IFC has approved a $635 million investment for 11 solar plants in Egypt, which will have a combined capacity of 500 megawatts.

The project is part of Egypt's solar Feed-In Tariff program to build the world's largest solar photovoltaic generation park.

The Middle East aims for global leadership in Green Hydrogen, with the Gulf countries' export revenues expected to reach $200 billion by 2050.

The Arab region has growing opportunities due to its abundance of renewable energy, clean hydrogen, expertise, capital, and proximity to the European market.

Egypt's Industrial Development Authority is discussing a solar production complex with Swiss company Thermosolar.

Egypt's Industrial Development Authority is discussing a solar production complex with Swiss company Thermosolar.

Egypt's Industrial Development Authority is discussing a solar production complex with Swiss company Thermosolar.

The project with Thermosolar aims to manufacture solar energy components using advanced technologies.

Title:

Content: Announcement
IDB discusses with a Swiss company the establishment of a complex for the production of solar complexes
02: 26 PM Monday 26 June 2023
Written by Sherine Salah:
Mohamed Abdel Karim, Chairman of the General Authority for Industrial Development, met with the delegation of the Swiss Thermosolar Company, an industrial company established in Egypt under the chairmanship of Dr. Majid Toukan, Chairman of the Board of Directors, to establish a production line of thermal complexes to heat water from solar energy.
According to a statement from the Industrial Development Authority on Monday, the meeting was attended by Engineer Alaa Salahuddin, adviser to the President of the Authority for the development of local manufacturing.
He pointed out that the production of clean energy is one of the industrial sectors targeted by the strategy of the Ministry of Commerce and Industry and gives it great attention, especially that the expansion of green economy projects and sustainable development is one of the most important axes of the national strategy for industrial development being prepared.
Abdel Karim expressed Egypt ’ s welcome to these projects, especially with the growing demand for clean energy locally and globally, especially because of the project ’ s reliance on advanced technologies to manufacture components to exploit solar energy.
He stressed that the flow of such investments supports the confidence of Arab and foreign investors in the Egyptian investment climate and promotes Egypt externally and highlights its real reality as a promising economic market capable of competing at the regional and international levels in attracting foreign investments and high-tech industries with high added value.
Abdul Karim said that the Authority provides all the necessary facilities and facilities to support such projects.
Dr. Majid Toukan, President of Thermosolar, expressed the company ’ s full appreciation for the support and support it receives from the Public Authority for Industrial Development, stressing the company ’ s keenness to implement the project as soon as possible, revealing that the company aims to reach 80% of the local component through local manufacturing with exporting a large percentage of production to regional and European markets.
The plant is the first of its kind to manufacture solar thermal collectors in Egypt and the Middle East, through a massive production of green technology, according to the statement.
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The Middle East's renewable energy sector is expected to create jobs and stimulate economic growth.

Title:

Content: Expanding investment in infrastructure.
A step to boost the energy sector
While experts say the government has been successful in promoting investment in the energy sector, there are some shortcomings that need to be addressed to improve future performance, including financing and supporting infrastructure.
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Experts point out that significant investments are needed to develop the infrastructure needed to produce and transport renewable energy and green hydrogen as they are an obstacle to achieving the goals faster and more effectively.
Insiders and stakeholders in the energy sector pointed out that Jordan has achieved important achievements in terms of promoting investment in the sector, calling for the expansion of these efforts to include new areas such as green energy and storage.
“Jordan has already achieved remarkable success in promoting the energy sector and attracting investments in its various fields, updating its energy strategy for the period from 2020 to 2030, and in taking initiatives that demonstrate Jordan ’ s commitment to strengthening the energy sector and attracting the investments needed to achieve sustainable growth and a more sustainable future, ” said Firas Balasma.
Jordan ’ s first green bond was launched in March 2023, with the support of the International Finance Corporation (IFC), which will be used to finance energy efficient buildings, renewable energy plants and electric vehicle projects.
The National Green Hydrogen Strategy, which seeks to establish a comprehensive regulatory framework covering the entire hydrogen value chain, from production and supply to infrastructure development, has been developed and promoted to promote sustainable growth in the sector.
Despite the existence of a comprehensive regulatory framework, Balasma said that “continuous regulatory updates and adjustments are needed to ensure that policies are in line with technological developments and market changes and that laws and regulations may need to be further adapted to encourage greater access by investors and companies to the market. ”
He also pointed out that there is a need to increase the participation of the private sector in large projects and investment in new and renewable energy technology, although there are initiatives to attract private investment, the private sector may face challenges related to bureaucracy and unclear policies governing partnerships and contracts.
While Jordan is benefiting from advances in renewable energy technology, there is still room to promote research, development and adoption of innovative technologies that can improve energy efficiency and reduce costs, as well as to promote awareness, education and investment in the benefits of renewable energy, both at the institutional level and among individuals, to increase acceptance and adoption of these technologies.
“To improve the sector and attract more investment, Jordan must invest in developing and modernizing its energy infrastructure to support more efficient generation and transmission of renewable energy, modernizing policies and legislation to encourage energy investment, simplifying bureaucratic procedures, and offering incentives to companies investing in renewable and sustainable energy technology, ” he said.
“The partnership between the government and the private sector can accelerate the development of energy projects and provide innovative solutions to Jordan ’ s energy challenges, with the need to invest in research and development in the fields of renewable energy technology and energy efficiency to ensure the benefit of the latest innovations and technologies in this field, enhance energy awareness and education, and expand international cooperation, ” he said.
For his part, Omar Abu Eid, Director of Energy and Environment Programs at the EU Delegation in the Kingdom, said: “What has been done so far in promoting Jordan ’ s investment in the energy sector is good and has achieved important results, but there are still many opportunities that can be explored. ”
He explained that these opportunities fall under modern fields in the energy sector, such as storage and investment in hydrogen energy and integration between sectors, all of which deserve to be promoted in the coming period by taking advantage of many characteristics of Jordan, such as its geographical location, especially with regard to renewable energy.
There are also good opportunities in the topics of green transport and the transition to sustainable transport, in addition to many other sectors such as tourism and other sectors to which the energy sector is an entry point, noting that this is not limited to investment in the sector, but in the provision of new job opportunities not only at the level of large projects but in the sector of small and medium enterprises.
Economic expert Dr. Qassem Al-Hamouri said that "the most important obstacles to increasing the promotion of investment for Jordan in the field of energy are the obstacles faced by investors and what a number of them went through as a result of the change and change of regulations and instructions."
He also pointed out that many opportunities remain unexplored, such as the exploration of oil and gas sources adequately, despite the consensus of many experts that they are promising opportunities.
Hammouri called for the need to implement the content of the agreements signed in the fields of energy, renewable energy and climate on the ground and practice it effectively.
It is noteworthy that the Ministry of Energy, as part of the investment promotion measures for Jordan, launched last year the electronic platform invest.memr.gov.jo in order to highlight the national wealth and investment opportunities available in the energy sector, showcasing investment opportunities in mineral resources, oil, gas and shale.
It also aims to encourage local and foreign companies to invest in the sector with many investment opportunities with high added value and restore momentum to the energy and minerals sector.
The investment opportunities platform provides interconnection with government entities related to investment licenses in the mining sector, represented by the Energy and Minerals Regulatory Authority, Land and Survey Department, Ministry of Environment, Ministry of Local Administration, Ministry of Public Works and Housing, Ministry of Tourism and Antiquities, Ministry of Agriculture, Ministry of Water and Irrigation.

Title:

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

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

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

By WAM

Published: Tue 18 Jan 2022, 11:12 PM

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

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

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

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

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

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

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

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

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

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

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

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

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

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Renewable energy, like solar energy, can reduce greenhouse gas emissions, mitigating global warming.

Title:

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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The renewable energy sector drove economic growth and job creation, employing over 11 million people globally in 2018.

The transition to renewable energy stimulates investment, innovation, and employment through new technologies.

The world is on track for a 2.5 to 2.9 degree temperature rise this century.

Title:

Content: Climate change: Global warming approaching three degrees this century, UN report warns

Countries’ ‘emissions gap’ is like an emissions canyon littered with broken promises, broken lives and broken records, says UN chief

The world is on track for a 2.5 to 2.9 degree temperature rise this century as global temperatures and greenhouse gas emissions continue to break records, the UN Environment Programme (UNEP) has warned.

It is widely accepted that extent of warming above pre-industrial levels would have catastrophic implications for billions of people and ecosystems on the planet.

UNEP’s latest “emissions gap” report issued on Monday concludes current pledges by countries under the Paris Agreement are insufficient as the world is setting “alarming emissions and temperature records which intensify extreme weather events and other climate impacts across the globe”.

Released ahead of 2023 UN climate summit Cop28 in the UAE, the report finds “global low-carbon transformations” are needed to deliver cuts to predicted 2030 greenhouse gas emissions of 28 per cent to get on a “least cost pathway” for the 2 degree goal, and 42 per cent for a 1.5 degree pathway – the key Paris pact goals.

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Maintaining the possibility of those temperature goals – and avoiding climate breakdown – “hinges on significantly strengthening mitigation [emission reductions] this decade to narrow the emissions gap”.

This will facilitate more ambitious targets for 2035 in the next round of nationally determined contributions (NDCs) – individual country targets – and increase chances of meeting net-zero pledges, which now cover around 80 per cent of global emissions, the report says.

“There is no person or economy left on the planet untouched by climate change, so we need to stop setting unwanted records on greenhouse gas emissions, global temperature highs and extreme weather,” said Inger Andersen, UNEP executive director.

“We must instead lift the needle out of the same old groove of insufficient ambition and not enough action, and start setting other records: on cutting emissions, on green and just transitions and on climate finance,” she added.

Broken records

Until the beginning of October this year, 86 days were recorded with temperatures over 1.5 degrees above pre-industrial levels. September was the hottest recorded month ever, with global average temperatures 1.8 degrees above pre-industrial levels.

The report shows that if nothing changes, 2030 emissions will be 22 gigatonnes higher than the 1.5 degree-limit will allow. That is the total present annual emissions of the US, China and EU combined, UN secretary general António Guterres said.

He added: “It shows greenhouse emissions reaching all-time highs – a 1.2 per cent increase on last year – when those levels should be shooting down. And those emissions are shattering temperature records. June, July, August, September and October were all the hottest on record.”

“Present trends are racing our planet down a dead-end three-degree temperature rise ... the emissions gap is more like an emissions canyon. A canyon littered with broken promises, broken lives and broken records,” he said.

“All of this is a failure of leadership, a betrayal of the vulnerable, and a large missed opportunity when renewables have never been cheaper or more accessible,” Mr Guterres said.

It was still possible to make the 1.5 degree limit a reality, he said; “we know how to get there – we have roadmaps from the International Energy Agency and the IPCC [Intergovernmental Panel on Climate Change]. It requires tearing out the poisoned root of the climate crisis: fossil fuels. And it demands a just, equitable renewables transition,” he added.

The report finds global greenhouse gas (GHG) emissions increased by 1.2 per cent from 2021 to 2022 to reach a record of 57.4 gigatonnes of carbon dioxide equivalent. “Emissions trends reflect global patterns of inequality. Because of these worrying trends and insufficient mitigation efforts, the world is on track for a temperature rise far beyond the agreed climate goals during this century,” the UNEP says.

The report acknowledges progress since the Paris Agreement was signed, “but significantly ramping up implementation in this decade is the only way to keep the window open for limiting global warming to 1.5 degrees without significant overshoot”.

If all conditional NDCs (with a range emission targets) and long-term net-zero pledges were met, limiting the temperature rise to 2 degrees would be possible, it finds.

“However, net-zero pledges are not currently considered credible: none of the G20 countries are reducing emissions at a pace consistent with their net-zero targets. Even in the most optimistic scenario, the likelihood of limiting warming to 1.5 degrees is only 14 per cent.”

“However, unless emission levels in 2030 are brought down further, it will become impossible to establish least-cost pathways that limit global warming to 1.5 degrees with no or low overshoot during this century. Significantly ramping up implementation in this decade is the only way to avoid significant overshoot of 1.5 degrees,” it finds.

The report calls for all countries to deliver economywide, “low-carbon development transformations”, with a focus on the energy transition to renewables. “The coal, oil and gas extracted over the lifetime of producing and planned mines and fields would emit over 3.5 times the carbon budget available to limit warming to 1.5 degrees, and almost the entire budget available for 2 degrees.”

Countries with greater capacity and responsibility for emissions – particularly high-income and high-emitting countries among the G20 – will need to take more ambitious and rapid action and provide financial and technical support to developing nations, it says.

As low- and middle-income countries already account for more than two thirds of global emissions, “meeting development needs with low-emissions growth” is required – such as addressing energy demand patterns and prioritising clean energy supply chains”. The low-carbon transition poses economic and institutional challenges for these countries, but also provides significant opportunities, it says.

“Transitions in such countries can help to provide universal access to energy, lift millions out of poverty and expand strategic industries. The associated energy growth can be met efficiently and equitably with low-carbon energy as renewables get cheaper, ensuring green jobs and cleaner air.”

To achieve this, international financial assistance will have to be significantly scaled up, with new public and private sources of capital restructured through financing mechanisms, it notes.

A global stocktake due to be completed at Cop28, should inform the next round of NDCs that countries should submit in 2025, with targets for 2035. “Global ambition in the next round of NDCs must bring GHG emissions in 2035 to levels consistent with 2 and 1.5 degree pathways, while compensating for excess emissions until levels consistent with these pathways are achieved,” the report warns.

Preparation of the next round of NDCs offers the opportunity for low- and middle-income countries to develop national roadmaps with ambitious development and climate policies, and targets for which finance and technology needs are clearly specified. “Cop28 should ensure that international support is provided for the development of such roadmaps,” it adds.

Carbon removal

Further delay of stringent global emission reductions will increase future reliance on CO2 removal, it says. It is already being deployed using land-based methods, mainly through afforestation, reforestation and forest management.

However, least-cost pathways assume considerable increases in both conventional and novel carbon dioxide removal – such as direct-air carbon capture and storage.

“Achieving higher levels of CO2 removal remains uncertain and associated with risks: around land competition, protection of tenure and rights and other factors. Upscaling of novel carbon dioxide removal methods are associated with different types of risks, including that the technical, economic and political requirements for large-scale deployment may not materialise in time,” the report concludes.

Kevin O'Sullivan

Kevin O'Sullivan is Environment and Science Editor and former editor of The Irish Times

Current country pledges under the Paris Agreement are insufficient, requiring a 28% cut for a 2 degree goal and 42% for a 1.5 degree goal by 2030.

The Middle East's energy transition will align with global climate goals, including reducing emissions and limiting warming to 1.5°C.

Title:

Content: World Green Economy Summit 2022 looks at ways to decarbonize energy systems
During the 8th edition of the World Green Economy Summit, speakers, experts, thought leaders and decision-makers discussed the importance of decarbonising energy systems and making sweeping changes in global energy distribution to support climate action, reduce greenhouse gas emissions and achieve carbon neutrality goals.
“Decarbonizing Energy Systems Successfully ” highlighted the role of decarbonizing energy systems and ensuring security of supply in the Middle East and North Africa in developing local energy sources in an environmentally sustainable and socially responsible manner.
The session also reviewed the pivotal role of the private sector in advancing and accelerating the energy transformation agenda and addressed the key role required of major companies.
The session "Hydrogen: Fuel for the Future" addressed the adoption of hydrogen as one of the key enablers of the transition to a zero-emission world and reviewed regional experiences and research and development projects.
Dietmar Sersdorfer, CEO of Siemens Energy in the Middle East and the UAE, said: “Hydrogen is becoming increasingly popular in today ’ s world and Siemens Energy has been keen to develop key technologies that will facilitate decarbonization of energy. Through our portfolio of clean energy solutions, we are focused on harnessing wind energy.
We have put energy efficiency and decarbonization at the heart of Siemens Energy ’ s operational strategies in the Middle East and globally. ”
Charles Milagwe, Chief Executive Officer of Ducab Cable Projects, said: “The discussions highlighted the UAE ’ s position in the decarbonisation process and we look forward to meeting the challenges ahead in line with the Paris Agreement.
To be sure, the complete transformation of the energy system is a difficult task and a difficult journey.
We need to implement a comprehensive transformation in the energy, industry and mobility sectors in order to achieve the goals of the Paris Agreement, so we must join forces and work together to build a better future. ”
Gary West, Managing Director of Future Mobility Solutions, General Motors Middle East, said: “We believe that moving forward with our vision for the future of mobility and relying entirely on the use of electric vehicles and their innovative technologies will contribute significantly to decarbonizing the transportation sector and building a safer road system.
Achieving the transition to a world free of accidents, emissions and traffic congestion requires everyone to play their part, which is why we continue to collaborate with governments and private sector companies in the region, including start-ups, and participate in regional and international sustainability-focused conferences such as the World Green Economy Summit and accelerate the transformation. ”
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Middle Eastern governments have set ambitious climate neutrality targets.

Title:

Content: World Government Summit in partnership with Oliver Wyman
5 urgent actions to reduce 80% of emissions in the Middle East
Governments in the Middle East, which have set ambitious targets for climate neutrality in the coming years, may face real challenges related to limited technological solutions and the potential for their economic and social growth levels to be affected if national priorities and strategies are not aligned.
He recommended five urgent actions to support the efforts of governments in the region to reduce current emissions by 80%.
The report, prepared by the summit in partnership with Oliver Wyman, a consulting firm, titled “Sustainable Policies for Climate Action in the Middle East, ” noted that governments in the region recognize the importance of reducing emissions, prompting the UAE to pledge to achieve climate neutrality by 2050.
Mohammed Yousef Al Sharhan, Deputy Director of the World Government Summit Foundation, stressed that the report reflects the role of the Summit in employing modern technologies to meet the challenges of the environment and climate change, and reduce carbon emissions.
The report recommended focusing on five actions, the first being the application of CCS and CCU in the energy and industrial sectors, where the impact is expected to be a 22% reduction in emissions.
Second, reducing emissions in building heating and cooling, which is expected to reduce emissions by 20%.
The third measure is to increase power generation with low emissions, the impact of which is expected to reduce emissions by 18%, while the fourth measure is to target emissions in logistics and transport, contributing to a 10% reduction in emissions.
The fifth measure is to increase energy efficiency in industrial processes, with the effect expected to be a 7% reduction in emissions.
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The UAE aims to be climate neutral by 2050.

Title:

Content: World Government Summit in partnership with Oliver Wyman
5 urgent actions to reduce 80% of emissions in the Middle East
Governments in the Middle East, which have set ambitious targets for climate neutrality in the coming years, may face real challenges related to limited technological solutions and the potential for their economic and social growth levels to be affected if national priorities and strategies are not aligned.
He recommended five urgent actions to support the efforts of governments in the region to reduce current emissions by 80%.
The report, prepared by the summit in partnership with Oliver Wyman, a consulting firm, titled “Sustainable Policies for Climate Action in the Middle East, ” noted that governments in the region recognize the importance of reducing emissions, prompting the UAE to pledge to achieve climate neutrality by 2050.
Mohammed Yousef Al Sharhan, Deputy Director of the World Government Summit Foundation, stressed that the report reflects the role of the Summit in employing modern technologies to meet the challenges of the environment and climate change, and reduce carbon emissions.
The report recommended focusing on five actions, the first being the application of CCS and CCU in the energy and industrial sectors, where the impact is expected to be a 22% reduction in emissions.
Second, reducing emissions in building heating and cooling, which is expected to reduce emissions by 20%.
The third measure is to increase power generation with low emissions, the impact of which is expected to reduce emissions by 18%, while the fourth measure is to target emissions in logistics and transport, contributing to a 10% reduction in emissions.
The fifth measure is to increase energy efficiency in industrial processes, with the effect expected to be a 7% reduction in emissions.
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International cooperation and support from developed to developing countries are crucial for achieving energy transition goals.

Title:

Content: Chairman of the Board of Directors and Editors
I'm sorry.
Mohamad Elbaz
Chairman of the Board of Directors and Editors
I'm sorry.
Mohamad Elbaz
COP28 Presidency and International Energy Agency stress the need for a just transition in the energy sector
The UAE Minister of Industry and Advanced Technology and President of COP28, Dr. Sultan Ahmed Al Jaber, stressed the need for an orderly, responsible and equitable transition in the energy sector to maintain the possibility of achieving the 1.5 ° C target, and to support the issuance of a decision that meets the highest aspirations on the global outcome to assess progress in implementing the goals of the Paris Agreement during COP28.
Al Jaber explained that the sessions contributed to reaching consensus on the key elements required to achieve an orderly, responsible, just and logical transition in the energy sector, pointing out that to achieve this, the key components needed to be agreed upon and collective action needed to provide an effective response to the global outcome that achieves the highest aspirations, according to the UAE News Agency (WAM).
The panel discussions concluded with a clear consensus on a number of key elements for an orderly transition in the energy sector to maintain the viability of achieving the 1.5 ° C target, and to support a decision that meets the highest expectations on the global outcome to assess progress in implementing the Paris Agreement goals during COP28.
Reduce methane emissions by 75% by 2030
The Executive Director of the International Energy Agency (IEA), Dr. Fatih Birol, praised the collaboration and support of the five goals the agency calls for in COP28, which include tripling the production capacity of renewable energy sources by 2030, doubling the rate of improvement in energy efficiency by the same date, and the commitment of the oil and gas sector to coordinate its strategies and direct its investment portfolios towards maintaining the possibility of achieving the 1.5 ° C target, including a 75% methane emissions reduction. By 2030, operationalize clean energy financing mechanisms in developing countries on a large scale, pointing to the world ’ s need to turn support for the Goals into concrete actions.
The participants agreed on the importance of the role of each country and organization, the importance of supporting developed countries to developing countries, whether through financing or technology transfer, as well as the need for countries to take advantage of the opportunity to develop and accelerate their plans for transition in the energy sector.

The Kingdom of Saudi Arabia hosted the Middle East and North Africa Climate Week 2023 in coordination with the UNFCCC Secretariat.

Title:

Content: Middle East Climate Week looks at renewable energy transition and carbon reduction
During a panel discussion focused on the Kingdom ’ s high energy and efficiency records
The “Middle East and North Africa Climate Week 2023 ”, hosted by the Kingdom of Saudi Arabia, in coordination and cooperation with the United Nations Framework Convention on Climate Change (UNFCCC) Secretariat, discussed on the third day the transition of renewable energy and the reduction of carbon emissions.
The panel discussion, entitled “Accelerating the Transition of Renewable Energy and Reducing Carbon Emissions ”, tackled carbon emissions mitigation and climate change, and the programs and initiatives adopted by the Kingdom to address climate change.
The speakers – Senior Sustainability Advisor to the Minister of Energy, Chief Negotiator of the Kingdom ’ s Climate Agreements, Dr. Khalid Al Meheid, Undersecretary of the Ministry of Energy for Electricity Nasser Al Qahtani, SPPC CEO Mazen Al Bahkali, ACWA Power ’ s Vice Chairman and Managing Director Raad Al Saadi, and Saudi Energy Efficiency Center General Manager Nasser Al Ghamdi – discussed the objectives of the Kingdom ’ s energy programs, priorities, needs, resources and funding sources. and current solutions.
They addressed the Kingdom ’ s high energy and efficiency records, touching on hydrogen from manufacturing to strengthening regional and international supply chains, pointing to the vast areas that enable solar and wind energy projects and clean energy exports with international connectivity.
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Sabq Electronic Newspaper
sabq.org

The event focused on renewable energy transition and carbon reduction in the Middle East.

Title:

Content: Middle East Climate Week looks at renewable energy transition and carbon reduction
During a panel discussion focused on the Kingdom ’ s high energy and efficiency records
The “Middle East and North Africa Climate Week 2023 ”, hosted by the Kingdom of Saudi Arabia, in coordination and cooperation with the United Nations Framework Convention on Climate Change (UNFCCC) Secretariat, discussed on the third day the transition of renewable energy and the reduction of carbon emissions.
The panel discussion, entitled “Accelerating the Transition of Renewable Energy and Reducing Carbon Emissions ”, tackled carbon emissions mitigation and climate change, and the programs and initiatives adopted by the Kingdom to address climate change.
The speakers – Senior Sustainability Advisor to the Minister of Energy, Chief Negotiator of the Kingdom ’ s Climate Agreements, Dr. Khalid Al Meheid, Undersecretary of the Ministry of Energy for Electricity Nasser Al Qahtani, SPPC CEO Mazen Al Bahkali, ACWA Power ’ s Vice Chairman and Managing Director Raad Al Saadi, and Saudi Energy Efficiency Center General Manager Nasser Al Ghamdi – discussed the objectives of the Kingdom ’ s energy programs, priorities, needs, resources and funding sources. and current solutions.
They addressed the Kingdom ’ s high energy and efficiency records, touching on hydrogen from manufacturing to strengthening regional and international supply chains, pointing to the vast areas that enable solar and wind energy projects and clean energy exports with international connectivity.
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Sabq Electronic Newspaper
sabq.org

Saudi Arabia has adopted programs to address climate change, including carbon emissions mitigation.

Title:

Content: Middle East Climate Week looks at renewable energy transition and carbon reduction
During a panel discussion focused on the Kingdom ’ s high energy and efficiency records
The “Middle East and North Africa Climate Week 2023 ”, hosted by the Kingdom of Saudi Arabia, in coordination and cooperation with the United Nations Framework Convention on Climate Change (UNFCCC) Secretariat, discussed on the third day the transition of renewable energy and the reduction of carbon emissions.
The panel discussion, entitled “Accelerating the Transition of Renewable Energy and Reducing Carbon Emissions ”, tackled carbon emissions mitigation and climate change, and the programs and initiatives adopted by the Kingdom to address climate change.
The speakers – Senior Sustainability Advisor to the Minister of Energy, Chief Negotiator of the Kingdom ’ s Climate Agreements, Dr. Khalid Al Meheid, Undersecretary of the Ministry of Energy for Electricity Nasser Al Qahtani, SPPC CEO Mazen Al Bahkali, ACWA Power ’ s Vice Chairman and Managing Director Raad Al Saadi, and Saudi Energy Efficiency Center General Manager Nasser Al Ghamdi – discussed the objectives of the Kingdom ’ s energy programs, priorities, needs, resources and funding sources. and current solutions.
They addressed the Kingdom ’ s high energy and efficiency records, touching on hydrogen from manufacturing to strengthening regional and international supply chains, pointing to the vast areas that enable solar and wind energy projects and clean energy exports with international connectivity.
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No stories found.
Sabq Electronic Newspaper
sabq.org

The UAE sees the energy transition as a chance to diversify its economy.

$3 trillion will be invested in global renewable energy over the next decade.

The Mena region can leverage its energy leadership to accelerate the energy transition.

International cooperation is essential for accelerating the energy transition and achieving global climate goals.

The Middle East aims to limit global warming to 1.5°C above pre-industrial levels.

The Middle East aims to limit global warming to 1.5°C above pre-industrial levels.

The Middle East aims to limit global warming to 1.5°C above pre-industrial levels.

Regional cooperation is crucial for the Middle East's decarbonization and energy transition.

Title:

Content: General Supervision
Elham Aboul Fath
Editor-in-Chief
Thank you for your patience.
General Supervision
Elham Aboul Fath
Editor-in-Chief
Thank you for your patience.
Minister of Petroleum at Climate Conference: Regional Cooperation and Partnerships Contribute to Decarbonization
On the sidelines of his participation in the COP 28 Climate Summit in Dubai, Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources, chaired a panel discussion on the role of regional cooperation as a catalyst for policies to reduce carbon emissions and energy transition, in the presence of Dr. Saleh Al Kharabsha, Minister of Energy and Mineral Resources of Jordan, Osama Mubarez, Secretary General of the Eastern Mediterranean Gas Forum, and Joseph McMonegel. Dr. Pratima Rangarajan, CEO of the Oil and Gas Climate Initiative.
In his opening remarks, Eng. Tarek Al Mulla stressed that climate change is an undeniable reality in light of the imperative to shift to more sustainable energy sources, which requires the concerted efforts of various governments, the private sector and financial institutions to formulate strong frameworks at the regional level to develop innovative solutions that stimulate energy transition policies.
Al-Mulla explained the priorities of the Harmonized Framework of Policies and Procedures for Reducing Emissions from Different Stages of the Natural Gas Value Chain in the Eastern Mediterranean Region prepared by the Eastern Mediterranean Gas Forum, which is one of the important incentives supporting Member States ’ plans towards energy sustainability and security.
He said the EMGF is now a distinct regional platform, where each member state can share its expertise and resources to promote energy policies and overcome infrastructural, financial and geopolitical challenges to accelerate energy transitions.
He added that the current geopolitical challenges and their impact on the energy industry showed the need to strengthen regional cooperation, concerted efforts and partnerships to promote decarbonization and accelerate the pace of energy transition.
The session discussed common objectives towards enhancing cooperation and future opportunities in the Eastern Mediterranean region.
The participants reviewed the important role of regional cooperation in sharing best practices and technologies and providing funding to achieve the common goal of combating the effects of climate change.

70% of UAE residents think urgent climate action is needed within five years for a sustainable future.

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Content: 7 out of 10 UAE residents believe it is necessary
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Eight in 10 respondents in the UAE said that global climate change is a serious crisis, with 70% of respondents believing that urgent action must be taken within the next five years to mitigate the effects of climate change and secure a more sustainable future.
This is according to a study by global management consultancy Kearney, which reveals how UAE residents view sustainability initiatives.
The study comes ahead of the 27th United Nations Climate Change Conference later this month, where the issue of climate change is gaining global attention.
Among the main themes of the conference will be the role that the global community should play to promote national interests and contribute to the achievement of global climate goals, under the slogan “Together for Implementation ” to protect the future of the world.
According to the findings of the study, the majority of UAE residents believe that addressing the impacts of climate change will have a positive impact on global cultural and social issues, with 81% of respondents indicating that climate change significantly affects the livelihoods of people in different countries around the world.
68% said social imbalances could be corrected to some degree through collective action by countries to combat climate change.
Mauricio Zwaazua, partner at Kearney Middle East, said: “The Middle East has given great attention to sustainability and energy transition in the past decade, and countries in the region have made significant efforts to shift away from oil as their sole source of energy by investing in more renewable energy sources.
We have seen how strategic initiatives such as UAE Climate Neutrality 2050 and Saudi Arabia ’ s Climate Neutrality 2060 have come into effect to combat climate change at the national level, as well as many clean energy initiatives.
With the 27th and 28th UN Climate Change Conferences being hosted in Egypt and the UAE respectively, we expect the region to see more global investment, which in turn will accelerate sustainable development, and there is an opportunity to capitalize on this momentum to accelerate sustainable development through design in the Middle East.
The UAE Climate Neutrality Strategy 2050 is a national engine that aims to reduce emissions and climate neutrality by 2050, making the UAE the first country in the Middle East and North Africa to announce its goal of achieving climate neutrality.
The survey also indicated that 50% of respondents believe that the country is on track to achieve climate neutrality, while 73% of respondents stressed the importance of the role of companies in achieving this goal.
More than half (56%) believe companies need to do more to slow climate change, and 72% believe new technologies should be adopted to mitigate the climate change crisis.
70% of respondents noted the importance of individual contributions in supporting national sustainability goals.
77% said they were willing to make lifestyle changes in an effort to slow climate change.
68% said they prefer companies that implement core practices and protocols in the areas of social environment and governance such as sustainable products, green certificates, and transparent reporting on carbon emissions.
Fifty-nine percent of respondents were willing to pay a small amount for sustainable products, a sentiment that was prevalent among all surveyed groups.
In terms of living sustainably, the survey revealed that 73% of respondents would be more inclined to live sustainably if governments encouraged them to do so by implementing stricter rules on carbon emissions from cars, the use of plastics, green labeling on white goods, retrofitting old appliances and so on.
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Most UAE residents believe climate change affects people's livelihoods worldwide.

The UAE and Saudi Arabia have launched initiatives, UAE Climate Neutrality 2050 and Saudi Arabia's Climate Neutrality 2060, to combat climate change.