# Energy Transition in the Middle East: From Oil Wealth to Solar Leadership

## Introduction

The Middle East, historically synonymous with oil wealth, is undergoing a remarkable transformation as nations across the region pivot toward renewable energy, with solar power leading the charge.

This report examines how energy-rich Middle Eastern countries are preparing for a post-oil world through ambitious solar projects, strategic government incentives, and comprehensive climate initiatives.

As global pressure to address climate change intensifies, these nations are leveraging their financial resources and natural advantages—particularly abundant sunshine—to position themselves as leaders in the global energy transition.

## Key National Projects

### United Arab Emirates

The UAE has emerged as a regional leader in renewable energy development, particularly in solar power.

The country has developed some of the world's largest solar parks, establishing itself as a model for other nations.

Key initiatives include:

- **Dubai Clean Energy Strategy 2050**: A comprehensive roadmap to transform Dubai into a global hub for clean energy and green economy
- **Abu Dhabi Vision 2030**: Sets ambitious targets for renewable energy adoption, with significant expansion in solar capacity
- **International partnerships**: The UAE recently pledged $4.

5 billion to accelerate Africa's switch to clean energy, demonstrating its commitment to global energy transformation

### Saudi Arabia

Saudi Arabia is pursuing an aggressive energy transition strategy aligned with its Vision 2030 program:

- **Domestic solar projects**: The launch of the Domat al-Jandal solar project and seven new alternative energy agreements
- **Regional leadership**: The country aims to become a leading producer and exporter of electricity using renewable energy
- **Green initiatives**: The "Saudi Green" and "Middle East Green" initiatives launched in 2021 have received international recognition for their ambitious environmental protection goals

### Egypt

Egypt is rapidly expanding its renewable energy infrastructure:

- **Wind power**: Total wind power projects exceed 28,000 megawatts
- **Renewable targets**: Aims to produce 42% of energy from renewable sources by 2035, with consideration to accelerate this target to 2030
- **Accelerated development**: The country is increasing the pace of renewable energy projects, adding more solar and wind power stations

## Current Solar Capacity and Growth

The Middle East and North Africa region has demonstrated impressive growth in renewable energy capacity:

- **Regional expansion**: Middle Eastern and North African countries increased their renewable energy capacity by 57% between 2022 and 2023, despite their oil and gas wealth
- **Solar leadership**: The UAE has positioned itself at the forefront of solar development, with some of the world's largest solar parks
- **Investment growth**: Global investments in solar PV and wind energy have climbed by more than $300 billion in the last five years, with renewable power now accounting for a third of the $1.

8 trillion expected for clean energy investments

However, challenges remain.

The International Energy Agency has noted "signs of strain" in the sector, particularly regarding higher financing costs and raw material prices that could delay some projects.

## Government Incentives and Policy Frameworks

Middle Eastern governments have implemented various incentives and policy frameworks to accelerate their energy transitions:

### Financial Incentives

- **Subsidies and tax exemptions**: Following global trends, countries in the region are offering financial incentives similar to the US Inflation Reduction Act, which provides subsidies, grants, and tax exemptions for environmentally friendly projects
- **Strategic investments**: The UAE's commitment of $4.

5 billion for Africa's energy transition demonstrates the scale of financial backing being provided
- **Public-private partnerships**: Countries are fostering collaboration between government entities and private companies to drive renewable energy development

### Policy Initiatives

- **Circular Carbon Economy**: Saudi Arabia promoted this approach during its G20 presidency in 2020, which was adopted by G20 leaders as an effective framework for achieving long-term goals including net-zero emissions
- **National visions**: Comprehensive strategies like Saudi Arabia's Vision 2030 and the UAE's Dubai Clean Energy Strategy 2050 provide long-term frameworks for energy transition
- **International cooperation**: Middle Eastern countries are actively participating in global climate forums, including COP26, demonstrating their commitment to international climate agreements

## Impact on Local Economy and Climate Goals

### Economic Impact

- **Diversification**: The energy transition is helping oil-rich economies diversify their revenue streams and reduce dependence on fossil fuels
- **Job creation**: The UAE's commitment to developing sustainable knowledge, green industries, and skills development is creating new employment opportunities
- **Export potential**: Saudi Arabia aims to become a major exporter of renewable energy, positioning itself as a global energy hub across multiple energy sectors
- **Cost reduction**: The transition to renewable energy, particularly solar, is expected to reduce energy costs and enhance energy security in the long term

### Climate Impact

- **Emission reduction**: The adoption of solar energy is significantly reducing carbon emissions across the region
- **Global commitments**: Middle Eastern countries are aligning their national strategies with the Paris Agreement's goal of limiting global temperature increases to 1.

5°C above pre-industrial levels
- **Regional leadership**: Through initiatives like the "Middle East Green" program, countries are taking leadership roles in addressing climate change beyond their borders
- **Climate resilience**: New energy infrastructure is being designed with climate resilience in mind, ensuring it can withstand the impacts of climate change

## Challenges and Opportunities

Despite significant progress, the Middle East faces challenges in its energy transition:

- **Financing gaps**: Global climate financing needs to increase from $1.

3 trillion in 2021-22 to approximately $9 trillion annually by 2030 to meet climate goals
- **Investment concentration**: The International Solar Alliance notes that renewable energy investments are disproportionately concentrated in a few countries, with less developed nations receiving less than 1% of total investments
- **Awareness barriers**: In some countries, lack of awareness among financiers and investors about renewable energy importance remains an obstacle to project development

However, the region's natural advantages, particularly abundant sunshine, combined with substantial financial resources and political will, position it well to overcome these challenges and lead the global energy transition.

## Conclusion

The Middle East's energy transition represents a significant shift in the region's approach to energy and economic development.

Through ambitious solar projects, strategic government incentives, and comprehensive climate initiatives, countries like the UAE, Saudi Arabia, and Egypt are demonstrating that oil-rich nations can become leaders in renewable energy.

This transformation not only addresses climate change but also creates new economic opportunities, enhances energy security, and positions the region for sustainable growth in a post-oil world.

As the global community works toward meeting climate goals, the Middle East's experience offers valuable insights into how traditional energy powers can successfully navigate the energy transition, balancing economic development with environmental stewardship.

The region's commitment to renewable energy, particularly solar power, signals a new chapter in its relationship with energy—one that could serve as a model for other regions undergoing similar transformations.

# Energy Transition in the Middle East: From Oil Wealth to Solar Leadership

## Introduction

The Middle East, historically synonymous with oil wealth, is undergoing a remarkable transformation as nations across the region pivot toward renewable energy, with solar power leading the charge.

Title:

Content: OPEC producer Kuwait is lagging behind in projects to expand the use of renewable energy although it was one of the first Arab countries to comply with UN climate targets, a Kuwaiti newspaper reported on Monday.

Kuwait has announced its commitment to boost renewable energy use  to 1 percent of the total energy mix in 2015 and to 15 percent in 2030, the Arabic language daily Alanba said.

“The total renewable energy use is still far below targets, standing at only around 0.3 percent of the Emirate’s total electricity production,” the paper said, citing a government report.

“Although the International Renewable Energy Agency paid tributes to Kuwait in 2010 for being one of the first countries to endorse the Agency’s creation, measures taken by Kuwait in the renewable energy sector has remained very slow.”

The report said Kuwait’s Electricity Ministry must “give more attention” to renewable energy projects to increase reliance on solar power, noting that one of the region’s largest solar power projects have been very slow.

The report was referring to Shagaya solar power station, which has not been fully completed although it was launched more than 10 years ago.

Shagaya plant, built on 84 square kilometres in the desert location of Al-Shagaya, is approximately 100 km west of the capital Kuwait City and comprises multiple renewable technologies as well as interconnection and site infrastructure.

In February 2019, Kuwait started commercial operations at a 50-megawatt plant, marking the completion of first phase of the project.

(Writing by Nadim Kawach, Editing by Anoop Menon)

(anoop.menon@lseg.com)

Title:

Content: Oil Minister: KPC ’ s 2040 Strategy is Strong and Ambitious in Energy Transformation Issues
Deputy Prime Minister and Minister of Oil and Minister of State for Economic Affairs and Investment Dr. Saad Al-Barrak said on Tuesday that KPC ’ s 2040 strategy program is strong and ambitious in the issues of energy transformation and carbon emission reduction.
In a speech during a ministerial session at the 12th Arab Energy Conference in Doha entitled (Energy, Environment and Sustainable Development), Barrak said that the countries of the region are serious about the issue of renewable and clean energy, expressing his pride that Kuwait, Saudi Arabia, Qatar, Egypt, the UAE, Jordan and Algeria are leading this transformation.
Barrak, who is also chairman of Kuwait Petroleum Corporation (KPC), said Middle East and North Africa countries, although rich in oil and gas, had raised their renewable energy capacity to 57 percent between 2022 and 2023.
"There is an attack on the so-called reduction of dependence on oil as a source of energy," he said, expressing surprise at the insistence on depriving many people and countries, most of them developing countries, of being the source of the economy that can transport them over the next 30 years to a life of prosperity, security and stability.
At the same time, he pointed out that Africa today needs about $25 billion a year to invest in energy until 2030, explaining that large numbers of people in Africa and elsewhere do not have access to electricity.
He pointed out that what drives the climate issue are “values ” related to the safety of the human environment, well-being and decent living, saying:“ Let us give the people of this region in Asia and Africa an opportunity to advance their resources, which God has granted to be in a position where they can exercise well-being. ”
For his part, Bahraini Minister of Oil and Environment Dr. Mohammed bin Dinah said in a similar speech during the session that the energy transition is not to serve the Framework Convention on Climate Change but to serve the peoples of the countries in which we live.
He added that fuel is an essential part of the economies or incomes of some countries, noting that it must be conserved and consumed in a balanced manner in order to be committed to the environment in the region in terms of carbon quantities.
For his part, the Director General of the Arab Planning Institute, Dr. Abdullah Al-Shami, said during the session that there are many challenges in the subject of energy, including the steady growth in the issue of cities and the demand for housing, which consumes 29% of the energy exported from oil and gas.
He added that the oil-exporting countries, mostly in the Middle East, are suffering from several problems such as increasing the cost of oil production, in addition to the lack of oil technology, such as oil exploration and lack of foreign investment, noting that these countries depend heavily on their oil revenues and energy.
Omer Farouk, secretary-general of the Organization of African Petroleum Producers, called for the need to look at the energy problem in a holistic way, not just focusing on fossil fuels.
If emissions are causing a climate problem, we need to confront and address emissions released by industrialized countries rather than targeting fossil fuels.
It is noteworthy that the 12th Arab Energy Conference was launched yesterday in Doha under the slogan (Energy and Arab Cooperation) and lasts for two days.
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Title:

Content: ECONOMY
12 objectives for renewable energy projects in the Kingdom, the most prominent of which is to strengthen international participation in addressing climate
Thank you for reading the news of 12 objectives of renewable energy projects in the Kingdom, most notably the promotion of international participation in addressing the climate and we assure you that we always seek to satisfy you and now with the details
- By Ayman Al-Weshwash - Shurion and economists stressed that the launch of the Sakaka solar project and the signing of seven new agreements for alternative energy comes to enhance the added value and investment of available resources and reduce the use of oil locally, stressing that stopping waste in the use of oil as a generator of energy is one of the most important incentives for renewable energy projects. The Kingdom ’ s position in reducing emissions as well as strengthening its position in this evolving industry.
During the launch of the Dumat Al Jandal solar project and the signing of seven new agreements in alternative energy, Minister of Energy Prince Abdulaziz bin Salman pointed out that the projects aim to strengthen the Kingdom ’ s position in the field of producing and exporting electricity using renewable energy and seeking to deliver electricity to other countries.
Saudi Arabia participated in the United Nations Conference on Climate Change 2021, in its version (COP26), which concluded last Friday, where it kicked off in Glasgow on October 31 and lasted until November 12.
The Kingdom ’ s participation confirms the importance it attaches to the file of climate change and environmental protection, in line with the transformation program planned by Vision 2030.
Optimum Formation
Member of the Shura Council Fadl Al-Buainain pointed out that the Kingdom ’ s Vision 2030 has made the production of energy from renewable sources among its main objectives and has committed to producing approximately 9.5 gigawatts by 2030.
The target was later adjusted to meet the strategic and environmental requirements and the optimal configuration of the energy mix as the Kingdom aims to produce 50% of its electricity through renewable energy by 2030, a goal that the government seeks to achieve through its ambitious projects and legislation related to investment in the renewable energy sector in particular.
Al-Buainain stressed that the protection of the environment and active participation in addressing the climate crisis are among the reasons that motivated the Kingdom to expand the goal of producing electricity from alternative, sustainable and environmentally friendly sources.
Sustainability of demand
“The sustainability of demand is one of the most important factors that affect the feasibility studies of investment projects and the decisive decision, so the signing of energy purchase agreements for seven new projects is one of the incentives for major investments in renewable energy projects, especially as it achieves double gains, the first is encouraging investors to invest in the energy sector, and the second is achieving financial returns, especially since the cost of buying electricity will be very low compared to the tariff. ”
Al-Buainain said that one of the gains achieved is the global competitiveness of Saudi companies, including ACWA Power, which established renewable energy projects in the Kingdom and abroad, which is an achievement for the Saudi business sector and major transcontinental companies.
He pointed out that the competitiveness of the renewable energy sector contributed to reducing the cost of buying electricity from the Shuaiba project by 1.04 US cents per kilowatt hour, which is the lowest in the world, which will reflect positively on the development and expansion of the industry.
Catalytic shock.
Saleh Al-Afaleq, a former member of the Finance Committee of the Shura Council, said: “We cannot talk about new projects without mentioning the shocking report that was issued about five years ago, which indicated that the Kingdom will consume all the oil it produces in the generation of electricity, if it does not change the equation by taking advantage of alternative energy sources, which are widely available throughout the year in the field of solar energy in various regions of the Kingdom and in the northern region. ” levels. ”
He added, “A clear strategy has been developed since then and renewed with the Kingdom ’ s Vision 2030, and the Crown Prince ’ s recent announcement of the role and responsibility of the Kingdom in protecting the environment, whether through“ Green Saudi Arabia ” or “Green Middle East ”.
I need all the power.
Al-Afaleq pointed out that he does not believe that the state aims in the near term to export electricity, given the urgent need for all the energy produced for housing, factory management, economic projects and the life cycle in general, but it will continue to exchange electricity with neighboring countries, as the peak times in the Kingdom are in the afternoon and in other countries at night.
Citizen Participation
Shura Council member Dr. Turki Al-Enezi stressed that the future of our country is in providing cheaper energy for many large projects that need high quantities and reliability in providing energy, pointing out that the Kingdom was a pioneer in this vital field in which the citizen participated alongside the state. The state provides more energy.
Prominent demand
Hussam Al-Rahim, a former member of the Industrial Committee of the Eastern Chamber, said that the provision of renewable alternative energy has been an important demand over the past decades due to the high costs generated by oil and the presence of sunlight, especially throughout the year in the Kingdom without benefiting from it properly, pointing out that the dual benefits of alternative energy projects provide huge job and investment opportunities.
Emission reduction
For his part, Rakan Al-Atishan, Vice Chairman of the Logistics Committee of the Council of Saudi Chambers, said: “Such pioneering projects confirm the Kingdom ’ s leading role in reducing carbon emissions and contributing to the transition to renewable energy as well as providing clean energy, pointing out that the announcement of the provision of energy for 600,000 housing units after the completion of the projects confirms the feasibility of investment. ”
He pointed out that the projects will have an important role in facing the challenges of low energy reliability, stressing that Saudi Arabia will be able to export after the completion of projects and the entry of other projects in the future as well as other countries.
4 Axles
The Dean of the Institute of Consulting Studies and Services at Imam Abdulrahman bin Faisal University in Dammam, Dr. Abdulkarim Al-Hawish, said that the announced projects represent the heart of sustainable development and a clean environment, and are one of the strategic options to diversify the economic base away from oil and its derivatives, while conserving the environment and reducing harmful emissions.
He pointed out that the new projects need skills of another type, pointing out that there are four main axes of projects, first: diversifying and developing the Saudi labor market, second: protecting the environment from emissions that affect the climate, third raising self-revenues from energy at cheap prices, and finally maximizing the use of the quantities of oil burned to save energy, by converting them to the production of petrochemicals and petroleum derivatives.
• Fulfilling the Kingdom ’ s international commitments to reduce harmful emissions and its participation in addressing the climate
• Increase the volume of locally generated power to keep pace with demand growth
• Reduce the consumption of oil in electricity production because of its high costs
• Efficient investment of available resources
• Establishing a new national industrial sector capable of creating job and investment opportunities
• Benefit from the development of special skills required by the alternative energy industry
• Preservation
• on human health and environmental safety by reducing harmful emissions
• Optimize the use of alternative energy sources, especially solar energy
• Affirming the Kingdom ’ s leading role as an influential country within the G20
• Promote sustainable and balanced development between regions and create economic clusters
• Transforming the Kingdom into a future energy source by taking advantage of the existing potential
• Expanding the establishment of alternative energy production companies after their usefulness in supporting the national economy has been confirmed.
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This report examines how energy-rich Middle Eastern countries are preparing for a post-oil world through ambitious solar projects, strategic government incentives, and comprehensive climate initiatives.

Title:

Content:   Opinion

Away from fossil fuels: Kazakhstan sets ambitious goals for renewable energy

Редактор:
Adlet Seilkhanov
3 February 2022, 12:06

NUR-SULTAN. KAZINFORM - Developing renewable energy, introducing clean technologies, and promoting decarbonization of the economy is something that countries can no longer delay. Kazakhstan is no exception as it sets ambitious targets to unlock its renewable energy potential and achieve carbon neutrality by 2060. More about the country’s efforts in this area is in the latest analytical article of Kazinform.

In 2013, Kazakhstan adopted a plan to transition to a green economy and in 2016, Kazakhstan signed the Paris Agreement pledging to reduce greenhouse gas emissions by 15 percent by 2030 relative to the level of 1990.

Kazakhstan set ambitious goals for the development of renewable energy. At the end of 2020, it brought the share of renewable energy in the total electricity production to 3 percent and now seeks to increase it to 15 percent by 2030, five percent more than the initial target, and by at least 50 percent by 2050.

While for Kazakhstan, which has heavily relied on fossil fuels for years and leads in Central Asia in terms of carbon dioxide emissions, transitioning to green growth might be a challenge, its active efforts and political will demonstrated by President Kassym-Jomart Tokayev are notable.

According to Timur Shalabayev, Executive Director at Kazakhstan’s Solar Energy Association, Kazakhstan has everything to develop its renewable energy sector. He cited expert estimates of the potential of wind energy to be nearly 920 billion killowatt hour per year, the technically feasible hydro potential at 62 billion killowatt hour, and the potential of solar energy in the southern regions of the country at 2,500–3,000 hours of sunshine per year.

«Renewable energy sources in recent years have been positioned by Kazakhstan as one of the vectors for the development of the energy complex. (…) Based on the results of 2021, there are 134 renewable energy stations in Kazakhstan: 40 wind power stations, 49 solar power stations, 40 small hydropower stations, 5 bio-power stations. The total installed capacities of existing renewable energy stations in the country are 2,010 megawatt. These capacities currently generate around 3.5-4 percent of the electricity in the country,» he said in an interview for this story.

He noted a strong governmental support for the sector, which was considered as priority sector of the economy.

«The country in 2018 launched very transparent mechanism of the auctions, where 196 companies from 12 countries have participated. We have all competences to implement projects in renewables,» he added.

At the Climate Ambitions Summit in December 2020, President Tokayev declared his country’s commitment to achieving carbon neutrality by 2060.

Kazakhstan is no exception to a global trend worldwide towards the decarbonization of industry and economy. For example, the European Union plans to reduce greenhouse gas emissions by 55 percent by 2030 and plans to introduce a carbon tax by 2023. While shaping the role of trade in the fight against climate change, the introduction of a levy on imported carbon-intensive products could hamper exports of products forcing countries to consider the new realities and update technical regulations, standards, and requirements for good.

President Tokayev also repeatedly voiced the urgent need to address problems in the electricity power industry that hinder the potential growth of the renewable energy sector.

«Since September 2021 we have a deficit of electricity power generation, because of highly increased consumption by industry and digital mining sector. This deficit is covered by importing of the electricity from Russia. The situation gets worse by the obsolescence of power generation equipment on traditional coal stations (the age of 55 percent of equipment on traditional coal-based stations are more than 30 years, age of 66 percent of equipment on hydropower plants last more than 30 years),» said Shalabayev.

According to him, electricity generation from renewables is uneven and depends on the weather conditions, which, in turns, causes imbalances in the grid system. The expert therefore emphasized the need for manurable (flexible) capacities.

«Manoeuvrable capacities are mainly represented by gas-turbine stations and hydropower stations, which may base on the command of the system operator immediately start to generate the missing power. In our country, 70 percent of installed capacities are based on the coal and there is a problem of lack of manoeuvrable capacities in the system,» he said.

Measures to support the production of renewable energy

Based on the law of Kazakhstan on the use of renewable energy sources, producers of clean energy can sell the electricity produced from renewable energy sources in the public grid at special tariffs through the settlement and financial centre for support of renewable energy sources, which guarantees the purchase of electric power from renewable energy sources. Renewable energy producers are exempted from payment for the services of power transmission organizations for the transmission of electricity, while also receive priority in the transmission of electricity through the grid.

These measures of state support in the form of guaranteed purchase of electric power allow to stimulate the development of renewable energy sources.

Auction mechanism

Meanwhile, Kazakhstan also uses the mechanism of auction bidding. The mechanism of international electronic auction has been implemented since 2018 to improve the investment climate and attract external and domestic investments. But, according to Shalabayev, it could also smooth the graphics of power generation by renewable energy stations.

«Another option can be development of small-scale renewable energy project (introduction of renewables by households and business for own consumption). Results of research in the country show that small scale renewables may contribute to increasing the reliability of the grid, unloading overloaded nodes, and reducing electrical energy losses. On the other hand, it may help to make renewables popular among citizens of Kazakhstan,» said Shalabayev.

That was what President Tokayev also proposed at the meeting on the energy sector development in May 2021, saying that more measures are needed to encourage people to use renewable energy sources. Tokayev proposed launching pilot projects to install solar panels and micro-power plants as part of the development of smart cities.

«I am a firm supporter of clean energy and green technologies. I support the construction of power plants using renewable energy sources,» Tokayev said.

In terms of auctions, every year, the energy ministry approves the schedule of auction bidding, with a breakdown by type, capacity, and regions of Kazakhstan.

In 2020 alone, a total of 250 megawatts of installed capacity was auctioned including 65 megawatts in wind power, 55 megawatts in solar energy, 120 megawatts in hydro power and 10 megawatts in biopower. There were 8 auctions that involved 27 Kazakh and 4 foreign companies from Russia, the Netherlands and Germany.

«The total volume of bids received from the auction participants was 493.9 megawatts, which means the volume of demand exceeded the volume of supply by twofold. In particular, the demand for wind power, solar energy and small hydropower projects exceeded the supply volume approximately twice, but investors showed the greatest interest in wind power, for which the demand exceeded the supply volume by five times,» reads the ministry’s statement on the website.

Shalabayev said that the capital expenditures for construction of the solar power stations are decreasing evident in the declining tariffs for solar projects in the auctions for the last four years. According to him, the auction price for solar power tariff has been decreased by 64 percent since 2018 reaching nearly three dollar cents per kW.

«Solar technologies are well-known and developed, we have competences to implement these projects, these technologies are getting cheaper,» he said.

Written by Assel Satubaldina

News Partner

Title:

Content: COP28: Over 110 nations vow to triple renewable energy by 2030

More than 110 countries pledged to triple global renewable energy capacity by 2030 and double annual energy efficiency improvements

During the third day of the COP28 summit in Dubai, leaders from more than 110 nations committed to a collective effort to triple global renewable energy capacity by 2030.

Additionally, they pledged to double the annual rate of energy efficiency improvements.

Rana Adib, REN21 Executive Director said: “This pledge sends a positive signal from this COP, which is the first to bring this much attention to renewable energy and energy efficiency.

“But the renewable energy community will only call this global target a historic win when it makes its way into the COP 28 outcome, along with a comprehensive and equitable renewable energy package.

“The just transition to renewable energy worldwide requires adequate finance, skilling and reskilling and infrastructure, which must be included in this COP package.”

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Content: Monday 11th September 2023 Abu Dhabi UAE
Prayer times
News Highlights
Today 's Issue
Today 's Issue
United Arab Emirates
Director of the International Solar Alliance: Pioneering efforts for the UAE to achieve carbon neutrality by 2050
Director of the International Solar Alliance: Pioneering efforts for the UAE to achieve carbon neutrality by 2050
September 11, 2023 01: 32
New Delhi (WAM)
Dr. Ajay Mathur, Director General of the International Solar Alliance, praised the UAE ’ s pioneering efforts to achieve carbon neutrality by 2050, which constitutes a concrete and proactive response to climate change issues.
Mathur said, in statements to the UAE News Agency « WAM » on the sidelines of his participation in the work of the G20 summit in the Indian capital New Delhi: The UAE has devoted for more than 15 years, great resources in this field, resulting in huge and remarkable achievements.
He pointed out that one of the remarkable achievements achieved by the UAE in this regard is the provision of solar energy at a low price of 1.35 cents per kilowatt hour, pointing out that the UAE is fully and clearly committed to combating climate change in accordance with its strategy to reach zero carbon emissions by 2050.
The UAE has taken active steps to explore sustainable and innovative energy generation that supports its economy and aligns with broader global sustainability goals, in recognition of the serious implications of climate change globally.
The Director General of the International Solar Alliance pointed out that the UAE is also committed to developing sustainable knowledge, promoting the development of green industries, and creating opportunities for skills development and job growth.
As part of its commitment to the United Nations Sustainable Development Goals (SDGs), the UAE has implemented advanced initiatives and projects such as the Dubai Clean Energy Strategy 2050 and Abu Dhabi Vision 2030, which sets an ambitious target for the adoption of renewable energy sources, including the significant expansion of solar capacity.
Dr. Ajay Mathur pointed out that these initiatives confirm the UAE ’ s commitment to solar energy as a pillar of its vision for sustainable development, which will be a driver of economic growth and reduce carbon emissions.
According to the International Solar Alliance, it is necessary to diversify renewable energy investments to benefit all regions of the world, where investments are currently disproportionately concentrated in a few countries, while less developed countries receive less than 1% of the total.
All rights reserved to Al Ittihad Newspaper 2023 ©

As global pressure to address climate change intensifies, these nations are leveraging their financial resources and natural advantages—particularly abundant sunshine—to position themselves as leaders in the global energy transition.

Title:

Content: The UAE is ready to help Africa with finance and technology for the continent’s energy transformation, said Mariam Almheiri, the Emirate’s Minister of Climate Change and Environment.

The country’s experience in developing green energy and industry projects, including some of the world’s largest solar parks, puts the UAE in a strong position to contribute to Africa’s energy transition, she told African Business magazine.

Earlier this month, the UAE pledged to invest $4.5 billion to accelerate Africa’s switch to clean energy. The funds will be provided by the Abu Dhabi Future Energy Company (Masdar), the Abu Dhabi Fund for Development, Etihad Credit Insurance, and Dubai-based AMEA Power.

“We are walking the talk, stepping up where we can, to say: this is our contribution to help Africa in their energy systems transformation,” Almheiri said.

She confirmed that the $4.5 billion pledge came about through the UAE government working with the four institutions.

The minister admitted that Africa is bearing the brunt of climate change despite contributing only “a very small” share of cumulative global emissions.

Almheiri stated that ensuring that “things get fixed is vital to keep Africa intact and stop the migration routes”.

African governments have agreed at the Nairobi summit that their focus at COP28 will be on pushing governments in the Global North to deliver on previous commitments, which include the loss and damage fund pledged at COP27.

“They have projects ready, but they always say the availability, affordability and accessibility of finance is the biggest challenge they’re facing,” Almheiri said.

“We’ve realised we cannot just wait,” she stated.

“Every country has to step up and do something. And because we’re hosting the world, we took it in our own hands to say: Okay, let’s bring some of these entities together and see what we can do,” Almheiri added.

The UAE will host the COP28 climate summit at Expo City Dubai from November 30 to December 12, 2023.

(Editing by Seban Scaria seban.scaria@lseg.com)

Title:

Content: Countries around the world have ramped up the energy transition, with investments in clean energy posting “impressive growth” in recent years, but rising costs and expensive capital are posing issues to some projects, according to the International Energy Agency (IEA).

In its new report, the agency said that renewable power has been leading the investments, citing that annual spending on solar PV and wind energy initiatives has climbed by more than $300 billion in the last five years alone.

Renewable power now accounts for a third of the $1.8 trillion that was expected to go to clean energy investments last year.

However, while the sector has shown resilience in recent years, the IEA warned that there have been “signs of strain”, especially in the wind sector.

Among the challenges faced recently are higher financing costs and prices of raw materials, which could delay some projects.

“Project commitments and economics have been upset by higher financing costs and higher input costs for key raw materials… This has led wind power developers to request price negotiations to accommodate higher costs, and in some cases to project delays and cancellations,” the report said.

“It has also sapped willingness to bid in new auctions where the price expectations are not aligned with today’s costs.”

In the wind offshore sector, the agency noted that 12 GW of offshore wind capacity is facing delays or cancellation in the UK and US alone.

Price and financing pressures are also affecting the solar PV industry, with developers dealing with higher borrowing costs.

(Writing by Cleofe Maceda; editing by Seban Scaria)

(seban.scaria@lseg.com)

Title:

Content: ABU DHABI: Bloomberg Philanthropies and the International Renewable Energy Agency (IRENA) announced a new COP28 partnership to turbocharge clean energy deployment and capital mobilisation in emerging markets and developing economies.

The official announcement took place in the presence of Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, President-Designate of COP28, and Francesco La Camera, Director-General of IRENA, and Michael R. Bloomberg, UN Special Envoy on Climate Ambition and Solutions and founder of Bloomberg L.P. and Bloomberg Philanthropies.

Ahead of COP28 and the milestone Global Stocktake – assessing national contributions and progress against the goals of the Paris Agreement – Bloomberg Philanthropies’ support will enable IRENA to advance efforts to drive the widespread adoption of renewable energy and reduce political, technical, and financial barriers to the energy transition by:

1. Building capacities in Southeast Asia, Africa, and Latin America: Deepening IRENA’s capacity to design tailor-made, scalable renewable energy initiatives through policy recommendations, technical support, and financing solutions towards accelerated decarbonisation and stronger climate resilience for lives and livelihoods.

2. Strengthening project finance and preparation: Bolstering the Energy Transition Accelerator Financing (ETAF) Platform – IRENA’s global climate finance platform aimed at mobilising capital to scale up renewables-based energy transition technologies in emerging markets and developing economies (EMDEs) by 2030 – and expanding the technical and financial feasibility work needed to deliver a robust pipeline of potential projects.

3. Facilitating private capital mobilisation: In the lead-up to COP28 – in partnership with the Glasgow Financial Alliance for Net Zero (GFANZ) – Bloomberg Philanthropies and IRENA will work together toward the goal of presenting readily investable energy transition projects to financial institutions that have committed to net zero and seek to increase investments in climate solutions in developing countries.

A robust supply of bankable renewable energy projects is one of the main barriers to scaling up the financing of clean energy – especially in EMDEs. According to IRENA, investment in renewables reached US$ 0.5 trillion in 2022; however, this is less than one-third of the average annual investments needed until 2030 to hit net-zero emission goals by 2050. To accelerate the pipeline of attractive renewable energy projects, Bloomberg and IRENA’s new partnership will reduce risk for potential developers and investors by providing vigorous technical and financial expertise to eligible projects that meet environmental, social, regulatory, and economic factors and implementation readiness.

Dr. Sultan Al Jaber, COP28 President-Designate, who as Chairman of Masdar, one of the world’s largest investors in renewable energy, played a pivotal role, in the UAE’s successful bid to host IRENA, said, “The UAE welcomes this ambitious partnership between Bloomberg Philanthropies and IRENA to champion innovation and deliver clean energy, climate action, and economic prosperity for emerging markets in the Global South”, adding that “The world must move faster and further than ever before to seize the moment of the Global Stocktake and close the gap between ambition and reality. I look forward to working hand in hand with Bloomberg Philanthropies and IRENA to create a paradigm shift for tangible progress and help ensure that COP28 UAE delivers on its promise to deliver game-changing solutions for all.”

“Increasing the production of renewable energy is an urgent necessity, and doing it requires strong partnerships across the public, private, and nonprofit sectors,” said Michael R. Bloomberg, UN Secretary-General’s Special Envoy on Climate Ambition and Solutions and founder of Bloomberg Philanthropies. “By working closely with the International Renewable Energy Agency, we'll help countries in the Global South develop the capacity they need to build clean energy projects more quickly and efficiently. We look forward to working with IRENA, and all of our partners, to accelerate the clean energy transition.”

“While we continue to make progress on the energy transition, it is still way off track,” said Francesco La Camera, Director-General of IRENA. “Annual additions of renewable power capacity must grow three times the current level by 2030 if we want to stay on track to limiting the impacts of climate change and stay below 1.5°C. As we drive towards solutions at COP28, today’s agreement between IRENA and Bloomberg Philanthropies will accelerate the development and delivery of renewable energy projects in the countries that need it most.”

The announcement supports Bloomberg Philanthropies’ overarching partnership with the COP28 Presidency to galvanise climate action by increasing clean energy development and capital mobilisation both in the lead-up to and on the ground at the climate conference in Dubai.

The Bloomberg-IRENA COP28 partnership also complements Bloomberg Philanthropies’ collaborations with GFANZ, Sustainable Energy for All (SEforALL), and other organisations to support developing countries across Africa, Asia, and Latin America to accelerate coal phaseout, develop viable pathways to net-zero, and speed deployment of renewable energy.

Limiting global warming to 1.5°C will require a significant scale-up of renewable energy supply to enable the transition away from fossil fuels. In March, IRENA released the World Energy Transitions Outlook Preview 2023, which identified the urgent need to course-correct the energy transition to keep the 1.5°C target within reach. While 2022 saw the largest-ever annual increase in renewable energy capacity, 75 percent of the added capacity was centred in China, the European Union, and the United States. And while clean energy investment has recently grown, capital is overwhelmingly concentrated in the Global North; in 2021, renewable energy investment per capita in North America was 57 times that in Sub-Saharan Africa. Rapidly scaling clean energy infrastructure, building more supportive and enabling policy environments, and granting easier access to capital for clean energy projects will foster clean energy infrastructure in the countries that need it most.

Roughly 770 million people – primarily across Africa and Asia – lack access to electricity. As countries across the Global South develop and energy demand grows, ensuring that power needs are met by renewable energy rather than fossil fuels will be crucial to meeting international climate goals. In most countries in Africa and Asia, coal – the most polluting form of fuel on Earth – is the dominant source of electricity generation, leading to poor outcomes for air quality, health, and climate and undermining the competitiveness of these economies. Anchored in Bloomberg Philanthropies' ongoing clean energy programmes in 32 countries and the EU, today’s announcement aims to help deliver on United Nations Secretary-General António Guterres’ call to secure clean energy access for all by 2030.

## Key National Projects

### United Arab Emirates

The UAE has emerged as a regional leader in renewable energy development, particularly in solar power.

Title:

Content: The UAE's net zero plan by 2050 is the only way

Meeting climate goals is a lot of work but countries don't have a choice

Rome wasn't built in a day, the saying goes. To deal with a security threat as universal and pressing as climate change, all countries need to agree on a vision and a timeline. They need clear objectives to be met within stipulated time periods, often encompassing decades. Then comes the actual heavy lifting, the work that needs to be done to achieve those goals.

The UAE has already been working for years to deliver on climate action. Financing clean energy projects began in the Emirates more than 15 years ago and there is a whole list of initiatives to be proud of – including the various clean energy projects, Masdar, the Barakah nuclear energy plant, the country's massive solar energy parks, the push towards agritech, which is less water and land intensive. And on Thursday, at Expo 2020 Dubai, the UAE pledged to reduce its carbon emissions to net zero by the year 2050.

The country is no stranger to aiming high and achieving those aims. This target of net zero requires the continuation of a drive in the country that already exists in the country: prioritising sustainability and pushing an ecological mindset to remain at the core of development and decision-making.

One of its main strategies is to reach net zero by 2050, a goal that has been commended by several world leaders, is by investing Dh600 billion in clean and renewable energy sources over the next three decades. This, as John Kerry, the US special climate envoy, says, is an example that has been set for other energy-producing nations. Mr Kerry said he saluted the UAE's ambitious climate commitment, just as UN Secretary General Antonio Guterres said he welcomed the move and encouraged "other Gulf states to follow this example ahead of Cop26”.

At next month's UN climate summit, known as Cop26, in Glasgow, the discussions will be heavily focused on similar plans by nations and the progress that the participating countries are required to have made; agendas they have set for themselves that align with the global climate programme.

For the sake of international accountability – but in the larger scheme of things, also for the sake of the planet, our future and that of the children of tomorrow – all countries need to set their sights on clear goals. They need to share with other nations their agendas and progress made over the period of time specified in their country's plans, which in Cop26 terms, are also called their Nationally Determined Contribution.

No global stakeholders can be exempt from contributing to the world's climate ambitions, namely, the steps outlined in 2015 at the Paris deal that was signed by 195 countries, including the UAE. At that time, all signatories agreed to do their bit to limit the global average temperature increase to 1.5°C above pre-industrial levels.

To be sure, meeting climate goals requires governments to work together and adopt a concerted approach to tackle rising global temperatures and resulting consequences that can include floods and wildfires, as we have seen in recent years.

So what needs to be achieved next month at Cop26? Agreeing to global net zero carbon by 2050 and the 1.5 degrees temperature aim made within reach; agreeing that communities and natural habitats have to be protected; securing private and public sector financing to deliver on projects; and the understanding that teamwork will be crucial. Countries need to collaborate to get the world closer to a sustainable future – governments, businesses and civil society need to do this together. And the UAE’s announcement of its strategic initiative is an important step forward in that direction.

Published: October 10th 2021, 2:00 AM

The country has developed some of the world's largest solar parks, establishing itself as a model for other nations.

Key initiatives include:

- **Dubai Clean Energy Strategy 2050**: A comprehensive roadmap to transform Dubai into a global hub for clean energy and green economy
- **Abu Dhabi Vision 2030**: Sets ambitious targets for renewable energy adoption, with significant expansion in solar capacity
- **International partnerships**: The UAE recently pledged $4.

5 billion to accelerate Africa's switch to clean energy, demonstrating its commitment to global energy transformation

### Saudi Arabia

Saudi Arabia is pursuing an aggressive energy transition strategy aligned with its Vision 2030 program:

- **Domestic solar projects**: The launch of the Domat al-Jandal solar project and seven new alternative energy agreements
- **Regional leadership**: The country aims to become a leading producer and exporter of electricity using renewable energy
- **Green initiatives**: The "Saudi Green" and "Middle East Green" initiatives launched in 2021 have received international recognition for their ambitious environmental protection goals

### Egypt

Egypt is rapidly expanding its renewable energy infrastructure:

- **Wind power**: Total wind power projects exceed 28,000 megawatts
- **Renewable targets**: Aims to produce 42% of energy from renewable sources by 2035, with consideration to accelerate this target to 2030
- **Accelerated development**: The country is increasing the pace of renewable energy projects, adding more solar and wind power stations

## Current Solar Capacity and Growth

The Middle East and North Africa region has demonstrated impressive growth in renewable energy capacity:

- **Regional expansion**: Middle Eastern and North African countries increased their renewable energy capacity by 57% between 2022 and 2023, despite their oil and gas wealth
- **Solar leadership**: The UAE has positioned itself at the forefront of solar development, with some of the world's largest solar parks
- **Investment growth**: Global investments in solar PV and wind energy have climbed by more than $300 billion in the last five years, with renewable power now accounting for a third of the $1.

8 trillion expected for clean energy investments

However, challenges remain.

Title:

Content: Sunday 23 June 2024 Abu Dhabi UAE
Prayer times
News Highlights
Today 's Issue
Today 's Issue
ECONOMY
$9 trillion per year in global climate finance by 2030
$9 trillion per year in global climate finance by 2030
June 23, 2024 01: 04
Hassouna Al Tayeb (Abu Dhabi)
The cost of the road to achieving green energy goals is huge and requires the cooperation of governments around the world, and the International Renewable Energy Agency (IRENA) estimates that the world needs to add about 1,000 gigawatts of renewable energy capacity annually until 2030.
The U.S. government introduced the Inflation Control Act, the first legislation to advance green investments through subsidies, grants, and tax breaks for green projects and businesses.
Furthermore, new facilities should be energy efficient, and all types of infrastructure should be able to withstand the effects of climate change, as well as preserve the natural environment and make it more resilient.
But the bill to achieve this, which is too costly and to maintain average global temperature rises consistent with the 2015 Paris Agreement, should increase global climate finance to about $9 trillion a year by 2030, from just $1.3 trillion in 2021-22, according to the Climate Policy Initiative.
In an April report, Europe alone would need to invest around €800 billion in energy infrastructure to meet the goals of the Paris 2030 climate agreement and €2.5 trillion to complete the transition to green energy by 2050, according to the Financial Times.
To move towards a green energy transition, governments around the world are considering options ranging from a tax on the wealthy to fees on shipping, among other measures, the US plans to fund the IRA by raising $300 billion over the current decade by requiring large companies to pay a minimum 15% tax on their profits and imposing a share buyback tax.
The importance of speed in raising money is becoming more apparent after nearly 200 countries around the world agreed to shift away from fossil fuels by 2050, tripling renewable energy capacity and doubling its efficiency by 2030.
Adding to the importance of the issue was the naming of the COP29, which is scheduled to be held in November this year in Baku, Azerbaijan.
Much of the debate is focused on agreeing on a global climate finance target to help poor countries transform and transform their economies.
But rich countries are also suffering from the cost of this transformation.
Policymakers in rich countries expect a generous contribution from the private sector to finance many aspects of the transition to a greener economy, but that does not exempt taxpayers from contributing.
The International Energy Agency estimates that the public sector will have to contribute about 30% of the cost of climate finance, with the remaining 70% coming from the private sector.
Governments are expected to play the key role in providing the necessary financing to prepare the infrastructure necessary for the green transition, such as electricity grids, as well as preparing economies for climate change by building walls around the seas to repel floods, for example.
Officials are often concerned about the weight of the consumer with more tariffs, with most struggling with the costs of daily living.
Some 40 countries have introduced some kind of carbon pricing mechanism, the proceeds of which are often used for public government spending rather than for efforts to tackle climate change.
Many countries around the world are planning to impose new tax duties, as the UK government has proposed a “Green Prosperity Plan ”, which is funded through tax revenues from the country ’ s major oil and gas companies.
An additional “extraction tax ” on major fossil fuel companies in rich countries could raise as much as $720 billion by 2030, with the support of non-profit organizations and environmental groups such as Greenpeace and Poverty Eradication.
In Hawaii, local authorities are seeking to levy a tourist fee of $25 per guest when booking hotels to help the state cope with the effects of climate change.
Barcelona, which is currently in a drought emergency, has allocated 100 million euros of tourism tax to install heat pumps and solar panels in state-owned schools.
In the meantime, governments are scrambling to find other options.
At COP28, countries including France, Kenya and Barbados launched a task force to look at how innovative sources of finance, such as shipping and aviation fees, can be used to fund climate action.
These various taxes and fees could generate revenues of about $2.2 trillion annually.
Other countries are supporting efforts to phase out fossil fuel subsidies in order to leverage funds used to support the oil, coal and gas industry for other purposes.
Currently, at least $7 trillion is spent annually on direct and indirect fossil fuel subsidies.
Over the next seven years, capital spending on renewables is expected to double, while halving on fossil fuels.
All rights reserved to Union News Center 2024 ©

Title:

Content: COP28: Over 110 nations vow to triple renewable energy by 2030

More than 110 countries pledged to triple global renewable energy capacity by 2030 and double annual energy efficiency improvements

During the third day of the COP28 summit in Dubai, leaders from more than 110 nations committed to a collective effort to triple global renewable energy capacity by 2030.

Additionally, they pledged to double the annual rate of energy efficiency improvements.

Rana Adib, REN21 Executive Director said: “This pledge sends a positive signal from this COP, which is the first to bring this much attention to renewable energy and energy efficiency.

“But the renewable energy community will only call this global target a historic win when it makes its way into the COP 28 outcome, along with a comprehensive and equitable renewable energy package.

“The just transition to renewable energy worldwide requires adequate finance, skilling and reskilling and infrastructure, which must be included in this COP package.”

Make sure you check out the latest Net Hero Podcast episode:

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The International Energy Agency has noted "signs of strain" in the sector, particularly regarding higher financing costs and raw material prices that could delay some projects.

## Government Incentives and Policy Frameworks

Middle Eastern governments have implemented various incentives and policy frameworks to accelerate their energy transitions:

### Financial Incentives

- **Subsidies and tax exemptions**: Following global trends, countries in the region are offering financial incentives similar to the US Inflation Reduction Act, which provides subsidies, grants, and tax exemptions for environmentally friendly projects
- **Strategic investments**: The UAE's commitment of $4.

5 billion for Africa's energy transition demonstrates the scale of financial backing being provided
- **Public-private partnerships**: Countries are fostering collaboration between government entities and private companies to drive renewable energy development

### Policy Initiatives

- **Circular Carbon Economy**: Saudi Arabia promoted this approach during its G20 presidency in 2020, which was adopted by G20 leaders as an effective framework for achieving long-term goals including net-zero emissions
- **National visions**: Comprehensive strategies like Saudi Arabia's Vision 2030 and the UAE's Dubai Clean Energy Strategy 2050 provide long-term frameworks for energy transition
- **International cooperation**: Middle Eastern countries are actively participating in global climate forums, including COP26, demonstrating their commitment to international climate agreements

## Impact on Local Economy and Climate Goals

### Economic Impact

- **Diversification**: The energy transition is helping oil-rich economies diversify their revenue streams and reduce dependence on fossil fuels
- **Job creation**: The UAE's commitment to developing sustainable knowledge, green industries, and skills development is creating new employment opportunities
- **Export potential**: Saudi Arabia aims to become a major exporter of renewable energy, positioning itself as a global energy hub across multiple energy sectors
- **Cost reduction**: The transition to renewable energy, particularly solar, is expected to reduce energy costs and enhance energy security in the long term

### Climate Impact

- **Emission reduction**: The adoption of solar energy is significantly reducing carbon emissions across the region
- **Global commitments**: Middle Eastern countries are aligning their national strategies with the Paris Agreement's goal of limiting global temperature increases to 1.

5°C above pre-industrial levels
- **Regional leadership**: Through initiatives like the "Middle East Green" program, countries are taking leadership roles in addressing climate change beyond their borders
- **Climate resilience**: New energy infrastructure is being designed with climate resilience in mind, ensuring it can withstand the impacts of climate change

## Challenges and Opportunities

Despite significant progress, the Middle East faces challenges in its energy transition:

- **Financing gaps**: Global climate financing needs to increase from $1.

Title:

Content: COP28: Over 110 nations vow to triple renewable energy by 2030

More than 110 countries pledged to triple global renewable energy capacity by 2030 and double annual energy efficiency improvements

During the third day of the COP28 summit in Dubai, leaders from more than 110 nations committed to a collective effort to triple global renewable energy capacity by 2030.

Additionally, they pledged to double the annual rate of energy efficiency improvements.

Rana Adib, REN21 Executive Director said: “This pledge sends a positive signal from this COP, which is the first to bring this much attention to renewable energy and energy efficiency.

“But the renewable energy community will only call this global target a historic win when it makes its way into the COP 28 outcome, along with a comprehensive and equitable renewable energy package.

“The just transition to renewable energy worldwide requires adequate finance, skilling and reskilling and infrastructure, which must be included in this COP package.”

Make sure you check out the latest Net Hero Podcast episode:

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3 trillion in 2021-22 to approximately $9 trillion annually by 2030 to meet climate goals
- **Investment concentration**: The International Solar Alliance notes that renewable energy investments are disproportionately concentrated in a few countries, with less developed nations receiving less than 1% of total investments
- **Awareness barriers**: In some countries, lack of awareness among financiers and investors about renewable energy importance remains an obstacle to project development

However, the region's natural advantages, particularly abundant sunshine, combined with substantial financial resources and political will, position it well to overcome these challenges and lead the global energy transition.

## Conclusion

The Middle East's energy transition represents a significant shift in the region's approach to energy and economic development.

Title:

Content: Saudi Arabia is among the top 15 economies in the world.
Minister of Energy: Going in the right direction to achieve this goal
He said that the Kingdom shares the interest of the world and the G20 in developing policies to address the effects of climate change.
Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz
Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, expressed his pride in the great progress achieved by the Kingdom ’ s economy within the framework of the Group of 20 (G20), where its ranking among the countries of the Group has advanced from (18th) to (16th) in terms of GDP. He pointed out that the Kingdom is keen to strengthen its participation in the G20 summit and activate it.
On the occasion of the Kingdom ’ s participation in the G20 summit in India, the Minister said: “The summit is being held this year under the chairmanship of the friendly Republic of India under the slogan (One Land, One Family, One Future), and the activities of the working groups of the summit, including the two working groups related to energy and climate, in which the Ministry of Energy participates. ”
In the context of the Group ’ s remarkable progress in discussing energy transition paths, the Kingdom believes that G20 countries should be open to all approaches and solutions that push for a fair and orderly transition, taking into account that these approaches and solutions vary from country to country and region to region according to levels of development, availability of technical expertise, development of technologies, and diversity of energy sources, including natural resources.
The Minister of Energy stressed that the Kingdom has sought to be an active member of many international organizations and initiatives, such as the Innovation Mission, the Clean Energy Ministerial, the Zero Neutrality Forum for Producers, the Global Methane Initiative, the initiative to reduce gas flaring associated with oil production by 2030, the Global Methane Pledge, and the Carbon Separation and Storage Pioneer Forum.
Prince Abdulaziz bin Salman said that the topics of access to energy and clean fuels come within the framework of the theme of the 18th G20 meeting, stressing that the Kingdom sees the importance of strengthening the Group ’ s efforts to eliminate “energy poverty ” and facilitate access to energy and clean cooking systems using all affordable, reliable and most sustainable energy sources, regardless of the source.
During its presidency of the G20 in 2020, the Kingdom proposed and adopted the circular carbon economy approach adopted by the G20 leaders in their meetings, stressing that it is the most effective and practical approach in enabling the world in general and the G20 in particular to achieve the long-term goals that include zero neutrality, access to energy, and global economic growth and prosperity.
He pointed out that one of the most prominent efforts of the Kingdom in the framework of energy transformations and facing climate change and enhancing the quality of life are the initiatives of "Saudi Green" and "Green Middle East", launched by His Highness the Crown Prince in 2021, and received by the world, including the G20, with a great welcome; because they reflect positive and ambitious trends to protect the environment and preserve its components, and support the world's efforts to face climate change.
He pointed out that the Kingdom shares the interest of the world and the G20 in developing ways and policies to face the effects of climate change, reduce its negative effects on humans and communities, and develop plans and strategies to reduce the emission of greenhouse gases, stressing that the Kingdom's clear and declared position in this regard is to focus on emissions without sources within the framework of the implementation of the Paris Agreement.
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Through ambitious solar projects, strategic government incentives, and comprehensive climate initiatives, countries like the UAE, Saudi Arabia, and Egypt are demonstrating that oil-rich nations can become leaders in renewable energy.

Title:

Content: COP28: Over 110 nations vow to triple renewable energy by 2030

More than 110 countries pledged to triple global renewable energy capacity by 2030 and double annual energy efficiency improvements

During the third day of the COP28 summit in Dubai, leaders from more than 110 nations committed to a collective effort to triple global renewable energy capacity by 2030.

Additionally, they pledged to double the annual rate of energy efficiency improvements.

Rana Adib, REN21 Executive Director said: “This pledge sends a positive signal from this COP, which is the first to bring this much attention to renewable energy and energy efficiency.

“But the renewable energy community will only call this global target a historic win when it makes its way into the COP 28 outcome, along with a comprehensive and equitable renewable energy package.

“The just transition to renewable energy worldwide requires adequate finance, skilling and reskilling and infrastructure, which must be included in this COP package.”

Make sure you check out the latest Net Hero Podcast episode:

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This transformation not only addresses climate change but also creates new economic opportunities, enhances energy security, and positions the region for sustainable growth in a post-oil world.

Title:

Content: COP28: Over 110 nations vow to triple renewable energy by 2030

More than 110 countries pledged to triple global renewable energy capacity by 2030 and double annual energy efficiency improvements

During the third day of the COP28 summit in Dubai, leaders from more than 110 nations committed to a collective effort to triple global renewable energy capacity by 2030.

Additionally, they pledged to double the annual rate of energy efficiency improvements.

Rana Adib, REN21 Executive Director said: “This pledge sends a positive signal from this COP, which is the first to bring this much attention to renewable energy and energy efficiency.

“But the renewable energy community will only call this global target a historic win when it makes its way into the COP 28 outcome, along with a comprehensive and equitable renewable energy package.

“The just transition to renewable energy worldwide requires adequate finance, skilling and reskilling and infrastructure, which must be included in this COP package.”

Make sure you check out the latest Net Hero Podcast episode:

Latest Podcast

As the global community works toward meeting climate goals, the Middle East's experience offers valuable insights into how traditional energy powers can successfully navigate the energy transition, balancing economic development with environmental stewardship.

Title:

Content: COP28: Over 110 nations vow to triple renewable energy by 2030

More than 110 countries pledged to triple global renewable energy capacity by 2030 and double annual energy efficiency improvements

During the third day of the COP28 summit in Dubai, leaders from more than 110 nations committed to a collective effort to triple global renewable energy capacity by 2030.

Additionally, they pledged to double the annual rate of energy efficiency improvements.

Rana Adib, REN21 Executive Director said: “This pledge sends a positive signal from this COP, which is the first to bring this much attention to renewable energy and energy efficiency.

“But the renewable energy community will only call this global target a historic win when it makes its way into the COP 28 outcome, along with a comprehensive and equitable renewable energy package.

“The just transition to renewable energy worldwide requires adequate finance, skilling and reskilling and infrastructure, which must be included in this COP package.”

Make sure you check out the latest Net Hero Podcast episode:

Latest Podcast

The region's commitment to renewable energy, particularly solar power, signals a new chapter in its relationship with energy—one that could serve as a model for other regions undergoing similar transformations.

Title:

Content: COP28: Over 110 nations vow to triple renewable energy by 2030

More than 110 countries pledged to triple global renewable energy capacity by 2030 and double annual energy efficiency improvements

During the third day of the COP28 summit in Dubai, leaders from more than 110 nations committed to a collective effort to triple global renewable energy capacity by 2030.

Additionally, they pledged to double the annual rate of energy efficiency improvements.

Rana Adib, REN21 Executive Director said: “This pledge sends a positive signal from this COP, which is the first to bring this much attention to renewable energy and energy efficiency.

“But the renewable energy community will only call this global target a historic win when it makes its way into the COP 28 outcome, along with a comprehensive and equitable renewable energy package.

“The just transition to renewable energy worldwide requires adequate finance, skilling and reskilling and infrastructure, which must be included in this COP package.”

Make sure you check out the latest Net Hero Podcast episode:

Latest Podcast