The Middle East, historically reliant on oil, is undergoing a major energy transition with a strong focus on solar energy, driven by ambitious national projects, government incentives, and the pursuit of climate and economic diversification goals.

The United Arab Emirates (UAE) leads the region, targeting net zero emissions by 2050 and investing approximately Dh600 billion ($163.5 billion) in clean and renewable energy over the next three decades .

The Mohammed bin Rashid Al Maktoum Solar Park in Dubai, planned to reach 5 GW by 2030, and the Al Dhafra Solar Project, set to become the world’s largest solar plant at 2 GW, exemplify the UAE’s large-scale approach .

The Dubai Clean Energy Strategy 2050 aims for 75% of Dubai’s power capacity from clean energy by 2050, supported by green building regulations and events like WETEX that foster innovation .

UAE banks have pledged $272 billion in sustainable finance by 2030, further mobilizing capital for renewables .

Saudi Arabia, aiming for carbon neutrality by 2060, is developing the NEOM project, which includes a 4 GW green hydrogen plant powered by solar energy and supported by $8.4 billion in investment .

The country is also building local solar manufacturing capacity, such as PV Hardware’s Jeddah facility, and plans to install 40 GW of solar PV by 2030 .

Egypt targets 42% renewable electricity by 2035, with the Benban Solar Park—one of the world’s largest PV parks—playing a central role .

Egypt’s Feed-In Tariff (FIT) program has attracted significant foreign investment, and a recent $635 million IFC-backed initiative will add 500 MW of solar capacity, creating jobs and stimulating the local economy .

Oman is projected to triple its renewable capacity by 2028, aiming for 16% renewable electricity by 2025 and 30% by 2030 [632f6

The Middle East, historically reliant on oil, is undergoing a major energy transition with a strong focus on solar energy, driven by ambitious national projects, government incentives, and the pursuit of climate and economic diversification goals.

The United Arab Emirates (UAE) leads the region, targeting net zero emissions by 2050 and investing approximately Dh600 billion ($163.5 billion) in clean and renewable energy over the next three decades .

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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Content: 1200 Companies From 55 Countries To Take Part In WETEX And Dubai Solar Show

DUBAI, (UrduPoint / Pakistan Point News / WAM - 13th Sep, 2021) Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA) and Founder and Chairman of the Water, Energy, Technology, and Environment Exhibition (WETEX) and Dubai Solar Show, has announced that 1,200 companies from 55 countries will take part in the 23rd WETEX and Dubai Solar Show.

DEWA organises the exhibition under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and under the patronage of H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Energy, from 5th to 7th October 2021 at Dubai Exhibition Centre as part of Expo 2020 Dubai.

Al Tayer made the announcement during a press conference at the Armani Hotel in Dubai. Members of the organising committee, a number of strategic partners, sponsors, exhibitors, and the media were present.

"This edition of the exhibition is an exceptional opportunity for sponsors, exhibitors, and visitors to be part of the first Expo in the middle East, Africa and South Asia and one of the first major events since the start of the COVID-19 pandemic. The UAE, thanks to the vision of its wise leadership, was one of the first countries to recover from the pandemic. Thanks to the support of His Highness Sheikh Mohammed bin Rashid Al Maktoum, WETEX and Dubai Solar Show has become the largest exhibition for water, energy, sustainability and innovation technologies in the region and one of the largest specialised exhibitions worldwide. It reflects Dubai’s commitment to supporting global efforts to increase the share of renewable energy and promote sustainability in line with the vision of the wise leadership to promote sustainable development in the UAE and consolidate Dubai’s position as a global hub for the green economy. This also supports the Dubai Clean Energy Strategy 2050, which aims to provide 75 percent of Dubai’s total power capacity from clean energy sources by 2050. WETEX and Dubai Solar Show 2021 coincides with Year of the 50th, where we celebrate 50 years of the UAE Foundation and the beginning of a new developmental phase in preparation for the next 50 years," Al Tayer said.

"The Principles of the 50, approved by the wise leadership last week, states that our focus over the upcoming period will be on building the best and most dynamic economy in the world and that the economic development of the country is of supreme national interest," he added.

"That’s why, WETEX and Dubai Solar Show is an important opportunity for organisations, companies and investors in the water, environment, oil, gas, conventional and renewable energy, green development, and related technologies to present their solutions and products, make deals, build partnerships, promote green technologies, review the latest technologies and innovations, learn about opportunities for empowering startups to anticipate the future of green energy. They can benefit from the best global experiences in the energy and water sectors, learn about the market needs in light of the expansion in renewable and clean energy technologies in the UAE and the region as a whole. The exhibition also enables visitors to benefit from the busy agenda of specialised seminars and workshops with experts and specialists in the green economy, smart cities, innovation, and sustainable development, among other topics."

Al Tayer noted that WETEX coincides with the 7th World Green Economy Summit organised by DEWA and the World Green Economy Organisation in collaboration with international partners on 6th and 7th October 2021 under the theme ‘Galvanising Action for a Sustainable Recovery’. An array of officials, decision-makers, and experts from around the world will discuss sustainable development mechanisms and international cooperation for a global green economy.

"We’ve learned from our wise leadership of the importance of turning challenges into opportunities. Last year, we organised WETEX and Dubai Solar Show on a 3D virtual platform. The carbon-neutral exhibition achieved remarkable success and a large turnout. It attracted 1,076 exhibitors from 52 countries and 63,058 visitors from around the world. This year, we are pleased to organise the event in person while taking into consideration the health and safety of all visitors and participants. This year’s exhibition covers over 29,200 square metres. More than 1,200 companies from 55 countries and 60 sponsors are participating in addition to 10 country pavilions," concluded Al Tayer.

The Mohammed bin Rashid Al Maktoum Solar Park in Dubai, planned to reach 5 GW by 2030, and the Al Dhafra Solar Project, set to become the world’s largest solar plant at 2 GW, exemplify the UAE’s large-scale approach .

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Updated: October 19, 2022, 10:41 AM
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The Dubai Clean Energy Strategy 2050 aims for 75% of Dubai’s power capacity from clean energy by 2050, supported by green building regulations and events like WETEX that foster innovation .

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

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

Fossil Fuels: A Double-Edged Sword

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

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

The Countdown to Depletion

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

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

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

Toward a Sustainable Energy Paradigm

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

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

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

The Promise of Sustainable Energy

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

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

The MENA Region: The abundance of wisdom

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

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

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

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

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

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

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

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

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

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

Title:

Content: Building a sustainable tomorrow with cities of the future

The UAE’s Net Zero by 2050 strategy is a key enabler of its ambitious vision for a sustainable future

By Yousif Ahmed Al-Mutawa

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A view of Sharjah Sustainable City. — Supplied photo

Published: Thu 29 Feb 2024, 5:36 PM

While cities play a pivotal role in the global economy by virtue of being home to more than half of the world’s population, adopting and applying the principles of circular economy to urban development is certain to create sustainable cities that can thrive in the long term, bringing prosperity to their inhabitants.

Climate action and urban systems

This simple but powerful approach assumes all the more importance, considering that the window to curb climate change is narrowing, and more aggressive actions are needed to fundamentally change urban systems. An approach that contributes to the global energy transition and fully exploits the links connecting multiple infrastructures, enhances integrated governance and finance and deepens engagement among diverse stakeholders, can therefore maximize the benefits of climate actions. Those powerful thoughts were in the spotlight at the recently concluded World Governments Summit 2024, where a panel session titled “Building a Sustainable Future Above Cities” shed light on the critical priorities of the sector in the decades ahead.

The World Economic Forum (WEF) has estimated that annual global economic output could reduce by as much as $23 trillion globally as a direct consequence of increased emissions. Therefore, addressing climate change is an urgent collective responsibility shared across the public and private sectors.

Sustainable urban development

But here in the UAE, there are plenty of reasons to be optimistic about a sustainable future for cities.

Dubai, for instance, has approved regulations such as the Green Building and Sustainable Building Standards to ensure that developers adhere to sustainable development practices. Abu Dhabi launched the Estidama Pearl Rating System in 2010, which is used to evaluate sustainable building development practices and minimise water, energy consumption, and waste generation. That’s the reason sustainable projects such as the Masdar City in Abu Dhabi, the Mohammed bin Rashid Al Maktoum Solar Park in Dubai, and communities such as Sharjah Sustainable City have already made their mark on the national net-zero landscape.

Yousif Ahmed Al-Mutawa, Chief Executive Officer of Sharjah Sustainable City

Indeed, as the first Middle East and North Africa (Mena) country to set a target to achieve net-zero emissions, the UAE’s Net Zero by 2050 strategy is a key enabler of its ambitious vision for a sustainable future. With a projected investment of more than $160 billion announced by the UAE to achieve net-zero by 2050, it significantly boosts the scope for more sustainable developments across the country to further burnish the UAE’s global standing as a future-ready destination for investments.

As the discussions at the World Governments Summit panel demonstrated, the UAE’s efforts to leverage the energy transition and drive collaborations with all industries and government stakeholders to create an ecosystem of sustainability across projects and communities is commendable.

Sustainable cities

Sharjah Sustainable City – a joint venture between the Sharjah Investment and Development Authority (Shurooq) and Diamond Developers – stands out for the incredible opportunities it offers in this regard.

Representing an environmental leap for sustainable habitats in the UAE, the city aspires to achieve net-zero and provides practical solutions related to food security, water and energy management, and conservation of natural resources. It is cultivating an exceptional and sustainable society that embraces the United Nations Sustainable Development Goals and inspires a low-carbon future. All villas are designed as smart homes and equipped with energy-efficient kitchen appliances, thermal insulating construction materials, smart home automation, energy-saving electrical fittings, and rooftop solar PV installations, helping residents save up to 50% on utility bills.

Indeed, sustainable cities like Sharjah Sustainable City not only offer a successful pathway to building a sustainable future for cities but also demonstrate a deep understanding of the UAE real estate market, creating future-proof properties with excellent amenities.

Ultimately, while there is a long way to go for a global ecosystem of sustainable cities to flourish and for net-zero to become a commercially viable reality, projects such as the Sharjah Sustainable City clearly show the way in building a sustainable environment for our future generations.

The writer is Chief Executive Officer of Sharjah Sustainable City

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UAE banks have pledged $272 billion in sustainable finance by 2030, further mobilizing capital for renewables .

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Content: PV Hardware inks 3GW solar tracker deal with Saudi green hydrogen project

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Spanish solar tracker provider PV Hardware (PVH) has signed a supply agreement with Larsen & Toubro for 2.97GWp of PV trackers.

The agreement will provide solar trackers for the 4GW green hydrogen project located in Oxagon, Saudi Arabia. This is where the NEOM futuristic city will be built and which recently secured US$8.4 billion to develop the green hydrogen plant.

Trackers for the project will be sourced from PVH’s manufacturing facility in Jeddah, Saudi Arabia, which has an annual capacity of 8GWp that opened in November 2022. Earlier this year the company announced plans to build a new solar tracker facility in Valencia, Spain, that would bring the total global annual capacity of PVH to 25GW.

Larsen & Toubro was awarded the engineering, procurement, and construction (EPC) contract for a 2.2GW solar plant, a 1.65GW of onshore wind and a 400 MWh battery energy storage system (BESS).

Ivan Higueras, chairman of PVH, said: “PVH is ready to undertake this important venture most successfully. We have solidified our position as the leading solar tracker supplier in the Middle East with localised production in the Kingdom of Saudi Arabia, and we are committed and dedicated to supporting the Kingdom’s clean energy goals”.

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Saudi Arabia, aiming for carbon neutrality by 2060, is developing the NEOM project, which includes a 4 GW green hydrogen plant powered by solar energy and supported by $8.4 billion in investment .

Title:

Content:   • The agreement marks Positive Zero’s first strategic partnership in Saudi Arabia, boosting the group’s presence and reach across the Kingdom.
  • The collaboration will support attaining Saudi Arabia’s goal of installing 40 GW of solar PV capacity in line with Vision 2030.

Riyadh, Kingdom of Saudi Arabia (KSA): Positive Zero, the leading provider of decentralized energy solutions in the GCC, and Tamimi Energy, one of Saudi Arabia’s pioneers in integrated and sustainable energy services, have announced a strategic partnership to develop and deliver solar power projects across the Kingdom of Saudi Arabia.

The collaboration was formalized with the signing of a Partnership Agreement between SirajPower, Positive Zero’s distributed power generation subsidiary, and Energy Equipment Rental Company (ENERCO), one of Saudi Arabia’s leading power solutions providers under Tamimi Energy.  The agreement establishes a flexible framework for the two parties to leverage each other’s diverse solar project capabilities, enabling them to support the rapid growth of the Saudi clean energy market.

SirajPower and ENERCO will work together by leveraging their complementary capabilities for the development and financing of commercial and industrial solar power solutions across the Kingdom of Saudi Arabia. This will include deploying human talent, equipment, technology, and other resources to the projects they secure jointly.

The partnership follows Positive Zero’s recent announcement of a landmark investment of up to $400 million from BlackRock, the world’s largest asset manager with over $9.4 trillion in assets. The investment will boost Positive Zero’s growth and innovation in the GCC region, where it offers a range of decentralized decarbonization solutions, including solar power, energy efficiency, and mobile battery storage, to support the region’s energy transition and economic diversification goals, as well as the global efforts to combat climate change.

Salah Abdullatif, Executive General Manager at Tamimi Energy Holding Company, said:

"The pace of the clean energy transformation in the Kingdom of Saudi Arabia is picking up rapidly, with the Saudi Green Initiative setting an ambitious target to increase the share of renewable energy to 50% of the primary energy mix by 2030. This is no small feat, and ENERCO, as a key subsidiary of Tamimi Energy, is ideally positioned to play a crucial role in this journey. Our collaboration with SirajPower and the Positive Zero group will perfectly complement Tamimi Energy’s capabilities and open up significant opportunities for both parties to accelerate the adoption of solar power across multiple sectors in the Kingdom."

David Auriau, Co-Founder and CEO of Positive Zero, commented on the occasion:

“The Kingdom of Saudi Arabia is about to experience a surge in demand for clean energy, and photovoltaic solar power will be the foundation for meeting this demand as the key element of the National Renewable Energy Program of Vision 2030. To support attaining the goal of installing 40 GW of photovoltaic solar power by 2030, our partnership with Tamimi Energy will bring out the best of both our groups to the Saudi market, and we could not have chosen a better partner for Positive Zero’s first strategic partnership in the Kingdom. We look forward to playing a crucial role in the transformation of the Saudi energy sector through this agreement between SirajPower and ENERCO to bid on projects and deliver them together.”

Saudi Arabia is one of the top 10 countries in the world with the highest potential for producing centralized solar energy, according to the Shell Global Energy Resources Database, with the Kingdom approving new regulations over the past 18 months to enable the construction and provision of distributed solar energy solutions to increase the contribution of distributed solar PV power to the country’s energy mix.

Positive Zero’s foundational companies have already made remarkable strides in key GCC markets. SirajPower, the company's Distributed Generation arm, leads the region with a 200 MWp portfolio of distributed solar energy, reducing over 223 thousand metric tons of carbon emissions annually - an equivalent to powering over 43,000 homes every year. Taka Solutions, operating as the company's Energy Efficiency arm, has achieved energy savings exceeding 100,000 MWh across eight sectors in the United Arab Emirates, which is equivalent to planting more than three million trees. Situated under the company’s Clean Mobility vertical, our HYPR mobile battery units, the first clean energy delivery service in the region, have provided construction sites and other off-grid locations with cheaper and cleaner power.

About Positive Zero

Positive Zero is empowering a new energy economy by enabling businesses, communities, and cities in the Middle East region to take charge of their energy future. As the leading energy transition partner for the commercial, industrial, and public sectors, Positive Zero helps businesses achieve energy savings as high as 50% by removing upfront investments and operational complexities from the onset.

Positive Zero’s decarbonization-as-a-service offering combines clean technologies with data-driven solutions in distributed solar generation (SirajPower), energy efficiency (Taka Solutions) and clean mobility (fleet electrification, charging infrastructure and HYPR Energy) that reduce cost and consumption, and carbon footprint. In addition to financing, we offer end-to-end services, which means we manage the entire process from engineering, design, installation, construction, maintenance, and monitoring so that businesses can focus on what they do best.

For more information about Positive Zero, visit our website www.positivezero.com and our social media handles on LinkedIn /positivezerohq, Twitter @positivezerohq, and Instagram @positivezerohq.

For media inquiries please contact:
Carine Bouery
Head of Marketing
cbouery@positivezero.com

The country is also building local solar manufacturing capacity, such as PV Hardware’s Jeddah facility, and plans to install 40 GW of solar PV by 2030 .

Title:

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

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

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

By WAM

Published: Tue 18 Jan 2022, 11:12 PM

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

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

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

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

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

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

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

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

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

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

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

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

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

More news from Business

Egypt targets 42% renewable electricity by 2035, with the Benban Solar Park—one of the world’s largest PV parks—playing a central role .

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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