Middle East seen as market leader in renewable, clean energy

SourceMubasher
SectorEconomy
CountryMiddle east

Mubasher: The MENA region is projected to see 83 GW of renewable and clean energy capacity, mainly from solar and wind power, by 2035, according to a research from Informa Markets.

In addition, over AED 55 billion worth of solar power projects will likely become operational by 2026. This indicated that the Middle East is set to become a market leader in renewable and clean energy.

The research attributed the region’s forecast position in the clean energy sector to “well-designed auctions, favourable financing conditions, and declining technology costs, all contributing to bringing renewables into the mainstream.”

Renewable and clean energy will represent 34% of total power sector investments across the region in the coming five years, Exhibition Director at Middle East Energy Claudia Konieczna commented.

Meanwhile in the GCC, the UAE is a leader in energy transition due to a pipeline of developments, including the Abu Dhabi-located 1.5 GW PV3 project and the 2GW Al Dhafra solar power project, with the latter’s goal...read more...