Renewable Energy in the Middle East: A revolution in the making
The UAE, the 6th largest oil producer in the world was the first leading Middle East energy producer to host the Climate Conference of the Parties COP28. The global summit, attended by over 160 word leaders, was not only successful in bringing the decision makers together, but also succeeded in advancing 2050 NetZero negotiations (a near future with zero carbon emission). The UAE leadership is resulting in stronger climate mitigation actions and investment from energy producers. This new leadership is also based on a clearer understanding of the climate risk in the region, as MENA is one of the world’s regions most affected by climate change and variability (IAE 2023), both in terms of GDP losses and loss of competitiveness. This positive change is based in oil and gas rich Arab countries’ visions documents, aiming to diversify their economies away from hydrocarbons.
To illustrate the positive cleantech investment momentum further, investments by private equity, governments and investors in clean energy and technologies have surpassed investment in fossil fuels, as demonstrated in the IEA Energy Outlook 2023. With over US$ 3 trillion invested globally in energy in 2023, more than USD 1.8 trillion was invested in clean technologies, including renewables, electric vehicles, efficient grids, storage, low-emission fuels, and heat pumps (IEA…
