GCC could see $76bn savings from renewable energy adoption.

International Renewable Energy Agency says Gulf is rapidly adopting renewable energy generation.

The GCC is rapidly adopting renewable energy generation, with the International Renewable Energy Agency (IRENA) predicting that the region could create cumulative cost savings of $76 billion by 2030.

The GCC’s installed power capacity grew four-fold between 2014 and 2017, IRENA said, adding that the UAE, which already hosts 68 percent of the GCC’s installed renewable energy capacity, hopes to generate 50 percent of its power from renewables by 2050.

The figures come ahead of the World Future Energy Summit’s Energy Expo & Forum, to be hosted by Masdar from January 13-16, 2020 as part of the Abu Dhabi Sustainability Week.

Grant Tuchten, group event director, World Future Energy Summit, said: "The event connects global energy giants to rapidly-expanding markets and takes regional manufacturers and international start-ups onto the global stage. Our forum is an opportunity to share knowledge and best practices around the latest developments, including those in energy storage, smart grids, artificial intelligence and blockchain, and a host of hot topics in sustainability."

He added that the forum aims to provide a global meeting point for governments, energy companies, utilities providers, nuclear agencies, and independent power providers, while sharing the new thinking and technologies that are increasingly instrumental to the global transition to clean energy.

"Without question, in recent years, energy sources such as wind and solar have entered the mainstream," said Yousif Al Ali, acting executive director for clean energy at Masdar.

He added: "The Energy Expo & Forum is an extremely valuable platform for renewable energy projects, technologies and innovative solutions that are driving the decarbonisation of the power sector, particularly in emerging markets such as the Middle East and North Africa, and Asia."

Topics being discussed at the forum are set to include financing for solar power and the roles of artificial intelligence and blockchain in renewable energy and energy storage.

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5 November 2019

Arabian Business