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UAE at forefront of energy transition from fossil fuels to renewables and green hydrogen ecosystem
Yousif Ahmed Al Ali, Assistant Undersecretary for Water, Power and Future Energy at the Ministry of Energy and Infrastructure, spoke at the MENA Power Projects Forum in Dubai on Wednesday. — photos provided
With over $250 billion in ongoing power sector investment in the Middle East and North Africa, the region is expected to add 5.6 GW of renewable energy capacity in 2022, nearly double the 3.0 GW that came online in 2021.
Nine of the top 25 power projects in the MENA region are currently in the UAE, according to data published by industry experts at the MENA Power Projects Forum. The UAE ranks third in terms of project value, with $26 billion worth of power projects under planning and development.
The UAE is at the forefront of the energy transition from fossil fuels to renewables and a green hydrogen ecosystem.
“The UAE Energy Strategy 2050 has clear goals: to increase the share of clean energy in the total energy mix to 50% by 2050; Yousif Ahmed Al Ali, Assistant Under-Secretary for Water, Power and Future Energy, Ministry of Energy and Infrastructure Tell delegates to reduce the carbon footprint of electricity generation by 70% and increase consumption efficiency by 40% for all users.
Al Ali said that over the next decade, the UAE will focus on driving clean electrification through solar and nuclear energy, implementing transparent policies, improving energy efficiency, reducing methane emissions, and driving innovation in hydrogen commercialization, while developing strategies to unlock capital flows. Support the clean energy transition and ensure reliability and affordability.
Of the total investment in the power sector in the Middle East and North Africa, Saudi Arabia is developing projects worth nearly $60 billion, followed by Egypt at $37 billion, industry experts revealed at an event that kicked off in Abu Dhabi on Wednesday.
Representative of the Middle East and North Africa Power Projects Forum. The Arab world will invest $700 billion in the renewable energy transition between 2020 and 2050, with the goal of generating more than 70 gigawatts of renewable energy by 2050. — photos provided
More than 300 million electric vehicles will be in use in the Arab world by 2040, according to Mohammed Al Taani, secretary-general of the Arab Renewable Energy Council.
“The Arab world will invest $700 billion in the renewable energy transition from 2020 to 2050, with the goal of generating more than 70 gigawatts of electricity from renewables by 2050,” he said. “The future of hydrogen and electric vehicles will reach 300 million vehicles by 2040, and by 2050 will exceed 60 percent of vehicles in active service.”
The MENA region is expected to add 5.6 GW of renewable energy capacity in 2022, almost double the 3 GW that came online in 2021. Renewable energy capacity in the region is expected to increase by 33 GW by 2026. At the same time, energy investment in the global energy sector will grow by 8% to reach $2.4 trillion by 2022.
Over 200 representatives including senior government officials, project owners, project management professionals, project developers, contractors, subcontractors, technology providers, utility suppliers, industry experts and key stakeholders attended the event Forum for two days.
In a report, the IEA said: “Investment has increased across all sectors of the energy sector, but the main drivers in recent years have come from the power sector – primarily renewables and grids – and increased end-use efficiency spending. “Report.
“Clean energy investment is finally starting to pick up, and is expected to exceed $1.4 trillion by 2022, accounting for nearly three-quarters of overall energy investment growth.”
Total energy bills paid by consumers around the world could top $10 trillion for the first time in 2022 due to high fuel costs, the report said.
— issacjohn@khaleejtimes.com
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