Sunday 31 May 2020

GCC targets $76bn in cost savings from green energy

ABU DHABI, November 5, 2019

With the GCC rapidly adopting renewable energy generation and lower carbon emissions, International Renewable Energy Agency (Irena) is predicting that if its sustainable plans are realised, it result in cost savings of $76 billion by 2030.

The GCC’s installed power capacity grew four-fold between 2014 and 2017, Irena said.

The UAE, which already hosts 68 percent of the GCC’s installed renewable energy capacity, by 2050 hopes to generate 50 percent of its power from renewables in line with its long-term Energy Strategy.

Connecting the region’s ambitions to the global stage is the World Future Energy Summit’s Energy Expo & Forum, to be hosted by Masdar, from January 13 to 16, 2020, as part of the Abu Dhabi Sustainability Week.

"The Energy Expo & Forum provides an unparalleled platform to support the adoption of renewable energy and showcase innovations ranging from solar PV panels and wind turbines to hydrogen fuel cells and waste-to-energy solutions," said Grant Tuchten, group event director, World Future Energy Summit.

"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," Tuchten added.

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.

Worldwide research by multi-national energy company BP shows that global renewable energy power generation has posted double-digit annual growth in recent years, including 14 per cent from 2017 to 2018. The company is making substantial investments in renewables and will be a major exhibitor at the Energy Expo & Forum.

Irena expects that global power supply is set to double by 2050, with renewable energy – especially across solar, wind, and hydroelectric power, along with bioenergy and geothermal – meeting 86 per cent of new power demand. Irena adds that renewable energy adoption could boost GDP by 2.5 percent by 2050.

“Without question, in recent years, energy sources like wind and solar have entered the mainstream,” said Yousif Al Ali, acting executive director for Clean Energy at Masdar, host of Abu Dhabi Sustainability Week. “The Energy Expo & Forum is an extremely valuable platform for the renewable energy projects, technologies and innovative solutions that are driving decarbonisation of the power sector, particularly in emerging markets like Mena and Asia.”

During the Energy Forum, topics are set to include financing for solar power, the roles of artificial intelligence and blockchain in renewable energy and energy storage, GCC country roadmaps, Irena research, and outlines for next-generation concentrated solar power plants.

The largest event of its type in the Middle East and among the largest in the world, the World Future Energy Summit attracted about 800 exhibitors and 33,500 attendees in 2019. – TradeArabia News Service


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