Energy investment in the Middle East is projected to reach around $175 billion in 2024, with clean resources accounting for approximately 15 percent of this total, according to a new report.According to a research by the International Energy Agency, clean energy investment is predicted to more than triple by 2030 compared to 2024 under the announced promises scenario.

According to the analysis, by the end of the decade, 70 cents would go toward clean energy for every dollar invested in fossil fuels. Currently, spending on fossil fuel supply predominates; for every dollar invested in fossil fuels, only 20 cents is allocated to clean energy investment, representing about one-tenth of the average global ratio of clean resources to fossil fuel investment.

Targets for net zero emissions have been set by five of the twelve nations in the region. While Saudi Arabia, Bahrain, and Kuwait have set a target for 2060, the UAE and Oman hope to reach net zero emissions by 2050. Additionally, the UAE has committed to reducing emissions by 19 percent by 2030 from 2019 levels and pledged $30 billion in catalytic capital to launch a climate-focused investment initiative at the 2023 UN Climate Change Conference, COP28.

The region’s power sector presents a significant opportunity for increased investment in clean energy technologies, particularly solar. By utilizing these resources, the power sector’s dependency on gas and oil might be significantly reduced. For instance, Saudi Arabia is targeting 130 gigawatts of renewable capacity by 2030, up from less than 5 GW today. Similarly, projects such as the large Al-Shuaibah Solar Power Plant in Saudi Arabia and the Mohammed bin Rashid Al-Maktoum Solar Park in the UAE are underway.

For more details : https://arabianworldmagazine.com