MENA Power Projects 2022 Starts With a Focus on Renewable Energy
A shift from fossil-fuel to renewable energy sources, as well as clean nuclear energy, dominates the $250 billion worth of power projects in the Middle East and North Africa (MENA) region, according to experts at the MENA Power Projects 2022 conference held in Abu Dhabi.
The MENA region is expected to add 5.6 GW of installed capacity from renewables in 2022, nearly double the 3GW which came online in 2021.
By 2026, the region is expected to add 33GW by installed capacity of renewables, with around 26 GW as utility and distributed solar PV, according to a latest report published by Arab Petroleum Investments Corporation (APICORP).
More than 200 delegates including senior government officials, project owners, developers, contractors, technology providers, utility suppliers, industry experts and key stakeholders participated at the MENA Power Projects 2022 that started today.
For two consecutive days, September 07 & 08, 2022, experts will continue discussing project opportunities in the power sector, at the conference.
The UAE is at the forefront of the energy transition from fossil fuels to renewable energy and green hydrogen eco-system, officials said.
H.E. Yousif Ahmed Al Ali, Assistant Undersecretary for Water, Electricity and Future Energy Affairs, UAE said: "The UAE Energy Strategy 2050 has clear objectives: Increasing clean energy share to 50% by 2050; reducing carbon footprint by 70% and increasing consumption efficiency by 40%.
“Over the next decade, the UAE will focus on driving clean electrification through solar and nuclear power, implementing transparent policy, improving energy efficiency, reducing methane emissions and turbocharging innovation to commercialization of hydrogen.”
Mohammed Al Taani, Secretary-General of the Arab Renewable Energy Commission, said, the Arab World will see more than 300 million Electric Vehicles (EVs) in operation by 2040.
“Arab World will witness US$700 billion investment in renewable energy transition between 2020 and 2050 with a target to generate more than 70 Gigawatts of power from renewable energy by 2050,” he said.
“Hydrogen and EVs future up to 300 million vehicles by 2040 and more than 60 percent of the total active vehicles by 2050.”
According to the Pan Arab Clean Energy (PACE) initiative by the International Renewable Energy Agency (IRENA), the Arab World is committed to raise the power generation by renewable energy to 80 GW by 2030.
According to APICORP, investment in the MENA power sector will exceed a total of $250 billion, the highest of all energy sectors. Of these, nearly $60 billion worth of power projects are being developed in Saudi Arabia, followed by Egypt where $37 billion worth of power projects.
Among the current top 25 power projects in MENA region, 9 of them are in the UAE. In terms of project value, the UAE comes third with $26 billion worth of power projects under planning and development.
Global energy investment is set to increase by 8 percent to reach $2.4 trillion in 2022, with the anticipated rise coming mainly in clean energy, according to a new report by the International Energy Agency (IEA).
“Investment is increasing in all parts of the energy sector, but the main boost in recent years has come from the power sector – mainly in renewables and grids – and from increased spending on end-use efficiency,” IEA said in the report.
“Clean energy investment is – finally – starting to pick up and is expected to exceed $1.4 trillion in 2022, accounting for almost three-quarters of the growth in overall energy investment.”
Due to the high cost of fuel, the total energy bill paid by the world’s consumers is likely to top $10 trillion for the first time in 2022, it said.
MENA Power Projects 2022 aims to foster innovation and diversification to achieve energy transition, discuss on the development of clean, green and renewable energy and secure more businesses in this sector.