May 21, 2024
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RENEWABLE ENERGY

Middle East Accelerates Shift to Renewable Energy

The Middle East is rapidly diversifying its energy landscape, with several countries shifting focus from traditional fossil fuels to renewable energy and clean technologies. Recognizing the need for economic diversification beyond oil and gas, nations like Saudi Arabia, the UAE, and Qatar are investing heavily in wind, solar, green hydrogen, and other renewable energy projects.

At the recent COP28 climate summit in the UAE, regional leaders pledged ambitious climate goals, with the Middle East and North Africa (MENA) poised to add 62 GW of renewable energy capacity over the next five years, primarily through solar energy projects.

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Saudi Arabia, alongside the UAE, Morocco, Oman, Egypt, Israel, and Jordan, is spearheading this renewable energy surge, with plans to contribute around 90 percent of the region’s capacity growth. OilPrice reports that Saudi Arabia’s ambitious Neom project, backed by a $500 billion investment, aims to create a sustainable urban area powered entirely by renewable energy.

Similarly, the UAE is aggressively expanding its renewable energy sector, aiming for a 44 percent renewable energy mix by 2030, supported by large-scale solar projects and strategic investments in green hydrogen production.

Oman, leveraging its natural resources and expertise in oil and gas, is also transitioning towards green hydrogen production, with plans to become a major global producer by 2050. These initiatives underscore the region’s commitment to sustainability and its emergence as a key player in the global energy transition.

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