Dubai, UAE, 3 December: Global renewable energy investment has reached an all time high in 2011 of US$257 billion, but the MENA region lags behind the rest of the world, accounting for only 2.1% (US$5.5 billion) of total renewables investment for the year, according to the latest Global Trends in Renewable Energy Investment report.
Though MENA countries have an abundance of renewable sources to become a world leader in renewable energy – predominantly solar and wind – policy uncertainty created by socio-political turmoil has delayed progress.
Additionally, disincentives built into electricity price subsidies have stalled renewables deployment within the MENA region according to the report, which was released this year in collaboration between the United Nations Environment Program (UNEP) and the Frankfurt School of Finance and Management. Countries spared by the turbulence such as the UAE and Morocco, however made significant advancements.
The report’s findings come ahead of the countdown for one of the world’s largest and longest-running energy exhibitions, Middle East Electricity, taking place from 17-19 February 2013, at the Dubai International Exhibition and Convention Centre.
With the renewable energy sector highlighted as a key focus this year, the event’s organisers Informa Exhibitions believe that regional investment in the sector will pick up again, after a disappointing year in 2011, in which investment had dropped by 18% from 2010.
Anita Mathews, Exhibition Director of Middle East Electricity said: “By 2030, almost 15.7% of the world’s energy will be coming from renewable sources. With global hydrocarbon resources dwindling amid a concerted effort to build a green environment while reducing carbon emissions, countries across the world are now turning to green energy.”
“While the MENA region has a long way to go to catch up with the rest of the world in terms of renewable energy investment, governments are definitely reviewing their strategies and aiming at increasing the shares of renewable energy in their energy mix of the future.”
“For example, the UAE, Kuwait, Oman, Egypt, Jordan and Morocco are all moving forward with at least ten solar power facilities worth a combined US$6.8 billion and we believe that more regional renewable energy projects will be announced in the next 12 months.”
Mathews’ confidence is backed by Informa’s decision to launch Solar Middle East alongside Middle East Electricity, a three-day event dedicated to the regional solar industry, which is set to become the largest gathering of solar technology suppliers ever seen in the Middle East.
And as renewable energy investment across the world climbs to new heights, the trend is set to continue. According to Bloomberg New Energy Finance, renewables investments are predicted to reach US$395 billion in 2020 before climbing to US$460 billion in 2030.
Now in its 38th edition, Middle East Electricity is held under the patronage of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai will host more than 1,000 exhibitors from 56 countries, of which more than a quarter are involved in the renewable energy sector.
The three-day event returns with the popular Middle East Electricity Awards, an extended programme of technical seminars, and is partnered with Power + Water Middle East in Abu Dhabi, Power Nigeria in Abuja and Africa Electricity in Johannesburg.
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Gareth Wright / Ahmad Huzayen
Total Communications
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Email: gareth@totalcompr.ae / ahmad@totalcompr.ae