World Future Energy Summit in Abu Dhabi shines spotlight on renewables
The three-day World Future Energy Summit begins today in Abu Dhabi, where some 30,000 delegates will explore opportunities to develop clean and efficient energies.
Though one of the world’s largest oil producers, the UAE has adopted a 44% renewable energy target by 2050. In the sun-scorched country, much of this power is likely be generated through solar, a key topic during this week’s conference.
The trend is similar throughout the Middle East. As part of its Vision 2030 diversification plan, neighbouring Saudi Arabia intends to generate 9.5 gigawatts of renewable energy by 2030.
Expect an increase in major investments in renewables throughout the Middle East in the coming years. For example, in the UAE, investment in the Sham solar fields has proved successful; Abu Dhabi will likely construct at least two more fields in the next few years. Though it will be costly in the short term–as reliable and efficient renewable technologies cannot yet be produced cheaply– investment in renewables will allow a greater portion of extracted fossil fuels to be exported, providing crucial external revenue to desperate economies, like that of Saudi Arabia.
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