Accelerating Energy Transition
Accelerating Energy Transition
There are two undisputed factors influencing the energy transition: the continued growth in global energy appetite, and the need for sustainable, clean and renewable solutions to increasing meet more of this demand.
The transition to a more sustainable energy mix is being empowered by concerted action across the energy ecosystem - clear long term energy strategies that outline bold sustainable goals, policy frameworks that encourage sustainable energy development, the creation of an investment climate that fosters innovation, and the cost reductions that accompany scale and technological advance.
Nowhere is the march of sustainable energy more visible than in the MENA region; and the case studies bear out the intent to translate national strategies into tangible projects. For example
In the UAE, Dubai’s Electricity and Water Authority has been accelerating its deployment of solar capacity. Having already achieved the world's lowest cost for concentrated solar thermal power, it plans to tender for a second plant at the start of this year. Increasingly competitive tenders and low-cost financing, somewhat unique to this region, have driven intense innovation from developers and made renewables cheaper than the alternatives.
In Saudi Arabia, which is embracing new forms of energy with open arms - the Ministry of Energy intends to deploy 59GW by 2030. A landmark agreement at WFES saw the Kingdom award the Dumat Al Jandal wind project to a joint venture of Masdar and EDF, again at a globally competitive price.
Iraq is waking up to the possibilities of renewables with . The Ministry of Electricity recently announced that it is aiming to install 0.5GW annually.
Across the region, renewables are on the march. This boom will bring new challenges – but exponential advances in energy capture, storage and transmission are already overcoming the inherent issues with renewable energy systems.
It is momentum that, at present, feels unstoppable.
If you want to be part of the debate, join us to discuss the accelerating rate of energy transitions at the World Energy Congress. Register Now