As the UAE prepares to host COP28, GCC governments are accelerating renewable energy projects at home and through investments abroad.
From hydrogen to solar and wind, GCC states and associated entities are leveraging their capital, industrial capacity and networks to build renewable energy to support ambitious emission reduction targets and participate in what is shaping up to be a multi-trillion dollar energy play.
The UAE and Saudi Arabia are leading the pack, even as both are ramping up oil production, rejecting the "either-or" view of climate activists in favor of a pragmatic transition that involves both renewables and existing fossil fuels at lower carbon intensities.
The UAE will play a particularly significant role as host of COP28. If ambitious plans materialize, by 2050 the UAE and Saudi Arabia could emerge as major green energy providers worldwide.
Abu Dhabi renewable energy firm Masdar has signed an agreement with Kyrgyzstan's energy ministry to develop clean energy projects with a capacity to generate 1 gigawatt. The pipeline of projects will start with a 200-megawatt solar photovoltaic plant scheduled to begin operations by 2026.
Saudi Arabia will invest up to one trillion riyals ($266.40 billion) to generate "cleaner energy", Saudi state TV reported, citing the kingdom's energy minister.
Prince Abdulaziz bin Salman added that the investments aim also to "add transport lines and distribution networks in order to eventually export the energy to the world and produce clean hydrogen."
The UAE, which is preparing to host the COP28 climate conference next year, has a target to reach net zero by 2050.
No comments:
Post a Comment