Page 50 - Trends

WFES

globally, comparatively little gets used to
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timate, puts the amount of capital required
for proper infrastructure for sustainability
at $100 trillion over the next decade.
Meanwhile, a new report from Middle
East Electricity (MEE) states that the GCC
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investment in electricity generation, trans-
mission and distribution alone over the
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wants to cater to the needs of growing pop-
ulations, expanding economies and climate
changes, the report reads.
The recently-released report, titled
GCC Power Market, reveals that despite
the GCC’s current power-generating ca-
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will still require $81 billion in invest-
ments for another 62 GW of increased
capacity and $50 billion for additional
transmission and distribution.
Much of the required investment is likely
to come from public-private partnerships
© Phocal Media (PPP) if a regulatory framework is intro-
duced to incentivize independent power
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WFES, however, saw a total of $15 bil-
If the GCC’s renewable energy targets are achieved, it will result in a 22 percent lion worth of projects and funding in a
number of local, regional and international
reduction in water consumption for power generation and fuel extraction. agreements for the advancement of renew-
able energy and clean technology.
fossil fuels and six percent from nuclear SHUFHQW E\ XQGHU WKH 'XEDL ,Q- During WFES, Saudi Arabia an-
energy, to be achieved by the middle of the WHJUDWHG (QHUJ\ 6WUDWHJ\ nounced its intention to launch up to $7
century. Currently, close to 90 percent of Saudi Arabia, meanwhile, has plans billion worth of renewable energy proj-
UAE’s energy needs are met by natural gas. to attract $109 billion in investment to ects in 2018, as part of the country’s plan
“Ensuring the sustainability of energy FUHDWH D VRODU LQGXVWU\ E\ -RUGDQ to have 9.5 GW of solar and wind capaci-
resources means ensuring the sustain- Turkey and Egypt have also announced W\ LQVWDOOHG E\
ability of the country’s growth. The gov- new solar initiatives.
ernment has made an accomplishment in ,I WKH *&&·V UHQHZDEOH HQHUJ\ WDUJHWV Job generator
GUDIWLQJ WKH ÀUVW XQLÀHG HQHUJ\ VWUDWHJ\ are achieved, it will result in a 22 percent The green-energy sector creates more jobs
for the UAE, covering production and reduction in water consumption for power than the traditional energy sector if seen
consumption. Those who don’t think generation and associated fuel extraction, from the point of view of units of energy
about energy aren’t thinking about the fu- DFFRUGLQJ WR D UHSRUW E\ WKH ,QWHUQDWLRQDO produced and amount of capital invested.
ture,” said Sheikh Mohammed during the 5HQHZDEOH (QHUJ\ $JHQF\ ,5(1$ According to the Abu Dhabi-headquar-
launch of this policy. WHUHG ,5(1$ EH\RQG HQHUJ\ ZDWHU DQG
'XEDL VSHFLÀFDOO\ LV WDUJHWLQJ WKH Investment plans emission savings, achieving set the re-
percentage of renewable energy in its ,W LV D IDFW WKDW GHVSLWH WULOOLRQV RI GROODUV newable targets in the region would create
energy mix at seven percent by 2020 and of capital being available for investment nearly 210,000 direct jobs in the power

50 TRENDS | February 2018