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According to a new report released by the International Renewable Energy Agency, the Gulf Cooperation Council (GCC) countries expect to add nearly 7 GW
of renewable energy generation capacity by early 2020.
A new report released by the International Renewable Energy Agency (IRENA) during Abu Dhabi Sustainability Week last week revealed that renewable energy is the most competitive new form
of electricity generation in the GCC.
GCC countries include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates
.
At present, various governments of GCC countries have established abundant renewable energy resources and strong support frameworks, resulting in solar photovoltaic prices below 3 cents per kWh, and concentrated solar power (CSP) of 7.
3/kWh, lower than some utilities paying for natural gas
.
In addition, meeting existing 2030 renewable energy targets is expected to bring significant economic benefits to the region, including the creation of more than 220,000 new jobs while saving more than 354 million barrels of oil equivalent (MBoE)
in the regional power sector.
Specifically, IRENA expects the GCC's renewable energy targets to reduce CO2 emissions from the power sector by 136 million tonnes, or about 22%.
"The fact that the GCC is one of the most attractive regions in the world for the development of large-scale solar and wind projects due to its abundant resources and favorable policy environment is supported by record low prices," explained outgoing IRENA Director-General Adnan Z.
Amin.
"As a fossil fuel exporting region, the GCC's decisive move towards a renewable energy future sends a signal to global investors and the energy community.
It shows that we are experiencing a gradual change
in global energy dynamics and a true energy transition.
”
According to IRENA, at the end of 2017, the total installed capacity of the region was 146 GW, of which only 867 megawatts (MW) came from renewable sources, accounting for only 0.
6%, of which 68% of the installed renewable energy capacity came from the United Arab Emirates, which also leaves plenty of room for expansion in the region
.
However, the GCC now has multiple renewable energy targets, with the region already planning to install nearly 7 GW of new renewable energy in the early 2020s, with solar PV accounting for three-quarters of the region's project pipeline, CSP and wind 10% and 9%
respectively.
According to a new report released by the International Renewable Energy Agency, the Gulf Cooperation Council (GCC) countries expect to add nearly 7 GW
of renewable energy generation capacity by early 2020.
A new report released by the International Renewable Energy Agency (IRENA) during Abu Dhabi Sustainability Week last week revealed that renewable energy is the most competitive new form
of electricity generation in the GCC.
GCC countries include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates
.
At present, various governments of GCC countries have established abundant renewable energy resources and strong support frameworks, resulting in solar photovoltaic prices below 3 cents per kWh, and concentrated solar power (CSP) of 7.
3/kWh, lower than some utilities paying for natural gas
.
In addition, meeting existing 2030 renewable energy targets is expected to bring significant economic benefits to the region, including the creation of more than 220,000 new jobs while saving more than 354 million barrels of oil equivalent (MBoE)
in the regional power sector.
Specifically, IRENA expects the GCC's renewable energy targets to reduce CO2 emissions from the power sector by 136 million tonnes, or about 22%.
"The fact that the GCC is one of the most attractive regions in the world for the development of large-scale solar and wind projects due to its abundant resources and favorable policy environment is supported by record low prices," explained outgoing IRENA Director-General Adnan Z.
Amin.
"As a fossil fuel exporting region, the GCC's decisive move towards a renewable energy future sends a signal to global investors and the energy community.
It shows that we are experiencing a gradual change
in global energy dynamics and a true energy transition.
”
According to IRENA, at the end of 2017, the total installed capacity of the region was 146 GW, of which only 867 megawatts (MW) came from renewable sources, accounting for only 0.
6%, of which 68% of the installed renewable energy capacity came from the United Arab Emirates, which also leaves plenty of room for expansion in the region
.
However, the GCC now has multiple renewable energy targets, with the region already planning to install nearly 7 GW of new renewable energy in the early 2020s, with solar PV accounting for three-quarters of the region's project pipeline, CSP and wind 10% and 9%
respectively.
