The regional war has only delayed the UAE’s net zero ambitions, not completely derailed it as global net zero 2050 ambitions also face postponements, according to Rystad Energy, an independent energy research company.
While different countries set different timelines for carbon neutrality objectives, it is unlikely that any of those targets will be reached by 2050, Carlos Torres Diaz, Senior Vice President of Power at Rystad Energy, told Khaleej Times during a media briefing.
Regardless of the war, which setback those ambitions, the Rystad Energy SVP said it is “seeing that there will continue to be a renewable energy push, especially for solar energy within the Middle East, given that the conditions are very good for the region.”
UAE’s renewable energy push
The UAE has been rapidly expanding on its green energy ambitions, with plans to generate most of its electricity through renewables by 2050.
It has also been rapidly pushing to develop its solar capacity, considering its supply of sunshine year-round. The UAE currently has around eight solar power plants and projects, including the world’s largest single-site solar power plant, Al Dhafra Solar PV.
The Ryland Energy SVP added that many countries across the region are also developing their solar capacity as it will “continue to allow to liberate some of the oil and gas to export into the international market,” he said.
He added, “Overall, we’re seeing that last year around 39 gigawatts of solar capacity, and we’re expecting that this will be growing by almost 10 times in the next 10 years.”
50 years of Middle East Energy
The company presented its findings during a media briefing hosted by InD, a partnership between Dubai World Trade Centre and Informa, which will host Middle East Energy, a global energy conference held in Dubai.
Middle East Energy will run from September 1st to September 3rd after being postponed earlier this year due to regional developments. The conference will see more than 1,500 exhibitors, with giant energy companies both locally and globally, including Masdar, Shell, and many others participating.
Mark Ring, Group Director of Energy Portfolio in the Middle East and Africa at InD, said that despite the ongoing hostilities surrounding the region, a big number of governmental and private entities from around the globe are still attending the event, now held in its 50th edition.
“I think it’s a testament to the standing of Dubai and the UAE of despite what’s going on outside, that it is a strong, stable base to do business and to connect with other markets around the world,” he said.
Source: Khaleej Times