GCC clean energy drive requires $50b for grid-related investments

The GCC would require nearly $50 billion of grid-related investments by 2026 to support proposed capacity additions from renewables, according to a whitepaper the Menaregion’s most reputable and comprehensive event for the energy sector.

To diversify GCC’s power mix, investment in large-scale renewables capacity additions is required and would need corresponding increased investment in transmission and distribution networks to eliminate inadequacies, said the white paper titled Clean Energy – Going Beyond the Grid, prepared by Frost & Sullivan for Middle East Energy.

Development of renewable energy technology, infrastructure, and facilities are key pillars of the UAE’s Operation 300bn and Saudi Arabia’s Made in Saudi manufacturing and industrialisation strategies.

The UAE National Energy Plan 2050 calls for clean energy to represent 50 per cent of the nation’s total energy mix by 2050. That would reduce the carbon footprint of power generation by 70 per cent, bringing with it cost savings estimated at $190 billion.

This includes the two largest single-site solar plants in the world that are currently being developed in Abu Dhabi and Dubai. Both will contribute to the growing UAE green economy while promoting job creation and investment in renewables’ research and development

Saudi Arabia is committed to achieving 50 per cent of energy production from renewables by 2030. The kingdom plans to spend up to $50 billion on new infrastructure by 2023.

— issacjohn@khaleejtimes.com