25 February 2020   29. Jumad-us-Thaani 1441
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Monday, 20 January 2020 15:23

Saudi Arabia plans to invest up to $50bn in renewable energy projects

According to a new study Saudi Arabia has become one of the Middle East and North Africa (MENA) region’s leaders in the race to use renewable energy, according to a new study.

The Solar Outlook Report 2020 was launched at the Solar Forum of the World Future Energy Summit, a highlight of this year’s Abu Dhabi Sustainability Week (Jan. 11-18).

The report, prepared by Middle East Solar Industry Association (MESIA), the largest regional body of its kind, said Saudi Arabia and Oman have joined the UAE, Morocco and Egypt as leaders in the renewables race.

“Saudi Arabia is now in the third year of implementation of its massive target of 60 gigawatts (GW) of renewable energy generation by 2030,” it said.

Martine Mamlouk, secretary-general of MESIA, said that investment in solar energy is evident across MENA countries.

“Saudi Arabia has a target of almost 60 gigawatts of renewable energy, out of which 40 gigawatts are solar,” said Mamlouk.

The value of solar-power projects in the MENA region is estimated at between $5 billion and $7.5 billion. By 2024, that figure is expected to approach $15 billion to $20 billion.

Under its Vision 2030 programme, the Kingdom aims to reduce its dependency on oil revenues, diversify its energy mix and tap its renewable energy potential.

The Saudi government plans to invest up to $50 billion in renewable energy projects by 2023.

“At MESIA, we are excited to see solar developments in the MENA region accelerating and reaching attractive tariffs, while lowering the carbon footprint of regional economies,” Mamlouk said.

“The total investment in renewables in MENA between 2019 and 2023 is expected to be $71.4 billion, representing a 34 percent share of the total investment in the power sector, which is valued at $210 billion.”

Changes introduced by Saudi Arabia include a focus on local developers and easing of regulations for local manufacturers of solar panels.

After solar photovoltaic panels were installed on the roof of a mosque in Riyadh, the King Abdullah Petroleum Studies and Research Centre recommended a similar move at other mosques.

Meanwhile, plans for the use of solar panels in the Saudi agro-industry have led to burgeoning interest in the technology, with several industrial facilities expected to have their own units in the not-too-distant future.

Darul Ihsan Media Desk

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