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GCC to create $76 Bn in cost savings from Renewable Energy adoption by 2030

In about 10 years' time, countries adopting renewables will be abundant with spare cash

The UAE, which already hosts 68% of the GCC’s installed renewable energy capacity, by 2050 to generate 50% of its power from renewables global renewable energy power generation has posted double-digit annual growth in recent years, including 14 per cent from 2017 to 2018 IRENA expects that global power supply is set to double by 2050, with renewable energy meeting 86% of new power demand

The GCC is rapidly adopting renewable energy generation to meet power demand, lower carbon emissions and reduce costs. The International Renewable Energy Agency (IRENA) indicates that the GCC’s installed power capacity grew four-fold between 2014-2017. The IRENA report also predicts that if the GCC realises its renewable energy plans, the region is set to create cumulative cost savings of $76 billion by 2030.

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The UAE, which already hosts 68% of the GCC’s installed renewable energy capacity, by 2050 hopes to generate 50% of its power from renewables in line with its long-term Energy Strategy.

Worldwide research by multi-national energy company BP shows that global renewable energy power generation has posted double-digit annual growth in recent years, including 14 per cent from 2017 to 2018. The company is making substantial investments in renewables and will be a major exhibitor at the Energy Expo & Forum.

IRENA expects that global power supply is set to double by 2050, with renewable energy – especially across solar, wind, and hydroelectric power, along with bioenergy and geothermal – meeting 86% of new power demand. IRENA adds that renewable energy adoption could boost GDP by 2.5% by 2050.

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“Without question, in recent years, energy sources like wind and solar have entered the mainstream,” said Yousif Al Ali, Acting Executive Director for Clean Energy at Masdar, host of Abu Dhabi Sustainability Week. “The Energy Expo & Forum is an extremely valuable platform for the renewable energy projects, technologies and innovative solutions that are driving decarbonisation of the power sector, particularly in emerging markets like the Middle East and North Africa, and Asia.”

During the Energy Forum, held at Abu Dhabi National Exhibition Centre (ADNEC), from 13-16 January 2020, topics are set to include financing for solar power, the roles of artificial intelligence and blockchain in renewable energy and energy storage, GCC country roadmaps, IRENA research, and outlines for next-generation concentrated solar power plants.