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Investments in solar energy to reach $50bn in next decade
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Investments in solar energy to reach $50bn in next decade

Arab nations are poised to make significant investments in solar energy, estimated at $50bn over the next ten years, as part of a push to adopt and use renewable energy sources.

According to MEED Insights, the solar energy sector is a fast growing market in the region, with all countries in the Middle East accelerating efforts to meet renewable energy targets for installed capacity at 56,000MW by 2020. Majority of this will be in the form of solar energy, particularly new CSP and ISCC capacity.

An in-depth assessment of the fast-growing solar power market in the MENA region will be one of the highlights of the forthcoming MEED Dubai Clean Energy Forum, organised in partnership with Dubai Electricity & Water Authority (DEWA), and under the patronage of the UAE Ministry of Energy.

Against this regional overview, the conference will focus on the UAE’s own renewable energy initiatives toward reducing energy consumption through the use of solar and clean energy technologies to meet the Emirates’ 2030 energy reduction targets.

The event, which is being held for the first time at The Address Hotel Dubai Mall on 22-24 September 2014, will showcase the actions that various UAE government units are taking to adopt cutting-edge technologies and applications to ensure that every project delivered will meet the highest clean energy criteria.

“We are pleased to partner with MEED on this event, the first forum we have organised specifically as a unique platform for promoting sustainability and green energies in the region. It will allow knowledge exchange by introducing more targeted and in-depth discussions about clean energy. This will enable participants to delve in and out of topics including sustainability which is an important foundation of vision of Dubai’s leadership to ensure that progress is achieved and ensured for generations to come with the proper and efficient use of available resources,” said Waleed Salman, Executive Vice President of Strategy and Business Development, DEWA.

The programme includes the challenges of gearing up to deliver World Expo 2020. The conference comes at a pivotal time for Dubai as it opens its power sector to the private sector with 2 high-profiles IPP Projects, the 100MW second phase of the Mohammed bin Rashid Al-Maktoum Solar Park and the 1,200MW clean coal power plant project.

Highlights of the opening morning of the conference on 23rd September include two keynote presentations starting with H.E. Saeed Mohammed Al Tayer, Managing Director& Chief Executive Officer, DEWA; to be followed by H.E. Dr. Matar Hamed Al Neyadi, Undersecretary, Ministry of Energy, who will highlight the factors shaping the UAE’s long-term energy masterplan.

“The UAE is at the leading edge of a global energy transition, driven by market realities, which is redefining the global power generation portfolio. This transition is centred on the growing realisation that renewables – and solar in particular – are no longer a subsidized optionality, but a need-driven necessity,” said Matthew Merfert, Technical Director for First Solar in the Middle East. “As projects like the Mohammed bin Rashid Al Maktoum Solar Park demonstrate, photovoltaic solar is more reliable and affordable than ever before, and can stand shoulder to shoulder with other power generation platforms,” he added.

In addition to pressing ahead with renewable energy projects, the UAE is now home to International Renewable Energy Agency (Irena) which now has 123 member states with a further 40 applying for full membership.

Phase 2 of the Mohammed Bin Rashid Solar Park in Dubai is the latest step that signifies genuine Federal Government’s backing for the solar sector, following the development of Shams 1, the world’s largest CSP project; and Masdar City’s stand-alone 10MW PV plant.

In addition, the MEED Dubai Clean Energy Forum 2014 will also present a case study on the Dubai Expo 2020 Festival Site, which is currently taking shape and is expect to be the world’s largest carbon neutral development. An overview of the project’s renewable energy opportunities as well as milestones will be presented for the first at the conference.






 
 

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