GCC to Create $76bn in Cost Savings from Renewable Energy Adoption by 2030
World Future Energy Summit’s energy expo & forum to showcase latest innovations across solar, wind, hydroelectric, bioenergy, and geothermal
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 $76bn by 2030.
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.
Connecting the region’s ambitions to the global stage is the World Future Energy Summit’s Energy Expo & Forum, to be hosted by Masdar as part of Abu Dhabi Sustainability Week in January.
“The Energy Expo & Forum provides an unparalleled platform to support renewable energy adoption, and showcase innovations ranging from solar PV panels and wind turbines, to hydrogen fuel cells and waste-to-energy solutions,” said Grant Tuchten, Group Event Director, World Future Energy Summit.
“The event connects global energy giants to rapidly-expanding markets and takes regional manufacturers and international start-ups onto the global stage. Our forum programme is an opportunity to share knowledge and best practice around the latest developments, including those in energy storage, smart grids, AI and blockchain, and a host of hot topics in sustainability.”
The Energy Expo & Forum aims to provide a global meeting point for governments, energy companies, utilities providers, nuclear agencies, and independent power providers, while sharing the new thinking and technologies that are increasingly instrumental to the global transition to clean energy.
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 per cent of new power demand. IRENA adds that renewable energy adoption could boost GDP by 2.5 percent by 2050.
“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.”
Energy Expo exhibitors are set to include government authorities and entities such as the UAE Ministry of Energy and Industry, the Abu Dhabi National Energy Company PJSC (TAQA), and the Kingdom of Saudi Arabia’s Power and Water Utility Company for Jubail and Yanbu (Marafiq); energy companies such as BP, ExxonMobil, Total, and Dubai-based AMEA Power; technology providers such as Lockheed Martin and the Shanghai Electric Group; and the global quality assurance and risk management company DNV GL from Norway.
During the Energy Forum, 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.
The World Future Energy Summit, hosted by Masdar and part of Abu Dhabi Sustainability Week, a global platform for accelerating the world’s sustainable development, will be held at Abu Dhabi National Exhibition Centre (ADNEC), from 13-16 January 2020.
The largest event of its type in the Middle East and among the largest in the world, the World Future Energy Summit attracted about 800 exhibitors and 33,500 attendees in 2019.