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The GCC is set to create cumulative cost savings of $76 billion by 2030, if it realizes its renewable energy plans, a report by the International Renewable Energy Agency (IRENA) said.
The region has been rapidly adopting renewable energy to meet power demand. The UAE, having 68 percent of the GCC’s installed renewable energy capacity, aims to generate half of its power from clean energy by 2050.
Abu Dhabi’s renewable energy company, Masdar, will host the World Future Energy Summit’s Energy Expo & Forum as part of Abu Dhabi Sustainability week in January.
Research by BP shows that global renewable energy power generation has posted double-digit annual growth in recent years, rising 14 per cent from 2017 to 2018.
IRENA forecasts global power supply 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.
(Reporting by Gerard Aoun, editing by Mily Chakrabarty)
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