REGIONAL I MENA
with pre packaged projects, the bankability of projects is likely to be somewhat more of a constant. The respective electricity and water authorities in Abu Dhabi and Dubai are likely to play a pivotal role in the growth of the renewable sector in the UAE.
Kuwait Kuwait has substantial oil and gas reserves, making it a leading exporter of fossil fuels. Over 70% of current electricity generation comes from fossil fuels, with electricity consumption is increasing year on year. Kuwait, also being very export reliant, is therefore potentially reaching an energy production bottleneck.
In order to increase export capacity and reduce dependency on oil, Kuwait recognises that it needs to introduce alternative forms of energy production.
Kuwait currently has a target of producing 1% of electricity output from renewable energy by 2015 and up to 15% by 2030. This target is fairly typical, with the idea of introducing smaller utility scale projects to be followed by the rolling-out of larger scale projects at a later date. Of course, advances in technology over
the coming few years will undoubtedly result in renewable energy production becomes more efficient.
Conclusion
Natural resources, both fossil and renewable, have always been abundant in the Middle East. However, with the potential of the former peaking, the challenges previously faced are constantly evolving. Despite the challenges presented by a relatively new and fast evolving renewable energy market, the potential for growth and investment is massive. The combination of needs- based motivation and natural geographic features means that renewable energy is the next natural step.
The Eversheds Clean Energy and Sustainability Team has recently released a new publication, in collaboration with Ernst & Young - Developing Renewable Energy Projects: A guide to achieving success in the Middle East is a guide which examines the development potential in the key jurisdictions in the region.
©2013 Permission required. Angel Business Communications Ltd.
Both Emirates have fairly significant plans in terms of renewable energy production. Abu Dhabi plans to produce 7% of total energy demand (approximately 1.7 GW) from renewable resources by 2020, with Dubai striving to produce 1% by 2020 and 5% by 2030
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