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standards, including solar heat mandates. The development of renewable district heating and cooling systems, promotion of the use of renewably powered electric transport, establishment of consortia to fund projects, and advanced advocacy and information sharing also form part of a wider strategic imperative to involve all stakeholders. Cities around the world are partnering with national government to promote renewable energy, while others have begun to effect change from grassroots level. In Europe, 1,116 new cities and towns joined the Covenant of


Mayors in 2012, committing to a 20% CO2 reduction target and to plans for climate mitigation, energy efficiency and renewable energy.


Solar power leads industry investment commitment, receiving 57% of total new investment in renewable energy in 2012, with 96% going to solar PV. Wind power came next with investment of US$80.3 billion and hydropower projects larger than 50 MW estimated at US$33 billion.


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Realising the Promise of Solar Industry Development in the Middle East and


North Africa (MENA) World Future Energy Summit Insight Report


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INDUSTRY TRENDS • The heating and cooling sector is seeing the implementation of larger systems, increased use of combined heat and power (CHP), renewables deployment into district schemes, and growth in the application of modern renewable heat for industrial purposes.


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• Global new investment in renewable power and fuels was US$244 billion in 2012, a drop of 12% year-on-year, but the figure was still the second highest ever recorded, and 8% above 2010. This decline in investment after several years of growth is attributed to uncertainty about support policies in major developed economies, however global investment in renewable power was ahead of fossil fuels for the third consecutive year.


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• Investment activity between developed and developing economies switched sides in 2012 with developing countries reaching US$112 billion, representing 46% of the world total (up from 34% in 2011) – continuing an eight-year growth trend.


• The relative affordability of renewables in developed and developing markets is also set to continue as solar PV and onshore wind power continue to drop in price due to economies of scale and technological advancement, opening up new markets and new opportunities.


• On the flip side, global economic pressures and international trade issues are impacting some renewable industries with industry consolidation affecting equipment manufacturers in particular.


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• The labour market in the renewable energy sector continues to rise, with an estimated 5.7 million people around the world involved in the industry, either directly or indirectly.


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