Middle East Set For Tenfold Surge In Renewable Energy Growth By 2040

The Middle East is poised for a remarkable surge in renewable energy growth, with projections indicating a tenfold increase in variable renewable energy capacity by 2040. According to a report by DNV, a global assurance and risk management provider, renewable energy will become a central source of power supply in the region in the coming decades.

By 2060, electricity is expected to meet 35% of total energy demand, with solar and wind power generating around 85% of electricity. Solar power is anticipated to account for around 45% of electricity generation, while wind power is expected to contribute around 40%. The driving force behind this growth is largely economic, as renewables now provide low-cost electricity, making clean power a necessity for competitive industry and future hydrogen production.

The United Arab Emirates has already announced a significant green power milestone, with Dr. Sultan Ahmed Al Jaber, chairman of Masdar, expressing confidence in meeting a 100 GW capacity target by 2030. Other promising markets, such as Saudi Arabia, are also expected to play a crucial role in the region’s renewable energy growth.

However, the development of energy storage capacity will likely be a key factor in determining the progress of renewable energy in the UAE and the wider Middle East and North Africa ← →