The economic case for renewable energy is “stronger than ever” and the UAE and other GCC states are particularly well placed to achieve “ambitious” clean-energy targets, Yousif Al Ali, executive director at Masdar Clean Energy, said in an interview with Gulf Business.
“Thankfully, technology advances, economies of scale and a more attractive risk profile for renewable energy investments are all making the economic case for renewable energy stronger than ever – for instance, the cost of installing photovoltaic solar power has fallen 80 per cent since 2009,” Al Ali was cited as saying in an article examining the GCC’s record on sustainability
The UAE Energy Strategy targets a clean energy mix of 50 per cent by 2050, with 44 per cent coming from renewables, while Saudi Arabia is looking to generate over 27GW of clean power by 2023 and over 58GW by 2030, according to the article.
“These ambitious targets are supported by the regulatory certainty and transparency investors look for. In addition, the existence of a secure off-take, access to land and grid connection, and the availability of competitive financing backed by solid credit worthiness continues to support the sector, contributing to the record tariffs we have witnessed,” Al Ali told the business publication.
Masdar, which launched in 2006, “has emerged as a showcase of the country’s renewable energy agenda,” according to Gulf Business, which highlighted its presence in more than 30 countries worldwide.