The International Renewable Energy Agency (IRENA) declares that the Middle East And North Africa (MENA) region could yield almost 26% of its total preliminary energy supply from renewables till 2050.
This approach came in the World Energy Transitions Outlook (WETO) of IRENA, which delivers a robust trend in MENA for editing renewable energy solutions, in concurrence with the continued efforts of the region to achieve modification in this field.
The report demonstrated that the share of the resembles is likely to reach 53% of the energy sector of MENA.
IRENA estimated that hydrogen can come across global energy demand by 12% in 2050, with the Middle East as its primary supplier.
According to the Frost & Sullivan consultants, the entire fight for renewables will also significantly impact the technology sector.
Frost & Sullivan indicated that the region’s solar and hybrid energy sector will grow by $980m by 2025. It is also further anticipated that the overall trend toward renewable energy sources will significantly impact the technology sector.
Apart from this, they also anticipated that there would be tremendous growth opportunities for emerging technologies to meet the high demand requirements for renewable energy solutions.
There are also anticipations that the disturbed solar photovoltaic energy sector will likely constitute around $530-550m of investments in the technology sector in the Middle East alone, whereas the renewable hybrid energy systems technologies sector will acquire around
$400- 430m of that investment over the next two years.
However, the IRENA highlighted its promising perspective that recollects advanced and ambitious investment in the region and also diversification plans in the energy sector, which are driven by factors like
- growing demand for energy,
- a desire to increase social and economic benefits,
- boosting economic growth, and
- achieving carbon neutrality goals.
The agency also added that ” the aspirations of the market and the readiness between the countries clashes, but can say that generally, it is witnessing rapid changes.
Further, it added, “The region will strengthen its efforts in the field of renewable energy sources to fulfill the responsibility of the Paris Agreement on attaining carbon neutrality and its ambitions in the energy transition. Though at present, the level of renewable energy capacity is much lower than the levels planned by the region’s countries, despite the recent improvement in renewable energy sources. However, it is visible that the anticipation indicates rapid progress in the future. “
The report mentioned above states the production of energy sources in the MENA region. It indicates that the total preliminary energy supply sources of energy will be around 26% by 2050 in the MENA region.