{"id":48141,"date":"2022-04-25T08:22:44","date_gmt":"2022-04-25T08:22:44","guid":{"rendered":"https:\/\/qatar-news.org\/qatarnewsEn\/?p=48141"},"modified":"2022-04-25T08:22:44","modified_gmt":"2022-04-25T08:22:44","slug":"egypts-government-frees-41-prisoners-ahead-of-eid-holiday","status":"publish","type":"post","link":"https:\/\/qatar-news.org\/qatarnewsEn\/?p=48141","title":{"rendered":"Egypt\u2019s government frees 41 prisoners ahead of Eid holiday"},"content":{"rendered":"
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DUBAI: Even before the Ukraine war began, one thing became clear quickly\u00a0\u2014 that demand for conventional energy was not going away. Now, with\u00a0Brent crude hovering around $107 per barrel and natural gas costing $6.95 per MMBtu amid heightened risks of supply disruptions, the\u00a0impending fiscal windfall gives the Gulf Arab states extra resources to accelerate their transformation into \u201cgreen economies.\u201d<\/p>\n

From ambitious \u201ccircular carbon economy\u201d and net-zero emission pledges to investments in renewables and electric vehicle production, the past year has already witnessed the launch of numerous initiatives by these energy-exporting countries in response to calls for accelerated action for combating climate change.<\/p>\n

At the same time, the Gulf region has made notable progress in the development of utility-scale solar and wind power, including phase three of the Mohammed bin Rashid solar project in Dubai completed last year and the inauguration of Saudi Arabia\u2019s first wind farm at Dumat Al-Jandal.<\/p>\n

\u201cThese are breakthrough moments which build momentum through knowledge and experience,\u201d Francesco La Camera, director-general of the International Renewable Energy Agency, better known as IRENA, told Arab News.<\/p>\n

\u201cThese low-cost renewables projects also open the door to the production of cost-competitive green hydrogen. We believe hydrogen will have a pivotal role to play in the decarbonization of the energy system.\u201d<\/p>\n

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IRENA\u2019s \u201cWorld Energy Transitions Outlook\u201d shows hydrogen could account for 12 percent of total final energy consumption globally by the middle of the century, up from today\u2019s marginal levels.<\/p>\n

\u201cThere are already clear signals of intent from the region to capture these market opportunities, which may prove to be a new and important aspect of the transition that the region can apply its hydrocarbon expertise and experience to,\u201d La Camera said.<\/p>\n

In the lead-up to the UN Climate Change Conference, COP26, in Glasgow last November, the UAE pledged to achieve net-zero carbon emissions by 2050 and to invest up to $160 billion in clean and renewable energy solutions.<\/p>\n

The previous month, Saudi Arabia launched the Saudi Green and Middle East Green initiatives, committing the Kingdom to reach net-zero greenhouse-gas emissions by 2060 and to plant 10 billion trees over the coming decades, rehabilitate 8 million hectares of degraded land, and allocate new protected areas.<\/p>\n

More recently, the Abu Dhabi National Oil Company and Abu Dhabi National Energy Company announced they would join the UAE\u2019s state-owned holding company Mubadala as shareholders in the clean-energy company Masdar.<\/p>\n

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The Gulf enjoys an ideal climate for solar power expansion. (Shutterstock)<\/figcaption><\/figure>\n<\/div>\n

The partnership is designed to increase Masdar\u2019s renewable energy capacity to 50 gigawatts by 2030 and to create a global clean energy powerhouse, with a focus on areas such as green hydrogen and renewables.<\/p>\n

Similar developments are taking place in Saudi Arabia, including several projects in NEOM \u2014 the Kingdom\u2019s smart city on the Red Sea coast \u2014 most notably the launch of Oxagon, the world\u2019s largest floating industrial complex.<\/p>\n

\u201cThe Oxagon project is a revolutionary idea looking at reshaping the way industries work at the gateway of the most popular shipping channel in the world, powered by 100 percent renewable energy, and requiring extensive levels of symbiosis between various industries,\u201d Daniel Gribbin, corporate sustainability lead at WSP Middle East, told Arab News.<\/p>\n

\u201cThe region\u2019s drive to a more sustainable future is no secret. Levels of transparency and individual consumer behaviors, along with the vision of regional leaders, have accelerated the need to respond and act, so that they can have a seat at the global table.<\/p>\n

\u201cDemand for sustainability considerations from international investors has also been a propelling force for raising ESG awareness in the regional market, contributing toward valuation and reputation.\u201d<\/p>\n

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A view of Jubail Desalination Plant at the Jubail Industrial City, about 95 kilometers north of Dammam in Saudi Arabia’s eastern province. (AFP\/File Photo)<\/figcaption><\/figure>\n<\/div>\n

The past year has witnessed a sea change in the regional approach to climate action, according to Nawal Al-Hosany, the UAE\u2019s permanent representative to IRENA.<\/p>\n

At COP26, for instance, the UAE announced a number of landmark pledges and partnerships to raise ambitions, including the UAE-IRENA Energy Transition Accelerator Financing platform, which aims to raise $1 billion to accelerate renewable-energy transition in developing countries.<\/p>\n

The UAE, through the Abu Dhabi Fund for Development, has already pledged $400 million in anchor funding to the platform.<\/p>\n

\u201cWe also announced the Hydrogen Leadership Roadmap, which seeks to establish the country as a competitive global hydrogen exporter,\u201d Al-Hosany told Arab News.<\/p>\n

\u201cLooking ahead to COP27 in Egypt, and COP28 in the UAE in 2023, the impetus for climate action will continue to create a ripple effect across the Middle East.\u201d<\/p>\n

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IN<\/span>NUMBERS<\/strong><\/h4>\n<\/p>\n

* $120 Projected oil price per barrel if Russian oil flow is disrupted. <\/strong><\/p>\n

* $6.95 Current natural gas price per MMBtu.<\/strong><\/p>\n<\/p><\/div>\n<\/p><\/div>\n

La Camera describes the energy transition as an unstoppable megatrend, underpinned by innovation and motivated by the pursuit of long-term prosperity and climate action.<\/p>\n

\u201cGCC countries recognize this opportunity and are acting accordingly,\u201d he told Arab News.<\/p>\n

\u201cIt is also important to recognize that the Gulf region is positioning itself as a serious player in the global energy transition because its leaders understand their hydrocarbon resource wealth and vast clean energy potential presents them with an opportunity to build a resilient economy around knowledge, clean technologies and long-term energy leadership.\u201d<\/p>\n

Al-Hosany thinks hydrocarbons will continue to play an integral role in the energy system for decades to come, as managing an equitable and inclusive energy transition will be critical to turning the tide of climate change.<\/p>\n

\u201cWe must rethink the balancing act of economic growth and sustainable development,\u201d she said.<\/p>\n

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A Saudi employee fills the tank of his car with petrol at a station in Jeddah. (AFP\/File Photo)<\/figcaption><\/figure>\n<\/div>\n

\u201cBut this transition will not happen overnight. We must shift toward an energy mix that involves renewable and clean energy sources. Though we must move toward the energy system of tomorrow, we cannot simply unplug from the energy system of today. It is not as simple as flicking a switch.\u201d<\/p>\n

From desertification to droughts, he Middle East is particularly vulnerable to the impact of climate change. And although every country has its own unique reasons to transition away from fossil fuels and toward renewables, the Gulf region has a lot to gain from the transition, according to La Camera, even if there are uncertainties about the long-term future of hydrocarbon exports.<\/p>\n

\u201cExploiting its vast clean energy resources offers diversified growth and the creation of new jobs well into the 21st century,\u201d he said. \u201cAdditionally, let us not forget the perilous situation this region may find itself in should global temperatures continue to rise unabated.\u201d<\/p>\n

La Camera said that the climate crisis \u201cis likely to send regional average temperatures to around double the global average this century while increasing pressure on already scarce water supplies. This is a profound and very real threat that the region cannot solve alone, but it must be part of the solution.\u201d<\/p>\n

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Gribbin believes there is no \u201csilver bullet\u201d to the challenge facing humanity. As such, policymakers, companies and individuals must work together to find shared solutions.<\/p>\n

\u201cInvestment in the solutions to the challenges we face with climate change is not only good for humanity but is also smart business,\u201d he said.<\/p>\n

\u201cIndividual drivers and consumer behavior have changed, and the demand for \u2018green\u2019 and sustainable products is only going to increase. As a region that is extremely reliant on imports, particularly for food, and that has contributed to the proliferation of hydrocarbons, early investment is key in ensuring that we are part of the solution.\u201d<\/p>\n

By acting now, Gribbin said, the region will ensure it has both a thriving economy and an environment that can support a high quality of life for generations to come.<\/p>\n

The invasion of Ukraine has the potential to accelerate the global trend toward renewables, with Europe expected to drastically reduce its reliance on Russian natural-gas supplies. If Gulf countries use their fiscal surpluses to fast-track the development of renewable-energy, hydrogen, ammonia-export and carbon-capture projects, they will emerge well prepared for the post-oil age.<\/p>\n

—————<\/strong><\/em><\/p>\n

Twitter: @CalineMalek<\/a><\/strong><\/em><\/p>\n

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DUBAI: Even before the Ukraine war began, one thing became clear quickly\u00a0\u2014 that demand for conventional energy was not going away. Now, with\u00a0Brent crude hovering around $107 per barrel and natural gas costing $6.95 per MMBtu amid heightened risks of supply disruptions, the\u00a0impending fiscal windfall gives the Gulf Arab states extra resources to accelerate their…<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-48141","post","type-post","status-publish","format-standard","hentry","category-spotlight_news"],"_links":{"self":[{"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=\/wp\/v2\/posts\/48141","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=48141"}],"version-history":[{"count":0,"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=\/wp\/v2\/posts\/48141\/revisions"}],"wp:attachment":[{"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}