According to a new report by UnivDatos Market Insights, the MENA Renewable Energy Market is expected to reach USD 35,379 Million in 2022 by growing at a CAGR of 10.26%. Renewable energy is becoming increasingly important in the MENA region due to several factors. Adding to this, the reducing reliance on fossil fuels for electricity generation enhances energy security, which is crucial for countries in the region. As per the Ministry of Economy Government report, in 2021, the combined energy goals of various countries translate to an expected 80 GW of renewable capacity by 2030, based on the successful fruition of these commitments across the MENA region. Also, the encouraging renewable energy can diversify economies traditionally dependent on oil and gas, leading to economic diversification. Moreover, addressing climate change and air pollution through clean energy solutions is a significant environmental concern. The strong government incentives, subsidies, and policies promoting renewable energy are driving the shift towards renewable energy. Therefore, the MENA region has abundant solar resources, which makes solar power generation a viable and sustainable option for meeting the region's energy needs. These factors are driving the growth of renewable energy in the MENA region and are likely to continue to drive the growth of the market during the forecast period.

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The report suggests that the rising government’s carbon-reducing goals and massive abundance of renewable energy resources in Middle East and North Africa (MENA) region had a significant impact on the renewable energy industry in the MENA region. Some of the ways in which this impact has been felt include:

·        In July 2020, Air Products & Chemicals (“Air Products”), whose principal business is selling gases and chemicals for industrial use, announced plans to build a green hydrogen plant in Saudi Arabia. The plant will be powered by 4 GW of wind and solar power, making it the world's largest such project.

·        In March 2020, the DEWA Research and Development Centre (the “R&D Centre”), part of the Mohammed bin Rashid Al Maktoum Solar Park, was opened. The R&D Centre is focused on four major operational areas: “electricity generation from solar and clean energy, integration of smart grids, energy efficiency, and water”.

·        In October of this year, the UAE became the first Gulf country to commit to eliminating planet-warming emissions within its borders. The UAE committed to invest AED 600 billion (USD 163 billion) in clean and renewable energy by 2050 as part of its efforts to achieve climate neutrality. In addition, the UAE has recently announced that it has won its bid to host the COP28 conference in 2023 (the UN Climate Change Conference is the largest global conference of heads of states and governments on climate and environmental issues).

Apart from this, in recent years, several governments in the Middle East and North Africa have implemented policies and provided funding support to enhance the growth of the Renewable energy industry.

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Conclusion

In conclusion, The MENA region is witnessing a surge in renewable energy capacity, with solar and wind energy potential fulfilling local demands and setting the stage for becoming renewable energy exporters. The MENA region's commitment to a sustainable and green future is inevitable to mitigate the climate crisis and pave the way for a more resilient economy in the long run. The rising government’s carbon-reducing goals and massive abundance of renewable energy resources in the MENA region had a significant impact on the renewable energy industry in the MENA region.