100 billion dollars Gulf countries investments in renewable energy

ArabiaWeather.com - The GCC countries allocate about $100 billion annually; To be invested in renewable energy projects in the Gulf region over the next 20 years.

The Electricity Interconnection Authority in the Council confirmed that the Authority is studying the expansion of electrical trade exchange with European countries, and at the level of other regions in addition to the Gulf interconnection.

The study will include the possibility of importing clean energy at a lower cost from African countries that produce hydropower, as well as studying the possibility of exporting energy to European countries and other regions, according to the CEO of the authority, Ahmed bin Ali Al-Ibrahim.

Solar energy is one of the energy sources that need investments in the Gulf countries, whether in the private or public sectors. In addition, investment in renewable energy worldwide amounted to about $330 billion in 2015.

The Authority works to link the electric power networks between the GCC countries by providing the necessary investments for the exchange of electric power. To cope with the inability to obstetric in emergency cases.

It also works to reduce the generation reserve in electrical systems, improve the economic reliability of electric power systems in the member states, and provide the basis for the exchange of electric energy between those countries in a way that serves the Gulf economy, according to the Emirati "Al-Iqtisadi" website.

It is noteworthy that the Gulf countries have the opportunity to secure their needs of advanced technologies in the field of renewable energy after its lower cost compared to the cost of oil and gas production, according to the Executive Secretary of the United Nations Framework Convention on Climate Change, Christiana Figueres.

About $500 billion will be spent annually in the coming years in the global renewable energy sector, to rise to $1 trillion from 2020 to 2030.