MENA renews focus on green energy technologies

 Alternative energy usage has been critical to sustaining the economic growth of the Middle East and North Africa region. With a large-scale shift in its energy supplies becoming imperative in the face of rapidly rising local energy demand, which in itself cannot be met due to the imbalance created by oil and gas exports.

The region has to significantly bolster its energy efficiency. And begin to harness power from commercially viable, scalable and efficient alternative sources and technologies. Transform itself from complete oil dependency to a balanced diet which prominently features alternative fuels, according to alternate asset management company, Al Masah Capital, in its latest report titled, “Unlocking the potential of alternative energy in the MENA region.”

Alternative fuel development is gathering pace in the region in line with regional governments’ commitments to energy saving and fossil fuel consumption reduction. While the shift from fossil fuels to renewable energy will require the construction of wind, solar, nuclear and other green installations on a vast scale, significantly altering the face of the region, the green energy mandates are bound to transform the region’s energy supply matrix in the near future.

“New energies including wind, solar, nuclear power plants and biomass and environmentally clean technologies are a necessity for the region to keep pace with its new energy demand. This is the only way it can conserve its main lifeline, oil, for the long term,” said Shailesh Dash, CEO & Member of the Board, Al Masah Capital.

He added that the MENA region’s huge investments in energy intensive industries, rapid infrastructural and real estate developments, growing population and water consumption had significantly augmented energy needs.

Total primary energy consumption in the Middle East increased at a CAGR of 5.3% during 1999-2009, the second-highest growth rate globally, after that recorded by Asia-Pacific, over the same period.

The region recorded an average annual growth rate of 4% in oil consumption during the past decade (1999-2009), higher than the 3.2% registered during 1989-1999. Similarly, natural gas consumption increased at a CAGR of 6.6% during 1999-2009 compared to 6% for the period 1989-1999.

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