A DRAMATIC drop in the cost of renewable energy installation has been the main driving force behind GCC countries moving rapidly towards adopting renewables, affirmed economic experts.
Clean electricity in the GCC will have the biggest impact on reducing ‘Green House Gas (GHG)’ emissions with the six countries publishing vision statements that guide their economic policies for 2030, 2035 and 2040.
Details were highlighted in the World Bank’s ‘Gulf Economic Update: Green Growth Opportunities in the GCC’ report which revealed that within the GCC, countries stand to gain from a transition to a green future to further diversify their economies.
“The region already has three record-breaking low-cost auctions for solar energy supply in the world and has the potential to be a lead producer of green and blue hydrogen,” said the report.
“This could position the GCC as a major producer of green energy and cement its status as an energy hub for the future.
“Using more renewable energy for domestic consumption will free up oil resources that can be sold on international markets, thereby increasing exports and reducing budget – and deficit – spending.
“With the right regulations, policies and investments – many of which are already on their way or planned – to support the transition, they can emerge with stronger, more sustainable economies that generate rewarding jobs for their youth while simultaneously protecting the planet.”
According to the report, the largest source of GHG emissions globally is the electricity sector (25 per cent) closely followed by food and land use (24pc), industry (21pc) while transport stands at (14pc).
However, in the GCC, the dominance of the electricity sector – mostly related to domestic air conditioning – is responsible for 75pc of GHG emissions in the region.
“The ambitious plans of each GCC state include pledges to decrease the use of fossil fuels to generate electricity while each state aims to increase the capacity of renewable energy to power domestic electricity needs,” added the report.
The GDN reported last month that Bahrain is making significant progress towards green initiatives that mitigate climate change.
The kingdom is committed to achieving carbon neutrality by 2060 and is making significant progress towards its 2035 goals set at the Glasgow COP26 Conference in the UK.
Various policies and programmes introduced to achieve Bahrain’s climate goals include investing in carbon technologies and the National Afforestation Plan, which aims to double the number of trees in Bahrain and quadruple mangrove coverage.
Bahrain also aims to reduce emissions by 30pc by investing in decarbonisation and energy efficiency initiatives and doubling renewable energy – as Bahrain was able to increase its renewable energy sources by 40pc in the past year.
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