Managing scarcity for the future
In this whitepaper, Deloitte Middle East tackles some of the challenges and opportunities in the renewable energy sector in the GCC. This topic has become increasingly relevant as many GCC governments have recently announced plans to embrace renewable energy in the near future.
As an oil producing region, the Middle East has been considered a high net emitter of carbon, although this perception now appears to be gradually changing as the region has taken steps to embrace renewable energy. This is evidenced by a host of public announcements made by various governments in early 2012, with the Kingdom of Saudi Arabia (KSA), Kuwait, and Oman each announcing plans to produce at least 10% of its energy from sustainable sources by 2020.
These sentiments have been echoed in the United Arab Emirates, where Dubai and Abu Dhabi have set more modest (yet attainable) targets of producing 5% and 7% respectively of their energy from solar and renewable sources by 2030. The change in Middle East energy strategy suggests there will be significant opportunities for private sector companies in the renewable energy and cleantech space in the near and long term.