Survey reveals more renewable energy projects underway than expected
Contrary to the perception of some commentators that it was struggling to gain traction, over 150 renewable energy projects are underway in the Middle East and North Africa region, many more than previously thought by industry-watchers in a region, which has abundant oil and gas resources. Revealing this in a news release, the Clean Energy Business Council (CEBC) and Ambata, a clean technology investment and advisory firm, added that they propose to give a boost to the renewable energy industry in the MENA region.
Claiming that they had mapped the region’s renewable energy projects for the first time, which ranged from small, off-grid projects of several kilowatts (enough to power a mobile phone tower) to utility-scale plants, for the first time, the two entities said that they intend to update the map regularly to track the progress of the industry.
“The previous general lack of awareness made policy-makers and capital providers feel the industry was smaller and, hence, riskier than it actually is,” said Aaron Bielenberg, CEO and Founder of the CEBC. “In fact, this is a growing industry, which is vital both from an environmental point of view and for ensuring the long-term sustainability of the economic growth this region has enjoyed.”
Daniel Zywietz, Managing Director of Ambata Capital Middle East, Deputy Chair of the CEBC and the project’s director, added: “The renewables industry is in a similar position today to the oil industry 100 years ago – it took a long time to gain market share from coal, but today, oil is one of the world’s primary sources of energy. Renewables will follow a similar trajectory.”