|1 March 2017|

A new report has revealed oil rich Gulf states could generate savings of $87 billion by shifting to renewable energy.

The report released by Orient Planet Research estimates Arab states within the Gulf Cooperation Council (GCC) could make major gains by seizing the initiative and shifting to clean and renewable energy.

In its report – ‘Clean Energy in the GCC’ – Orient Planet Research states that by scaling up renewable energy, GCC countries would reap multiple benefits across the region in terms of job creation, fossil fuel savings, and reduction in carbon emission, among others. As well as $87 billion in savings the report says moving to renewables could result in a reduction of up to one gigaton of carbon emissions.

Nidal Abou Zaki, Managing Director, Orient Planet Group, said: “Rapid industrialization, population growth, and an increased rate of water desalination are all contributing to burgeoning energy demand. Right now, more fossil fuels are being used to meet the rising energy requirement but there is now a growing need to transform towards a more sustainable future. The prospects are bright for GCC countries in this regard especially because the region has a strong potential to be a net exporter of electricity generated from solar power in the future. This is only one aspect which GCC governments can capitalize on moving forward.”

He added: “Pursuing renewable resources in the Gulf is highly practical as it is as richly endowed with renewable resources as it is with hydrocarbons. The region, as the report notes, boasts of abundant year-round sunshine, the space to develop large solar power plants, significant wind and geothermal resources, and biomass derived from urban waste. There is no better time to pursue clean energy than now when the industry is experiencing significant growth worldwide.”