Abstract
AbstractThe Gulf Cooperation Council (GCC) region plays a vital role in shaping the global energy markets because of its substantial amount of hydrocarbons resources. Although the GCC has abundant hydrocarbon resources, countries in the region have also shown their commitment and intent to become the global leaders in alternate energy, especially, renewable energy through their “Visions and Laws”. Further, All the countries in the Middle East have also set targets for the deployment of renewable energy at the federal or local level.For several decades, there has been steady economic and population growth of the Middle East countries, with most of the region’s wealth and socio-economic development, tied to its substantial oil and gas resources. Renewable energy can provide an alternative to their energy landscape, which holds a vast potential to cut fuel costs, reduce GHG emissions.To promote renewable energy, in the last five years, renewable energy has gained a lot of interest in the Gulf Cooperation Council (GCC) countries. Low tariffs bids for renewable energy generation in the United Arab Emirates (UAE) and Saudi Arabia since 2016 have made renewable energy, especially solar power competitive with conventional energy (International Renewable Energy Agency. Renewable Energy Market Analysis-GCC 2019. s.l.: International Renewable Energy Agency, 2019).With the push from the decision-makers to reduce the risk of dependence fossil fuels, the renewable energy plans can be implemented in the GCC. Decision-makers in the GCC have recognized the need for a plan for the post-oil era. This chapter will explore the GCC long term policies and government’s role in shaping the renewable energy market. Further, the chapter will also explore the challenges & opportunities related to the renewable energy sector in GCC (International Renewable Energy Agency. Renewable Energy Market Analysis-GCC 2019. s.l.: International Renewable Energy Agency, 2019).
Highlights
Electricity consumption in Gulf Cooperation Council (GCC) has increased rapidly over the past two decades by around 6% to 12% annually due to rising population and economic growth
Saudi Arabia revised its targets by establishing National Renewable Energy Program (NREP) under Renewable Energy Project Development Office (REPDO), Ministry of Energy
In March 2018, Saudi Arabia and Softbank signed a memorandum of understanding to construct about 200 gigawatts of solar power facilities by 20,303 but during the end of the year, the project was put on hold, the Softbank and Public Investment Fund (PIF) are continuing to collaborate on solar energy plans
Summary
Electricity consumption in GCC has increased rapidly over the past two decades by around 6% to 12% annually due to rising population and economic growth. As countries in the GCC are major oil and gas producers, their electricity production has typically relied on oil and gas They are slowly diversifying away from increased reliance on oil and gas to renewable energy and other sources (King Abdullah Petroleum Studies and Research Center, 2018). Saudi Arabia is transitioning from crude oil and its oil products towards domestic natural gas (International Renewable Energy Agency 2019). The GCC countries are making efforts by reforming their markets to increase sector liberalization and private sector participation, further, by promoting renewable energy technologies and aligning domestic prices of electricity with the true cost of generation (KAPSARC 2017). The GCC countries could be the world leaders in renewable energy deployment led by solar PV as the major technology provided current plans and visions are supported with enabling policy framework and renewable energy push driven by GCC’s largest energy markets. This chapter explores the current policy intervention for the widespread adoption of renewable energy in GCC, the need for renewable energy and challenges & opportunities associated with the sector
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