Energy

Investments in research and development are accelerating technological advancements. (Image source: Adobe Stock)

According to the International Energy Agency (IEA), global investments in clean technology manufacturing soared to US$200bn in the past year, marking a 70% increase from 2022.

The IEA's latest report highlights that solar PV and battery manufacturing dominated these investments, comprising over 90% of the total for both years. Specifically, investment in solar PV manufacturing surged to approximately US$80bn in 2023, more than doubling from the previous year, while battery manufacturing investments rose by about 60% to reach US$110bn.

The report highlighted that China was responsible for 75% of the global investments in clean technology manufacturing. It also noted a rapid expansion in the pipeline of clean energy projects, suggesting that clean manufacturing capacity is set to meet the "net-zero by 2030" targets ahead of schedule, largely due to advances in photovoltaic solar cell technology.

Additionally, the report emphasised the critical role of government policies and international cooperation in fostering this growth. Investments in research and development are accelerating technological advancements, enhancing efficiency, and reducing costs.

The IEA stressed the importance of continuing this momentum to address climate change effectively and achieve long-term sustainability goals. This surge in investment and capacity building indicates a positive trend toward a greener global economy.

UAE aims to derive 100% of the required energy from clean sources by 2050. (Image source:)

In accordance with the efforts of Dubai Electricity and Water Authority (DEWA) to bolster its position as a global leader in sustainable energy solutions, HE Saeed Mohammed Al Tayer, MD & CEO of DEWA, welcomed a high-level delegation from PowerChina to discuss cooperation in various areas of energy and water.

Delegation discusses clean energy 

The visiting delegation comprised Peng Gang, Vice President of PowerChina-Intl and President of PowerChina MENA; Gao Fei, Vice President of PowerChina MENA; Chen Yunpeng, Vice President of SEPCOIII, a subsidiary of PowerChina; and Hong Li, Chief Representative of PowerChina in UAE.

The discussions revolved around potential collaboration areas, including renewable energy projects, smart grid solutions, water infrastructure development, and joint research and development initiatives. Both parties expressed a desire for strategic collaboration to lay the groundwork for future joint ventures.

Al Tayer underscored DEWA's commitment to sustainability and innovation, particularly in alignment with the goals outlined in the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050, which aim to derive 100% of the required energy from clean sources by 2050.

PowerChina, renowned for its expertise in clean energy, water infrastructure, and sustainable development, expressed interest in collaborating with DEWA to explore new ventures and exchange knowledge and expertise in the energy and water sectors.

This wind farm is poised to be one of the largest in the world, with a project value exceeding US$10bn. (Image source: Masdar)

Infinity Power, an African renewable energy developer, together with Hassan Allam Utilities, an investment platform, and Masdar have signed a Land Access Agreement with the Egyptian Government for the consortium’s 10GW capacity onshore wind farm in Egypt

This wind farm is poised to be one of the largest in the world, with a project value exceeding US$10bn.

The agreement grants the consortium access to a 3,025 sq km area of land located in West Suhag. It enables the consortium to conduct essential development studies to advance the project, including resource measurement campaigns, geotechnical and topographic surveys, and environmental studies to ensure minimal environmental impact.

Clean energy

This wind project is projected to generate 47,790 GWh of clean energy annually and reduce around 9% of Egypt’s yearly carbon emissions by displacing 23.8 million tonnes of carbon dioxide annually. Furthermore, the wind farm will aid Egypt in achieving its strategic goal of sourcing 42% of its energy from renewables by 2030. It is estimated that the 10 GW wind farm will save the country approximately US$5bn in natural gas costs per year.

Masdar’s CEO, Mohamed Jameel Al Ramahi, said, “Masdar, its joint venture Infinity Power, and our partner Hassan Allam Utilities, is supporting Egypt to deliver its ambitious renewable energy targets. I congratulate Egypt’s leadership on this major milestone for the country, with what is set to be one of the largest wind farms on the planet. At 10GW, this landmark project is pushing the limits of innovation and scale as we work to help unlock Africa’s clean energy potential, and further advance its energy transition.”

Amr Allam, co-CEO of Hassan Allam Holding, said, "In a significant move towards a more sustainable future for Egypt, the signing of the Land Access Agreement for the 10GW wind farm project alongside our esteemed partners, Infinity Power and Masdar, marks a pivotal moment. This initiative underscores our commitment to clean energy and environmental responsibility, and we are proud to be part of this transformative project that will have a positive impact on our nation's energy landscape and beyond."

Mohamed Ismail Mansour, chairman, Infinity Power said, "We are excited to be moving to the next step of the development of our 10GW wind farm in Egypt and cannot wait to see it progress. Not only will this project deliver substantial benefits during construction and operation, creating jobs for local people and investing in their local communities, the impact of the energy uplift will be amazing to see. This source of clean, affordable energy will save Egypt money, reduce emissions and power industry across the country.”

Nayer Fouad, CEO, Infinity Power added, "This wind farm is an ambitious and important project, set to be one of the largest in the world, and we’re delighted to be taking this step forward. It’s a hugely important project for Egypt and the wider region, and also highlights Infinity Power as a leading investment platform in renewable energy, able to deliver renewable projects on the largest scale. This project will also show that, by setting bold targets, countries can embrace and adopt renewable energy and transform their energy mix."

This series will focus on monitoring progress and offering recommendations. (Image source: IRENA)

Dr. Sultan Al Jaber, President of COP28, has officially assigned the International Renewable Energy Agency (IRENA) the task of creating a specialised annual report series.

This series will focus on monitoring progress and offering recommendations to achieve key energy objectives outlined in the UAE Consensus established at COP28.

The commitment to triple renewable power capacity and double energy efficiency by 2030 reflects crucial aspects of the global effort to combat climate change and attain the 1.5°C target. The UAE Consensus underscores the necessity of transitioning from fossil fuels in energy systems in a fair, organised, and equitable manner, with the ultimate goal of achieving net zero emissions by 2050.

Social development

COP28 President Dr Sultan Al Jaber said, “Tripling renewable energy capacity and doubling energy efficiency by 2030 are central parts of the UAE Consensus, agreed by all 198 Parties at COP28. IRENA’s annual report will track and monitor global progress against these targets, which are crucial in ensuring we turn agreement into action and keep 1.5°C within reach. The energy transition offers the greatest opportunity for social and economic development since the industrial revolution, and in IRENA we have a partner who understands both the need to transition to renewable energy and the huge economic opportunity this offers.”

IRENA director-general Francesco La Camera welcomed the recognition of IRENA’s new custodian role saying, “I confirm the unwavering commitment by IRENA to the successful implementation of the historic UAE Consensus. Given the centrality of the Agency’s World Energy Transitions Outlook 1.5°C Pathway to the tripling of renewables and doubling of energy efficiency goals, IRENA is best placed to monitor progress towards these vital outcomes and ensure commitments are transformed into firm action and progress on the ground.”

The new annual tracking report, which will be led, developed and published by IRENA, as official Custodian Agency, each year from 2024 to 2030, will feature the latest data and projections concerning the tripling of renewables and doubling of energy efficiency by 2030, providing timely and accurate inputs to future COP engagements.