Globally, the Middle East (ME) is one of the regions most vulnerable to climate change. Nearly every ME country has been subjected to some of the lowest precipitation levels historically, and hotter climatic conditions will lead to a surge in demand for electricity to power regional cooling requirements.
New York, May 12, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Middle East Power & Energy Outlook, 2022" - https://www.reportlinker.com/p06276186/?utm_source=GNW
In fact, cooling already accounts for 70% of residential power demand.An increase in temperature will exacerbate the ME’s desalination and cooling requirements.
Energy-efficiency needs are equally strong across the region where citizens have thrived on energy subsidies and some of the lowest electricity prices in the world. These issues coupled with volatile hydrocarbon prices have led to what is now being called the Energy Transition era in the Middle East.Economic diversification features on most vision agendas of Gulf Cooperation Council countries to insulate themselves from volatile oil prices and to transition to an industrial economy that will achieve growth from non-oil exports. Further, the onus to reduce carbon emissions has fallen on the region; therefore, ME countries have ambitious targets to promote renewable sources of power. Decarbonization represents a subject gaining unparalleled levels of attention and importance in the ME. Another trend is the major shift towards natural gas-fired power plants, a move away from other fossil fuel-based power generation sources, and phenomenal growth in capacity additions of renewable power generation assets, with solar PV dominating. Opportunities abound with net capacity additions of more than 185.46 GW in the pipeline, easy access to financing renewable projects, and several incentives earmarked to attract foreign investments.
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