Founder of Irbisio Cleantech Infrastructure Fund, Private investor into renewable energy projects
Transitioning to renewable energy in the #Arab world requires a comprehensive and strategic approach, incorporating scientific research, innovation, and regional cooperation. Accounting for cultural, social, and economic contexts is critical for the successful implementation of initiatives. 🔑 Key Development Areas Arab countries need to develop a new framework for localizing #renewableenergyresources. Establishing a #CleanTech Cooperation Council, which unites both oil-rich and oil-poor countries, will enable efficient utilization of resources and technologies. By comparison, the European Union achieved a 25% share of renewables in total energy consumption by 2023. Increasing Investment in Science and Technology: According to the World Bank, Arab countries invest only 0.5% of GDP in scientific research, while Europe invests 2.3%, and the US 2.8%. Jordan's example, where a 30 MW solar energy project was realized without government expenditure, demonstrates the potential of successful investments. Regional initiatives and #privatesector involvement are crucial in the transition to renewable energy. In Europe, private investments in renewables reached €60 billion in 2020, €72 billion in 2021, €78 billion in 2022, and €85 billion in 2023. These investment levels serve as benchmarks for Arab countries aspiring to sustainable development. The transition to renewable energy in the Arab world holds immense potential for stimulating economic growth, creating new jobs, and fostering innovation. Comparisons with successful cases from Europe and the US indicate that strategic planning and collaborative efforts can significantly accelerate this process. The Arab world stands on the brink of significant change, and realizing the potential of renewable energy will be key to ensuring a sustainable and prosperous future for the region. #Irbisio
