Arab News, Saturday, May 13, 2023 | Shawwal 23, 1444
Qatar drives cleantech industry in MENA region with $75bn investment opportunity
Qatar:
Qatar is set to drive the growth
of the cleantech industry in the Middle East and Africa as its favorable
government policies and advanced tech infrastructure present a $75 billion
investment opportunity by 2030, revealed an industry report.
Qatar’s Investment Promotion Agency in a
report stated that the country’s sustainability initiatives, abundant natural
resources and an early-mover advantage in green hydrogen production make the
gas-rich nation an emerging leader in the cleantech industry.
“With its abundant solar energy resources, Qatar
is well positioned to take advantage of hydrogen production, which is essential
to decarbonize hard-to-abate sectors,” the report said.
The report also noted QatarEnergy's announcement
to establish the world's largest blue ammonia plant — which is scheduled to open
by 2026 — to produce 1.2 million tons annually.
The $1 billion plant is projected to support
Qatar's efforts to develop carbon capture and storage facilities to isolate as
much as 11 million tons of carbon dioxide annually by 2035.
QatarEnergy has also launched an energy initiative
– known as the Sustainability Strategy – as it aims to reduce the carbon
intensity of its liquified natural gas facilities by 35 percent by 2030.
The report further highlighted that Qatar is
making great efforts to reduce greenhouse gases, preserve land, and enhance
biodiversity in an attempt to improve indoor air quality in accordance with the
guidelines of the World Health Organization.
Those efforts are embodied in the construction of
Lusail City — the leading sustainable city in the country — as well as the
development of a network of metro lines that are powered by green energy.
The country also hosted the first-of-its-kind
carbon-neutral FIFA World Cup in 2022 by using solar-powered stadiums as well as
cooling and lighting technology.
The report noted that the most prominent aspects
related to clean technology in the region are the growth of renewable energy in
the MENA region at a compound annual rate of 8 percent from 2010 to 2035.
This comes as the region produces between 22 and
26 percent of the total solar energy, with forecasts indicating that the actual
capacity of solar energy in the region is expected to surge by about 40 GW by
2025.
The report pointed out that the support of
government policies in Qatar and the MENA region has a vital role to play in the
growth of the clean technology sector.