MENA Sees Major Renewable Energy Investments, Targets 131 GW by 2030

A report by the Desertech Industrial Initiative highlights the Middle East and North Africa's (MENA) commitment to energy transition goals under the Paris Agreement, showcasing significant investments in renewables, hydrogen, and energy storage over the past decade. Despite setbacks globally, the MENA region has seen its renewable energy capacity soar from 1 GW to over 30 GW, with projections suggesting it could reach 131 GW by 2030. Meanwhile, Bangladesh struggles to attract investment in its renewable energy sector due to an unfavorable environment, including high import duties and a lack of investor trust following the cancellation of numerous projects. In Australia, the government is moving forward with a Guarantee of Origin scheme to promote low-emission products, aiming to position the country as a renewable energy superpower by mid-2025. Conversely, a critical perspective on the global energy transition claims that despite substantial investments in renewables, hydrocarbons still dominate the energy landscape, and a more pragmatic approach to climate policy is necessary. Overall, while some regions show promising advancements, challenges persist in attracting investments and achieving a balanced energy mix.