With the cost of solar energy plummeting, the World Future Energy Summit 2017 (WFES) will showcase an unprecedented range of financially profitable clean energy solutions, opening up opportunities for green tech companies as the MENA region moves to achieve ambitious sustainability targets.
Abu Dhabi Sustainability Week Set to Drive Business Opportunities as Investment in Renewables Reaches Record High11 Jan 2017
The 2017 edition of Abu Dhabi Sustainability Week (ADSW) is on track to be the most important in the event's history for driving commercially focused action, said industry leaders at a press event today.
Hosted by Masdar, the forthcoming ADSW theme is Practical Steps Towards a Sustainable Future'. The week's anchor event, the World Future Energy Summit (WFES), will be celebrating its 10-year anniversary with a strong focus on technology, innovation and finance. The rapidly falling cost of renewable energy has transformed the business case for the green economy', unlocking an increasing number of investment opportunities.
Chinese solar panel manufacturers are targeting the Middle East, North Africa, and South Asia markets, with large-scale investment in renewable energy expected to drive a rapid increase in demand for imported technology.
Local demand has underpinned the rise of China's solar energy industry, but faced by a slowdown in domestic solar energy projects and reduced subsidies, manufacturers are looking to increase their already large export trade as the key to future growth. Emerging markets offer some of the strongest opportunities, particularly in regions with high levels of solar intensity.
Reed Exhibitions, organisers of the annual World Future Energy Summit (WFES), the flagship event of the recently-concluded Abu Dhabi Sustainability Week (ADSW) hosted by Masdar, have today awarded one lucky WFES 2017 attendee with a brand-new, hybrid Toyota Prius vehicle
Powered by an electric motor and a petrol engine, Toyota Prius, was presented to Mr. Jamie Stone a solar expert who visited the event's Solar Expo, by Al-Futtaim Motors.
Saudi Arabia Energy Minister, H.E. Khalid A. Al-Falih, to Lead Kingdom's Largest Ever Delegation at World Future Energy Summit11 Jan 2017
Saudi Arabia's Minister of Energy, Industry and Mineral Resources, H.E. Khalid A. Al-Falih, will lead the Kingdom's biggest-ever presence at the 10th World Future Energy Summit (WFES) when the event gets under way next week. The official delegation forms part of Kingdom's strong support for WFES as the country seeks to showcase the business opportunities presented by its commitments to combating climate change and to energy diversification. It will be the 2017 event's largest national pavilion.
Saudi Arabia signed the Paris Climate Agreement on 3 November, 2016 ahead of the COP 22 United Nations Climate Change Conference held the same month in Marrakech, Morocco. The agreement entered into force on 3 December, 2016. Furthermore, as part of the Kingdom's National Transformation Plan and in line with its Vision 2030, the country will seek to rapidly diversify its domestic power mix, targeting 9.5 gigawatts of renewable energy by 2023.
Saudi Arabia has plans for 9.5GW of renewable energy by 2023, with 3.45GW of capacity commissioned by 2020.11 Jan 2017
With strong interest in Saudi renewable energy business potential stemming from the KSA Vision 2030 statement issued in April, the 10th World Future Energy Summit (WFES) will play a vital role in facilitating partnerships as investors look for further details on the Kingdom's proposed business case for the private sector. The endorsement of public-private partnerships and commitment to guarantee the competitiveness of renewable energy through the gradual liberalization of the fuels market in Saudi Arabia, will be a highlighted topic at WFES 2017. An anchor event for Abu Dhabi Sustainability Week, WFES is the leading business event in MENA and South Asia for the renewable energy industry set to open January 16, 2017.
Private sector investors are showing new interest in Saudi Arabia's solar energy market, after the nation's leadership included plans to add 9.5 GW of renewables to the energy supply as part of Saudi Vision 2030, along with opening the way to greater private sector and international investment.
Announced in April, the Vision 2030 strategy sets 9.5 GW as an initial target' to help build the renewables sector, noting that energy consumption will triple in the next 14 years. The Saudi government has since confirmed that it aims to achieve that target by 2023, a rapid increase from the nation's 25 MW of installed renewable energy capacity at the end of 2015.
Saudi Arabia's plans are being supported by a comprehensive restructuring of government departments responsible for energy. Vision 2030 also promises a complete review of the legal and regulatory framework to allow the private sector to buy and invest in the renewable energy sector.
India's solar power industry will showcase an unprecedented range of investment opportunities at the World Future Energy Summit (WFES) 2017 in Abu Dhabi, after the Indian government recently outlined plans to add an additional 175 GW of renewable energy to the nation's electricity supply by 2022.
The Indian Ministry of New and Renewable Energy (MNRE) is targeting 100 GW of solar power, including utility-scale and rooftop solar. The remaining capacity will include 60 GW of utility-scale wind energy, 5 GW of small hydro, and 10 GW of bioenergy.