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Tuesday, Feb 27, 2024

Qatar drives cleantech industry in MENA region with $75bn investment opportunity  

Qatar drives cleantech industry in MENA region with $75bn investment opportunity  

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.

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