Gulf Pursues Green Energy Investments
Source: GulfNews (8/30/09)
"The Gulf states are expected to collectively spend around $70 billion (Dh257 billion) on energy projects this year. . ."
The UAE's 10% average annual increase in energy use is double the 4% global rate. This has spurred heavy investments in various sustainable energy initiatives, such as Masdar City, Abu Dhabi, in an effort to reduce the region's dependence on oil.
The alternative energy sector is expected to grow by 25% annually and account for almost 70% of the global energy market through 2030. The sector's current $150 billion share of the estimated $800 billion worldwide energy infrastructure is expected to increase to around $600 billion by 2030. Key issues related to this growth and the Middle East's aggressive investment in alternative energy will be examined during the 2009 Alter Energy Convention running from October 27 to 29 at the Dubai International Convention and Exhibition Centre.
Alter Energy will gather international experts, regional decision makers, and 'green' and renewable energy technology developers to discuss and debate the benefits and challenges of alternative energies.