Here’s how collaboration and innovative financing can supercharge MENA’s renewable energy ambitions.

Blessed with abundant renewable resources, the Middle East and North Africa is at the forefront of green energy development and has been moving away from hydrocarbon reliance for more than a decade. Now, as technology enables the capture of ever-greater quantities of energy from solar, wind and water systems, this region and its developers are offering increasingly compelling investment opportunities. More renewable projects are needed to meet the ambitious targets set by countries in the region, which amount to 80 GW of renewable capacity by 20301, according to the International Renewable Energy Agency, that’s up from around 28 GW now, and implies billions of dollars of investment over the coming years. The region is well positioned for success, benefitting from land availability, plentiful sunshine and high wind speeds in some geographies, low capital and labour costs and a good track record of delivering return on investment. Solar and wind projects are proliferating, offering investor potential, while new opportunities are emerging in green hydrogen and waste-to-energy projects. The region’s energy sector also remains attractive to foreign and local investors, because of a favourable global business environment and proactive sustainable and environment regulatory changes. However, financing these capital- intensive projects is still a challenge.