The Middle East and North Africa (Mena) region has high and diverse aspirations and motivators to meet the target of tripling renewable energy capacity by 2030, according to a report released on Wednesday by the International Energy Agency (IEA).
As per the findings of the report “COP28 Tripling Renewable Capacity Pledge: Tracking countries’ Ambitions and identifying Policies to Bridge the Gap,” the IEA has explained how the MENA region, led by Saudi Arabia, Egypt, and Algeria, has the highest growth factor based on its ambitions, which is 4.5 times its current small base.
Nearly half of the capacity targets for 2030 come from solar photovoltaics. The region’s solar PV capacity is expected to rise from 16.5 GW in 2022 to over 90 GW by 2030 if all aspirations are fulfilled. Even higher amounts could be reached if a portion of the government’s aspirational, non-specified capacity is devoted to solar photovoltaics. With its high solar radiation levels and growing competitiveness, solar photovoltaics is the preferred technology for the region’s goals. Prices for utility-scale solar PV have dropped by 75% since 2015; in Jordan’s 2015 tender, prices were US$56/MWh; in Abu Dhabi, the most recent tender, prices were $14/MWh.
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