Rystad Energy’s latest research forecasts that renewables capacity in the Middle East is set to soar in the coming years, with solar photovoltaic (PV) being the predominant source and green energy outpacing fossil fuel usage in the power sector by 2040.
The global independent research and energy intelligence company sees solar PV accounting for more than half of the region’s power supply by the middle of the century, up from 2 per cent last year.
Further, in 2050, it notes that renewable energy sources, including hydro in addition to solar and wind, are expected to constitute 70 per cent of the Middle East’s power generation mix, up from the 5 per cent recorded at the end of 2023.
However, despite an incoming increase in renewables capacity, the company notes that natural gas comprised nearly three-quarters of the region’s electricity generation at the end of last year and said that there will continue to be a heavy reliance on gas, with usage growing until 2030, when it will peak.
The company forecasts that the share of gas in the power generation mix will shrink from 74 per cent at the end of 2023 to 46 per cent in 2040 before dropping to 22 per cent by 2050.
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