The worldwide renewable energy industry was valued at over USD 250 billion and created nearly 6 million jobs in 2013. Consequently it is an economic factor to which governments are increasingly devoting attention, incentives and resources. Part of the challenge is to transform the awareness of the problem of the climate change into economic incentives equal to the pressure exerted by the more immediate demands for energy.
About half of the most recently installed electricity generation capacity worldwide draws on renewable energy. This share has nearly doubled in recent years. According to Global Data, new installed capacity has increased by 200 per cent in last eight years to 120 GW in 2013, of which 67 per cent came was hydro, 19 per cent – wind, 8 per cent – solar and 5 per cent – biomass.
Another consideration is pollution and its effect on human health: fossil fuels cost an estimated USD 250-650 billion annually in damage to human health. The Gulf region recognises the importance of these issues and therefore invests continuously in research on the green energy. The establishment of the eco-friendly Masdar City in 2006 demonstrated government commitment and led to the selection of Abu Dhabi to host the Interim Headquarters of the International Renewable Energy Agency (IRENA) in 2009. Masdar City’s mission is to invest, incubate and establish a commercially viable new-energy industry in the region.
According to Bloomberg, the share of renewable energy and newly installed capacity may increase from half to two-thirds by 2030 with a forecast investment of USD 7.7 trillion over the same period. That means USD 5 trillion of the total investments on renewables including hydro power. Asia is expected to account for USD 2.5 trillion of that while the Middle East and Africa will invest another USD 818 billion.
Masdar is a government initiative for the investment of tens of billions of dollars into alternative energy. The Abu Dhabi Fund for Development has allocated 350 million in concessional loans to finance innovative and replicable renewable energy projects endorsed by IRENA. In addition the IRENA and the Abu Dhabi Fund for Development has granted over USD 40 million in concessional loans for renewable energy projects in developing countries.
Oryx Business Intelligence, in cooperation with In-Nova.1 (supported by the New York city of Oswego) is holding an Investment Summit 2015 in Abu Dhabi on 25th – 26th February 2015 focused upon alternative energy sector development, real estate and the creation of new jobs in the region.
Dr Joe Pilotta, who will chair at the summit, said, “Global investor energy summits are a means to both survival and life enhancing imperatives, and they need to focus on what can be done with financial capital in terms of human capital and what the meaning of life can mean for us all.”
The invited speakers include Adnan Z. Amin, Director-General, International Renewable Energy Agency (IRENA) and Jeremy Rifkin, bestselling author of the Third Industrial Revolution, who currently advises the European Commission, the European Parliament, and several EU heads of state on issues related to the economy, climate change, and energy security.
Companies involved or interested in alternative energy and real estate are invited to attend. For the up-to-date programme, sponsorship and/or speaking opportunities and delegate fees, please email us at email@example.com.
For more information please refer to http://oryxsa.com/conferences/