Renewable energy has a mixed outlook in the Middle East and Africa (MEA) region, due to a reluctance to invest from some countries and an inability to afford renewables in others, according to GlobalData, a leading data and analytics company. Several major MEA countries are actively supporting the growth of renewable energy through mechanisms such as renewable targets, renewable portfolio standards (RPS), feed in tariffs (FiTs) or auctions, net metering, and tax exemptions or subsidies. Most of the countries covered in MEA have renewable energy targets, implying that these governments are actively supporting the growth of renewable energy in their respective countries. Some countries have capacity targets, while others have targets to achieve a fixed share of generation from renewable sources. The availability of oil in the MEA region presents a major challenge to renewables. For example, in 2016, Saudi Arabia reduced its 2040 renewable goals from 50 to 10% of the country’s electricity supply. In April 2017, the country declared that it will develop 30 solar and wind projects over the next ten years as part of the kingdom’s $50-billion programme to boost power generation and cut its oil consumption.
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Source: EE plublishers