Middle East becomes fastest-growing renewables market outside China

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Financial Times 2d ago

Middle East becomes fastest-growing renewables market outside China - Financial Times

Quick Summary:

As the UAE was revealing its new solar project, Saudi Aramco, the world’s largest oil company, announced a joint venture that would start producing lithium, a key ingredient for batteries, as early as 2027.

However, the challenge will be for Gulf states to integrate a rapid rollout of renewables into their power grids, said Vollset.“What they do not currently have is the infrastructure, in terms of the grid, which is built for fossil fuels, not solar power.

Saudi Arabia, for example, targets to generate 50 per cent of its electricity from renewables by 2030, requiring it to install 130GW of renewables in just a few years, enough to power about 25mn homes.“They will have to ramp up their efforts quite substantially,” said Vollset.“2030 is quite soon.