Renewable energy market to grow 25 per cent annually through 2030
Gulf exploring various alternative sources as world prepares for USD45 trillion in investments within next 40 years to balance energy options
The alternative energy sector is expected to grow 25 per cent annually and account for almost 70 per cent of the global energy market through 2030. The sector’s current USD150 billion share of the estimated USD800 billion worldwide energy infrastructure will rise by then to around USD600 billion. Key issues related to this growth and the Middle East’s aggressive push towards alternative energy will be examined during the 2009 Alter Energy Convention running from October 27 to 29, 2009 at the Dubai International Convention and Exhibition Centre.
Gulf states are expected to collectively spend around USD70 billion in energy projects in 2009 to accommodate massive energy consumption. The UAE’s 10 per cent average annual energy use growth alone is double the 4 per cent global rate; this has spurred heavy investments into various sustainable energy initiatives such as the MASDAR initiative, where renewable energies and green technologies are set as top priorities on the project's agenda to reduce the regions dependence on oil. Alter Energy will gather international experts, regional decision makers, and “green” and renewable energy technology developers to discuss and debate the benefits and challenges of alternative energies.
“The economic downturn has reminded the world that it should plan well for the future. We still rely on traditional energy sources to generate 90 per cent of our power requirements. However, most of these are non-renewable and have devastating ecological effects. We need to turn this situation around and encourage closer collaboration among private and government entities through forums such as Alter Energy to explore sustainable solutions that can meet our energy needs while conserving our environment,” said Anselm Godino, Managing Director of International Conferences & Exhibitions, the organizers of the Alter Energy Convention.
To be held under the umbrella of the 2009 Oil & Gas Show (OGS), Alter Energy Convention 2009 will discuss and evaluate the regional and global outlook on carbon footprint and energy usage; the importance of oil and gas sector partnerships with alternative energy initiatives; sustainable regional water management; and the latest sustainability projects, techniques and technologies.
The conference-led event’s impressive lineup of confirmed speakers includes Paul Dickerson, the US Department of Energy’s former COO of Energy & Efficiency and Renewable Energy; Professor Ali Sayigh, Chairman of World Renewable Energy Congress & Director General of World Renewable Energy Network, UK; Dr. Samer Adham, Managing Director of Global Water Sustainability Centre, Qatar Science and Technology Park, Qatar; and Dr. Hermann Scheer, Member of German Bundestag, President of EUROSOLAR, General Chairman of World Council for Renewable Energy (WCRE) and President of International Parliamentary Forum on Renewable Energies.
This year's convention will also highlight ways to reduce and manage the carbon and water footprints made by the oil and gas industry. Moreover, it will emphasize the increased ability of alternative energies to meet the demand of a rapidly growing world population.
- DEWA increases percentage of renewables in energy mix targets to 7% by 2020 and 15% by 2030
- Dubai seeking to reduce energy use by 30 per cent
- GCC increases investments in gas development and exploration as demand grows by 6.66 per cent annually
- Qatar’s USD 5.6 billion real estate market expected to grow 7 per cent in 2010