GCC can achieve $200bn from renewables by 2030

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The International Renewable Energy Agency (IRENA) has said that GCC countries could achieve up to $200bn in returns through renewable energy integration by 2030.

The agency said that countries in the region are continuing to establish many ambitious, large-scale clean energy projects, with 30 major schemes either at the planning stage, under construction or already completed.

Qatar is currently working up plans for the world's biggest solar project - a 1,800MW plant that could produce up to 16% of the country's energy requirements. Meanwhile, Saudi Arabia is seeking investment for a $109bn project that will produce a third of the country's electricity needs by 2032.

IRENA said that such projects mark a trend in shifting demand for invesstment in renewables projects to developing countries.

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IRENA is also working with the Abu Dhabi Fund for Development (ADFD) on the roll-out of the first instalment of its $350m fund for renewable energy projects in developing contries.

ADFD willl provide concessional loans for such projects and is accepting applications for the first funding cycle until January 13.

IRENA's deputy director-general, Frank Wouters, said: "This financing from ADFD, administered with the support of IRENA, will help projects that are innovative and replicable to get off the ground.

"By making such projects bankable, we believe we can create substantial growth opportunities for renewables in energy-poor countries."

A Project & Finance Village will be set up as part of the World Future Energy Summit (WFES) which will take place in Abu Dhabi from 15-17 January 2013.

WFES show director Naji El Haddad said: "Demand for renewable energy sources from developing countries is on the rise and many countries lack the funds to develop these resources.

"Development on a global scale is not possible without powering communities lacking access to a traditional energy supply and many countries from the Middle East, Asia and Africa are highly interested in the outcomes of the summit."