(MENAFN- Khaleej Times) The UAE has topped the GCC Renewable Energy Readiness Index (RE-readiness index), in a recently released GCC-wide study that aims to respond to the common interests of stakeholders in the GCC and the EU regions.
Scoring 4.75 out of seven, the UAE was closely followed in the RE-readiness index by Saudi Arabia with a score of 4.60. The index shows that compared to the other GCC countries, the UAE and Saudi Arabia are more ready to integrate renewable energy technologies (RETs) for power generation.
Solar panels on the roof of residential buildings at the Masdar Institute of Science and Technology in Abu Dhabi. The UAE leads the GCC in renewable energy index by scoring 4.75 out of seven. - Bloomberg
On the other hand, in the renewable resources category, Qatar, Kuwait, Bahrain and Oman have received RE-readiness scores of 5.6, 5.5, 5.3 and 5.2, respectively, because of their substantial solar and wind resources. The UAE and Saudi Arabia follow with a score of 4.7 and 4.55 respectively, due to lower wind resources.
The study also suggests that a clear policy and legal framework with a consistent strategy will ensure sustainable deployment of the renewable energy projects across the GCC region. Titled 'Renewable Energy Readiness Assessment Report: The GCC Countries 2011-2012,' the report suggests that initiatives undertaken so far in the GCC represent a proactive approach to addressing energy security and environmental issues at international, regional and national scales.
An outcome of the collaboration between the GCC consortium on Clean Energy and the EU-GCC Clean Energy Network, the report further revealed that most countries have not yet officially set their RE development targets and are yet to implement stable policies.
Dr Scott Kennedy, dean of research and associate professor of engineering systems and management at Masdar Institute, said: "The report identifies areas that need to be strengthened and spells out measures to be implemented in the GCC region. Such a study offers an avenue for governments across the region to channel their resources and lay the foundations for large-scale deployment of renewable energy."
Hamza Kazim, vice president of operations and finance at Masdar Institute, who additionally represents the research-based institution at the EU-GCC Clean Energy Network and the GCC at the GCC Consortium, said: "This collaborative study is a testament to the extent of synergy that could be achieved among researchers in the GCC. The GCC has succeeded in attracting top researchers to address regional challenges and drive innovation through offering practical solutions."
Renewable energy remains the fastest growing sector in the energy industry. According to estimates by Bloomberg New Energy Finance, renewables will account for 70 per cent of the new power generation capacity added worldwide to 2030. In 2012, $268 billion was invested in renewable energy worldwide. That figure is expected to reach an estimated $750 billion annually by 2030, accounting for 73 per cent of total annual investment in power generation.
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