According to the International Renewable Energy Agency, or Irena, gulf countries could save up to USD 200 billion from now until 2030 by investing seriously in renewable.

Mr Adnan Z Amin director general of Irena said that the agency’s research has shown that this is achievable for GCC countries by saving three billion barrels of oil, thus freeing the oil for sale at market prices instead of burning it for electricity generation.

Speaking at an MoU signing ceremony with the Dewa, Mr Amin said that the Gulf was primarily thought of as an exporter of energy for many years.

He said that “Today, however, an increasing amount of its oil and gas is going to meet domestic demand, to fuel rising populations, economic growth and rapid industrialization.”

Currently, the vast majority of the region’s electricity is provided by oil and gas. But every barrel of oil burned at a cost of around USD 10 a barrel is a barrel of oil not exported at a price of USD 100.”