NBAD Financing the Future of Energy Report 2016
13 March 2016 - Dubai, United Arab Emirates
NBAD’s ‘Financing the Future of Energy’ Report 2016 is now available and states that the Middle East is in a prime position to grow its renewable energy sector.
The past year has seen a number of factors converging to promote renewable energy and financial institutions have an important role to play. The report states that low oil prices and the cost competitiveness of renewables is encouraging governments to turn to it as a hedge against fossil fuel price volatility. This, combined with governments’ long-term ambitions for greater energy independence by decarbonising their economies, will be the key drivers for the transition to a clean energy world.
The report reasserts that even in the current economic climate, global energy demand is outstripping today’s supply. Closing this gap would require US$48 trillion of investment over the next 20 years, with renewables playing a critical role in the energy mix of the future.