Keynote: Financing the Energy Transition in MENA by Daniel Hanna
The CEBC Clean Energy Annual Summit is our flagship event of the year where experts and industry leaders from across the globe come together to discuss the clean energy trends, challenges, opportunities and outlook. The summit focuses on the Middle East and North Africa (MENA) market.
Key takeaways from the keynote:
– The world moves toward Net Zero Energy. Two third of global GDP is covered by some forms of Net Zero ambitions and over 20% of the world’s large companies have a Net Zero target.
– Global spending on renewables, electric vehicles, and other low carbon energy technologies reached a record-breaking high last year for $501 billion.
– In a Net Zero scenario, investment in energy rises from $2 trillion globally on average of the last five years to 5 trillion $ per annum by 2030 according to IA.
– Three key barriers to Net Zero are: 1) Lack of urgency. 2) Need for clear standards. 3) Lack of finance.
– Three key levers that can help: 1) Partnerships. 2) Innovation in Capital. 3) Innovation in Market
– Transition and blended finance will be important thoughts. Transition finance on its own must be developed as an asset class that will require standards. The energy transition presents challenges and opportunities for the Middle East.
This summit is organized by the Clean Energy Business Council (CEBC). The CEBC is a non profit organization dedicated to promoting clean energy including renewables, energy efficiency, smart grid, energy storage and clean energy technology and solutions for the environmental sector. CEBC provides a platform to further dialogue between the public and private sectors to develop much needed policy and regulation to help drive the implementation of clean energy across the MENA region. Thank you to the summit Gold sponsors Pinsent Masons, Standard Chartered, GreenParking, CATEC Mobility, CITA, ESB International and Enova and Bronze sponsors Emirates National Oil Company (ENOC), SCAME, Hager Group and Lockton.