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Wednesday 20 January 2010
Middle East Plan to be Leader in Renewable Energy
Away from international headlines, Saudi Arabia, the world’s leading oil producer and exporter, took a significant step towards cleaner and greenery energy this week with the announcement that it would join IRENA, the International Renewable Energy Agency.
Although it is not the first Gulf nation to join the fledgling body, the addition of the Arab and energy world heavyweight is the clearest indicator yet that the Middle East is serious about committing petrodollars to bring to market cleaner, cheaper, more accessible and renewable sources of energy for the world.
Despite cynical suggestions that this is yet another way for Arab oil producers to expand their grip on global energy supplies, the case for renewables in this part of the world comes down to pure economics. Why burn finite hydrocarbon resources for yourself, after all, if you can save them and sell them? Opportunity cost at its best.
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