As shown by authoritative studies, renewable energy can bring many benefits to the world, especially from a social and economic point of view.
The increasing shares of renewable power capacity is lowering the prices of pv components. The global average energy system LCOE gradually declines from 70 €/MWh in 2015 to 52 €/MWh in 2050, with solar PV emerging as the least expensive source.
In this blog we will focus our attention to MENA region.
The Middle East and North Africa (MENA) region is witnessing a turning point. The social and political protests and transformations set off in Tunisia in late 2010 and early 2011 spread to several countries in what has been dubbed the Arab Spring. The demonstrations and demands for reforms have led to varying degrees of political change in different countries to improve the socio-economic situation.
Renewables have a key role to play in the region’s sustainable energy transition which must be considered within a broader framework of socio-economic development, with ripple effect of renewables deployment throughout society by economic growth and diversification, job creation, improved balance of trade as well as bolstered water security.
Today, several countries in the region are among the global frontrunners in renewable energy development. Many regions recognize the socio-economic benefits of renewable energy deployment, which is perceived as an opportunity for industrial diversification, new value-chain activities and technology transfer. This is demonstrated by the launch of many tenders in countries such as Saudi Arabia, the United Arab Emirates, Oman, Jordan, Egypt, Tunisia and Morocco.
This transition to 100% renewable power will enable more stable jobs, which can contribute to stable economic growth, a very important aspect for developing countries. Moreover clean energy will help these countries greatly reduce emissions of harmful gases, given that many of them make extensive use of fossil fuels and have low-efficiency production facilities.
The energy system LCOE of the MENA region will drop from 97 €/MWh in 2015 to 64 €/MWh in 2020 and then onwards shows a stabel decline until 2050 with a price of 51 €/MWh.
Source: Energy Watch Group