Middle East and North Africa to receive £1.5bn climate funding per year

The Middle East and North Africa (MENA) region is to receive a climate funding worth $1.5 billion (£1.2bn) per year until 2020. The funding from the World Bank, which was announced at COP22, will help countries tackle the threats of climate change. It is part of the MENA Climate Action Plan which is focused on food […]

World Bank: Low oil prices likely to continue until 2020

Low oil prices are forecast to continue in the next few years. The price per barrel is projected to settle in the range of $53 (£40) to $60 (£45) by the end of the decade, when supply and demand are expected to be in balance, according to the World Bank. These developments are forecast to […]

$25m to boost renewables in MENA region

A member of the World Bank Group is investing $25 million (£15.75M) to boost renewable energy in the Middle East and North Africa (MENA). The cash, provided by the International Finance Corporation (IFC), will be used by Alcazar Energy to develop solar and wind power plants in the Middle East, Turkey and Africa. The rapid growth […]

‘Desert-proof’ solar panels developed

European solar supplier REC claims its new solar panel is “desert-proof”. It is unveiling the “bi-facial” solar panel in time for the opening of its new office in Dubai, UAE. The panels were awarded “desert-proof” status for passing a so-called Blowing Sand Test, which measures how well their performance lasts in high temperatures and blowing […]

IMF tots up world’s fossil fuel subsidies at $2trillion

The world’s subsidies for fossil fuels have hit $1.9trillion (£1.2tn), according to a study by the International Monetary Fund. That’s the equivalent of 2.5% of global GDP or 8% of government revenues, found the study, which included estimates of energy subsidies currently available for 176 countries. Energy subsidies are concentrated mostly in the Middle East […]

Middle East solar markets could hit 3.5GW by 2015

Saudi Arabia and Turkey could lead the solar market in the Middle East and North Africa (MENA) region, with the prediction of hitting nearly 3.5GW by 2015. That’s according to a study by GTM Research in collaboration with the Emirates Solar Industry Association (ESIA), which forecasted the annual solar market in MENA countries could represent […]

Fukushima hasn’t dented MENA’s nuclear ambitions

The disaster at Japan’s Fukushima hasn’t dented the ambitions of emerging nuclear nations according to new research which shows 95,000 megawatts (MW) worth of nuclear capacity is expected to be added within two decades. Middle East and North African nations (MENA) and Asia-Pacific countries will be “substantially bolstering” the size of their nuclear power production […]