$100b investments in alternative energy

Renewable energy has notably penetrated energy markets and provides about 19 per cent of international energy needs in 2009, with a capacity of 1230 GW, an increase of 7 per cent over 2008. In the UAE, Abu Dhabi is pumping billions of dollars into developing renewable energy and lessening dependence on the oil income. The UAE sees private sector investment opportunities in alternative energy projects reaching $100 billion by 2020, the Economy Ministry said. International firms are gearing up to tap opportunities in the Middle East and North Africa (MENA) solar power sector but the lack of a regulatory framework will hinder growth. "The production of bio-fuels and alternative energy from multiple sources will be accounted for 50 percent of the available opportunities at the state level," it said, adding water recycling would make up 20 percent of investment opportunities while urban development projects 30 percent. Although UAE is the world's third largest oil exporter, pumping 2.5 million barrels per day yet it has seen a petrol shortage in recent months, with petrol stations of fuel retailer Emarat drying up. International firms are gearing up to tap opportunities in the UAE and North Africa solar power sector but the lack of a regulatory framework will hinder growth.