Arab countries, including Iraq, are seeking to implement mega projects at a cost of $100 billion

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Arab countries, including Iraq, are seeking to implement mega projects at a cost of $100 billion

2023-01-05 06:31

 

 

Shafaq News/ The Arab Monetary Fund stated that a number of Arab countries, including Iraq, are seeking to implement giant projects in the production of environmentally friendly hydrogen, as part of a plan to reduce gas emissions and confront climate change and its repercussions.

A report issued by the fund said that the cost of establishing renewable capacities in the Arab countries until 2035 is estimated at about $100 billion, noting that the new capacities contribute to reducing emissions in the Arab countries.

 

 

 

He added that the measures to reduce emissions in the Arab countries are concentrated in the implementation of projects to remove carbon from the electricity production sector, reduce the demand for energy consumption through measures to raise efficiency, and switch to means of generating energy from low-carbon energy sources such as renewable energies.

The report also indicated the growing importance of hydrogen at the global level, especially green hydrogen, as one of the most important sources of future energy, in the context of achieving net zero emissions by 2050, and reducing the global temperature rise by no more than 1.5 degrees Celsius.

The Fund expects that hydrogen will account for a large share of the final global demand for energy by 2050, and that its global trade will account for more than 30% of its total production during the same period.

The report emphasized that the Arab countries enjoy a good geographical location between the markets in Europe and Asia, with the availability of low-cost renewable energy sources, and an extensive energy infrastructure that includes refineries, storage and fuel supply facilities, and natural gas pipelines that can be repurposed to transport hydrogen.

According to the report, hydrogen production, especially Blue, which relies on natural gas for its production, could be better economically in Arab countries compared to other regions of the world, and this will require developing legislation and regulatory frameworks that focus on hydrogen and creating a supportive regulatory environment, approving allocations and providing financing opportunities for investment. In hydrogen projects and infrastructure.

The fund indicated that the requirements also include exploiting the advantages of abundant solar energy, investing in solar power plants at the industrial level, developing technologies to increase the production of green hydrogen, establishing the infrastructure for storing and transporting green hydrogen through the exploitation of ports and existing industrial infrastructure, and strengthening partnerships between the public and private sectors through In order to develop the infrastructure for production and export.

The report continued by saying that the year 2021 witnessed great activity on the part of a number of Arab countries, including the UAE, Saudi Arabia, Algeria, Iraq, Qatar, Egypt, Oman, Morocco and Mauritania, as part of their efforts to implement mega projects and sign memorandums of understanding to achieve leadership in the production of environmentally friendly hydrogen.