France's Engie aims to have 80 gigawatts of renewable energy capacity by 2030

Seetao 2022-09-29 15:38
  • The utility plans to bid for new renewable energy projects in Saudi Arabia and the United Arab Emirates
  • As the world works to reduce emissions to mitigate global warming, companies around the globe are investing heavily in new clean energy projects
Read this article
6 Minutes

French utility Engie aims to increase its renewable energy capacity to 80 gigawatts by 2030 from 35 gigawatts currently, as it plans to expand its global clean energy portfolio. The company is planning to launch new projects in Europe, the US, the Middle East and Africa, and Australia.

We want to grow to 80 gigawatts by 2030 and are looking at different countries, said Mr. Klaux, who is also the company's managing director of heat and supply for Asia, the Middle East and Africa. These projects involve a lot of money and we will be working with a number of other companies on the equity side.

Saudi Arabia's Acwa Power said it would increase its renewable energy capacity from the current 43 gigawatts to 120 gigawatts over the next 10 years.

According to an August report from research provider Bloomberg NEF, global investment in the renewable energy sector rose 11 percent year-on-year to $226 billion in the first half of 2022. Investment in new large and small solar projects rose 33 percent to a record $120 billion during the period, while financing for wind projects rose 16 percent to $84 billion, the report said. Engie also aims to expand the renewable energy sector in the UAE and Saudi Arabia, the two largest economies in the Arab world. The company is planning to bid for the 1.5-gigawatt Al Abjan solar project in ABU Dhabi as well as new renewable energy projects in Saudi Arabia.

Governments in the region have huge ambitions to develop renewable energy, and they have also committed to net zero emissions by 2050 for the UAE and Saudi Arabia by 2060, Mr Kraukes said. The energy transition is underway and there are huge opportunities for the sector.

The UAE, Opec's third-largest oil producer, plans $163.5 billion worth of investments in clean and renewable energy over the next three decades. Meanwhile, Saudi Arabia aims to increase the share of natural gas and renewables in its electricity mix to 50 percent by 2030. The kingdom this week launched five new renewable energy projects with a total capacity of 3.3 gigawatts, including three wind projects and two solar schemes. Key words: Engineering news, overseas news

Engie is also currently phasing out coal plants as it aims to be carbon neutral by 2045. It plans to phase out coal-fired power plants in Europe by 2025 and globally by 2027. The gas network will provide the flexibility needed to support the grid and support the energy transition.Editor/XingWentao