EDF Renewables, part of French utility EDF, plans to expand its presence in the UAE by participating in new energy tenders issued by the country.

EDF Renewables is part of the Masdar-led consortium that is developing the third phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai. It also holds a 20 percent stake in the Al Dhafra solar project in Abu Dhabi, which, once operational, will use 3.5 million solar panels to power some 160,000 homes.

The UAE has placed a high priority on renewable energy as part of its 2050 net-zero emissions plan. As part of the strategy, it plans to invest $163 billion in clean and renewable energy over the next three decades.

Overall, EDF Renewables is on track to double its global net renewable capacity to 60 GW by 2030, Mr Bensasson said. The Covid-19 pandemic and the crisis in Ukraine have put enormous pressure on global supply chains. The disruption has been exacerbated by frequent production shutdowns in China, the world's largest maker of solar equipment.

Bensasson said that solar module and polysilicon prices are more reasonable after remaining high in 2021 and 2022. In February, the EU launched the Green Deal for Industry program to boost the competitiveness of Europe's net-zero industry and support a rapid transition to climate neutrality.

The head of EDF Renewables said that while Europe is transitioning to renewable energy, the region still has some homework to do in terms of hydrogen and carbon capture. Land access has also been a hurdle in Europe, despite efforts by governments to shorten permit times and reduce bureaucracy. However, access to capital in the area is not a huge issue as investors are willing to put money into new projects.

Global investment in energy transition technologies, including energy efficiency, reached $1.3 trillion last year, up 19% from 2021 levels, according to the International Renewable Energy Agency. Mr. Ben Sassoon said that now is the time for countries to walk the talk on clean energy. We need a clear trajectory, and moreover, each country has to find its own way.

The International Energy Agency said in its World Energy Outlook in 2022 that investment in renewable energy would need to double to more than $4 trillion by the end of the decade to meet its net-zero emissions target by 2050. The IEA's Stated Policy Scenario, based on the latest global policy settings, expects clean energy investment to rise to just over $2 trillion by 2030.Editor/XingWentao