Gulf renewable investments expected to continue growing

The Gulf is already the fastest-growing region outside of China in terms of adding renewable capacity — and investments are poised to surge further still.

Starting from a low base, renewable energy will make up 30% of power generating capacity in the Gulf by 2030, with capital expenditure over the next six years reaching nearly $120 billion, an almost six-fold increase since 2020, according to the Financial Times, which cited data from energy consultancy Rystad.

One UAE project — a $6 billion solar-and-battery plant that can power more than 700,000 homes — will be the largest of its kind globally, and other countries have similarly ambitious plans. By 2050, renewables could comprise 75% of total power generating capacity in the region, according to Rystad.