The scale of solar investments is far from shifting the GCC away from its heavy dependence on fossil energy and solar power is far less promising in the Arabian Peninsula than many outside observers might think.
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All tagged solar
The scale of solar investments is far from shifting the GCC away from its heavy dependence on fossil energy and solar power is far less promising in the Arabian Peninsula than many outside observers might think.
◢ Renewable energy has been one of the brightest sectors in the Iranian economy, achieving 70 percent growth in the last Iranian year according to official data. But this encouraging growth is now in doubt. The Trump administration’s unilateral withdrawal from the JCPOA nuclear deal has brought economic uncertainty for local investors and made foreign direct investment increasingly difficult. While there are steps the government can take to reassure local and foreign investors, as with other sectors of Iran’s economy, the withdrawal of European investors from Iran’s solar industry may mean that “Chinese money turns out to be the only option.”
◢ The recent extension of Iran's Feed-in-Tariffs scheme has renewable energy investors pushing to close deals in the next 12 months to take advantage of the strong government incentive packages.
◢ But FiTs won't last forever, and Iranian energy authorities are working to improve the general mechanisms that support foreign investment in Iran's renewable sector, including the use of Iran's first competitive bidding tenders for renewable energy projects.
◢ The global energy industry continues to find greater value in efficiency and clean technology, with a rapidly growing reliance on renewable energy. But Iran lags behind.
◢ Now that Iran prepares to once again open doors to the international business community, the time is right for renewables to have a greater role in the country’s energy mix.