The Middle East and North African countries could lose $80 billion in energy export revenue if they fail to accelerate renewables deployment to meet power demand, according to the International Energy Agency. Electricity demand in the region has tripled since 2000, fueled by rising populations and incomes, and is set to grow another 50% over the next decade, adding the equivalent of Germany and Spain’s current consumption combined. Gas imports would have to rise by $20 billion over the next decade to fill the gap, the IEA estimates.
Cooling and desalination are driving growth, along with urbanization, industrialization, electrifying transport, and data centers. Governments are pushing to replace oil-fired plants with gas, nuclear, and renewables — solar capacity is on track to rise tenfold, the Paris-based agency said.