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The solar power capacity of the Middle East and North Africa (MENA) is expected to reach 42 gigawatts (GW) in 2031 from 11.1GW last year, remaining the dominant non-hydropower renewable energy in the region.
In a report, Fitch Solutions said wind power will also have “robust growth” in some markets in the region due to high natural potential and government support.
“The burgeoning green hydrogen sector poses a considerable upside risk to our solar and wind power forecasts in key MENA markets, though technical challenges, weak private sector participation and lack of government support will all present obstacles to the industry,” it said.
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Fitch said that globally, the growth of renewables will “stabilise slightly” in the coming decade due to eased effects of COVID-19 delays and stimulated growth.
Solar capacity will add 1.2 terawatts (TW) of capacity, higher than the 0.8TW of wind, driven by the “wider global appeal and increasing solar rooftop targets and mandates.”
