Saturday, May 25, 2024

$75bn Investment Opportunity: Qatar Drives Cleantech Industry In MENA Region

Qatar is set to drive the growth of the cleantech industry in the Middle East and Africa as its favorable government policies and advanced tech infrastructure present a $75 billion investment opportunity by 2030, revealed an industry report. 

Qatar’s Investment Promotion Agency in a report stated that the country’s sustainability initiatives, abundant natural resources and an early-mover advantage in green hydrogen production make the gas-rich nation an emerging leader in the cleantech industry.

The report also noted QatarEnergy’s announcement to establish the world’s largest blue ammonia plant — which is scheduled to open by 2026 — to produce 1.2 million tons annually.

The $1 billion plant is projected to support Qatar’s efforts to develop carbon capture and storage facilities to isolate as much as 11 million tons of carbon dioxide annually by 2035.

QatarEnergy has also launched an energy initiative – known as the Sustainability Strategy – as it aims to reduce the carbon intensity of its liquified natural gas facilities by 35 percent by 2030.

The report pointed out that the support of government policies in Qatar and the MENA region has a vital role to play in the growth of the clean technology sector.

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