WEBVTT

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Scaling up renewables is a key

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enabler of global and regional commitment
to combat climate change,

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and the Middle East is well equipped
to lead the renewable energy revolution.

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To combat
the pressing issue of climate change,

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and stay on the path to limit
global warming to 1.5 degrees centigrade,

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we must take bold steps.

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We need to significantly reduce greenhouse
gas emissions

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from today's 50 billion per
annum down to net zero by 2050.

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A crucial part of the solution lies
in accelerated build out of renewable

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generation capacity.

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To get back on the 1.5 degrees trajectory,

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we need to triple installed
renewable generation capacity by 2030,

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reaching 11 terawatts
and sustain the steep growth until 2050.

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In the Middle East, we expect to see an eight
fold increase of installed solar

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and wind capacity by 2030, significantly
outpacing the global growth.

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The Middle East is on the verge
of a renewable energy revolution.

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The change is already happening.

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Key global and local energy
players are positioning themselves

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to seize the immense opportunity,
and announce concrete plans

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to significantly expand their renewable
portfolios.

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The Middle East is moving fast.

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The key countries in the region
have made credible commitments

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to confront climate change,
backed by net zero pledges,

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multibillion investment commitments,
and world-class renewable projects.

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It is in the Middle East, where we have
seen many renewable world records,

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including the lowest LCOE
achieved in a renewable auction

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or biggest solar park in the world.

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What does it take for businesses
to position themselves

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for success, and grab a share
of the immense business opportunity

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renewables represent?

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In our view, there are five levers

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which can be put to gain
a competitive advantage in renewables.

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First success factor,
without a doubt, is attaining scale.

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Second,
to develop an optimal operating model

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and enter value adding partnerships
along the renewable project lifecycle.

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Third, to ensure access
to increasingly scarce land.

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Fourth, to ensure a favorable project
financing and optimize

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cost of capital
by tapping the right financing pools.

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The fifth, to develop an advanced risk
evaluation and management approach

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to optimally handle commercial risks
tied with a renewable project.

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Let's have a closer
look at the most important success factor

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in renewables - scale.

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As leading players build scale

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and increase the installed capacity,
they gain a disproportionate advantage,

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move along a steep learning
curve and achieve lower development,

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EPC, O&M and financing cost
than their competitors.

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Scale also opens access to higher volume
and better quality of deals.

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Moreover, it increases project success rates
due to regulatory expertise and superior

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stakeholder management capabilities,
developed along the learning curve.

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Size matters in renewables.

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Attaining scale is imperative
for businesses

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to achieve
a sustainable competitive advantage,

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and positioning themselves
for success in this exciting market.

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Throughout our involvement with COP 28,
we aim to advance

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the breakthroughs in renewables
while we unlock future opportunities.

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The business case for renewables
is conspicuous,

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and the Middle East is a fertile ground
for the renewable energy revolution.

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Despite the dire climate scenarios,
the region builds on its dynamism,

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demanding the attention
to the unlimited possibilities.