Renewable Energy Strategies in Oil-Dependent Economies A Comparative Study of Global Efforts with Focus on the Middle East

Sanjay Koul

No ek3gd_v1, OSF Preprints from Center for Open Science

Abstract: This paper explores global, regional, and national initiatives aimed at achieving net-zero emissions by 2050, focusing on progress made at each level. The global push for decarbonization has seen over 130 countries committing to net-zero targets, driven by international agreements and the growing urgency to mitigate climate change. Major global players, including the United States, the European Union, and Japan, have made legally binding commitments, while financial projections suggest that approximately $275 trillion will be required globally to transition to sustainable energy systems by 2050. This includes investments in renewable energy, energy efficiency, and carbon capture technologies. The Middle East, historically reliant on fossil fuels, is undergoing a significant transformation, with nations like Saudi Arabia and the UAE setting ambitious net-zero goals. Saudi Arabia has pledged to achieve net-zero by 2060, while the UAE has set its target for 2050. These countries are leading the region in renewable energy investments, focusing heavily on solar power, with projects such as the Mohammed bin Rashid Al Maktoum Solar Park and Saudi Arabia’s NEOM city project. This paper analyzes the economic, technological, and policy frameworks supporting these net-zero initiatives across the globe, with a specific focus on the Middle East’s unique challenges and progress. It highlights the growing reliance on renewable energy, the role of international collaborations, and the hurdles that remain for regions heavily dependent on hydrocarbons. The analysis underscores the importance of sustained financial investments, innovation in green technologies, and multilateral cooperation to meet net-zero targets by 2050.

Date: 2025-02-11
New Economics Papers: this item is included in nep-ara, nep-ene, nep-env and nep-ppm
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Persistent link: https://EconPapers.repec.org/RePEc:osf:osfxxx:ek3gd_v1

DOI: 10.31219/osf.io/ek3gd_v1

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