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Global Energy Assignment PDF

   

Added on  2021-04-21

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GLOBAL ENERGY

1In all across the globe there is significant in the global energy needs. The dependenceon the non-renewable resources for energy requirements has put extra burden on theseresources (Omri, 2013). Due to this these resources are getting depleted at very faster rate. Ithas become essential for the countries to make sure that they have a plan for their future.Utilising renewable sources of energy can be highly beneficial for the company. In theMENA region enormous amount of non-renewable resources are present. Country like SaudiArab has understood the fact that their resources are getting depleted. In the coming decadestheir renewable resources is going to end so they will have to shift towards the renewableenergy sources so that they can meet their future energy needs. There are several projectsgoing all around the Saudi Arab that are focusing on developing technology that can harnessrenewable energy sources. This report highlights the future of renewable energy resources inthe MENA region and the potential of Saudi Arabia to harness these sources in a better wayso that their needs can be fulfilled.This region receives high amount of solar energy. Such a high value of sunlight can generatea high amount of electricity. Alone in Saudi Arab, there is a potential of generating half thetotal requirement of electricity alone from solar energy. By 2032 this country aims to install41 gigawatts (25 GW of solar thermal and 16GW of photovoltaics) of solar capacity (ElFadel, et al., 2013). Larger part of MENA region including Saudi Arab is a desert region.Continuous wind blows in this region and sunshine is received throughout the year.Countriesin this region have a large capacity to harness the wind energy. Saudi Arab has a capacity ofgenerating 800 MV of electricity from winds, this year as compared to 700 MV last year. Thegovernments in this region are supporting the new ventures to put up plants in this region sothat dependency on the natural non-renewable resources can be decreased.Almost all thecountries of this region are a part of solar alliance of more than 200 nations which helps themin getting the technology for harnessing the energy from renewable resources (Siddiqi andAnadon, 2011).They have enough money to invest in this field since the technologies in thisindustry is costly and require a large amount of skilled professional having higher pay scale.They are highly dependent on other countries for the technology that will help them inharnessing these renewable energy sources (Arouri, et al., 2012). Countries in this region hasnot developed internal nuclear system which has the high capacity to generate the electricityand also considered as the future of energy industry.Over dependence on the oil resources for

2generation of electricity has not somehow slowed down the speed of investments in the pastin the last few years (Mohamed, et al., 2015).Such a large desert area gives them higher capacity to harness the renewable energy sourceslike the wind and solar energy.This area has the capacity to develop the technology regardingthe nuclear energy. They are planning to build two nuclear reactors by 2020 and other 16 by2030. They have no financial constraints and hence have a higher capacity to invest in newtypes of technologies (Jablonski, et al., 2012).They can attract many of the companies fromabroad that are having more advanced technologies for harnessing this energy.Increasing tussle for having the edge over the others in terms of technology advancementswill not let the country like Saudi Arab to access this technology.Harnessing nuclear energyis not an easy task as it is an uncontrollable form of energy and hence can lead to some greatdisasters if any kind of faults happens in controlling this energy.Their energy needs is goingto increase at a very speed level and hence countries of this region have to make sure thatthey develop this technology at a faster rate (Hamilton, 2011).The increasing influence ofterrorism in the nearby regions is not allowing these countries to develop in the field of newforms of energy.Recent political tussle between the countries in Mena region does not allowthem to make a collaborative team that will help in the development of the renewable energyindustry.The demand for energy is increasing at very faster rate in various parts of the world and so isthe case with MENA region (Liu, et al., 2012). This has forced the countries in this region tothink more over the issue of making reconciliation in between the rising demand andrequirement of more investments in renewable energy resources. There are different ways tosee this first is that OPEC has specific guidelines regarding the contribution of each countrylike Saudi Arabia in the oil industry. Every country has a specific share in the OPEC. Thismakes them to invest a particular amount in the OPEC assignments. The margin ofinvestment is increasing at much faster rate. This is forcing Saudi Arab to think about theplans they have for investment in the renewable energy resources. Saudi Arab has a verylarge amount of share in the new investments that is done by the nations of OPEC (Drine,2013). There is increase in the demand of both kinds of investments i.e. in renewable energy sourcesas well as in the assignments of OPEC. The internal demand of the energy is going toincrease at much faster rate and for the government of Saudi Arab has to think about it very

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