Green hydrogen has the potential to displace fossil fuels as a major energy source for transportation, electricity, and heating in the Middle East, which now accounts for approximately three-quarters of global greenhouse gas emissions.
There are still considerable obstacles to overcome before the full promise of green hydrogen can be realised, but the region appears to be in an excellent position to play a leading role. A 2022 Strategy& research indicates that the cost of producing solar, wind, and green hydrogen in the Gulf is around one-third of the world average, and that Gulf solar panels produce double the electricity that those in Germany do.
According to the media, Saudi Arabia’s King Salman Energy Park (SPARK) has reached an agreement with Affordable House Co., a subsidiary of Abdullah M. Bin Saedan & Sons Real Estate Group.
On December 25, Saudi Inc.-owned ACWA Power Co. announced in a statement that it had signed a power purchase agreement (PPA) with the National Electric Grid of Uzbekistan for three wind power plants with a total capacity of 1.5 GW in Kungrad district, according to a media report.
TCI Sanmar Chemicals, the largest producer of caustic soda in Egypt and the largest manufacturer of polyvinyl chloride in the MENA region, announced the official release of its fourth sustainability report, entitled "Road to Green Production."