The Middle East is on the verge of a substantial renewable energy surge, with investments in cleantech projects expected to hit $75.63 billion by 2030. Despite this aggressive green energy push, the region maintains its stronghold in the oil and gas sector, according to a recent report by the Energy Industries Council (EIC).

The report highlights a growing interest in renewable energy across the region, with 116 projects in the pipeline. These projects span various technologies, including solar, wind, hydrogen, hydro, carbon capture, geothermal, and battery storage, and are set to come online between 2025 and 2030, according to EICDataStream.

While the Middle East has made significant progress in clean energy, the International Energy Agency reports that only 20% of its energy investments are allocated to renewables, with the bulk still directed toward oil and gas.

The region’s vast gas reserves and competitive pricing guarantee its continued prominence as a vital energy supplier during the transition to a more sustainable future, balancing its role in traditional energy markets while advancing green energy initiatives.

Aqilah Shahruddin, the report’s author, emphasizes the delicate balance the region faces.“Most spending is understandably going to oil and gas, but we are seeing cleantech projects in hydrogen, solar, wind, and carbon capture. So, it’s a balancing act between producing clean energy and maintaining the region’s dominance in the global hydrocarbon market.”

Forecast data from the Energy Industries Council (EIC) indicates that oil and gas will continue to dominate the Middle East’s energy landscape for years, even as the region steadily adds renewable energy projects.

Ryan McPherson, EIC’s Regional Director for the Middle East and Africa, underscores the region’s importance. “The Middle East is a key focus for the EIC and the number of cleantech projects in the pipeline makes it more relevant for years to come,” he said. “We are actively supporting the region’s energy transition with our project data, reports and industry events.”

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