$32.7 Billion of Renewable Energy Projects in the Middle East in 2012

[The Oil Baron]

The Middle East energy sector is witnessing a surge of fresh investment in 2012, with 97 new power and water projects worth $32.7bn.

According to the World Energy Council, the Gulf region alone will require 100GW of additional power by 2020.

I think it is safe to say that the next few years will see renewable energy investment in the area at a similar level.

[Ed Mojica]

The Middle East is a hugely rich area (well the upper echelons are) of the world due to the vast oil reserves that they own.

With the wide spread strategy of increasing renewable energy capacity in order to reduce domestic oil consumption, large amounts of capital are going to be invested in the region in the coming years. Having said that, $32.7 billion in just one year is an encouraging site, and proof that they are putting their money where their mouthes are.