Abu Dhabi: Caretaker Minister of Economy and Trade, Amine Salam, on Wednesday emphasized the urgent need for regional collaboration in renewable energy during his address at the Raisina Middle East Forum in Abu Dhabi. Speaking before an audience of policymakers, industry leaders, and academics, Salam proposed the creation of a 'MENA Renewable Energy Alliance' to attract investment, enhance energy security, and accelerate the transition to sustainable energy.
According to National News Agency - Lebanon, Salam highlighted the significant global clean energy investments, which have surpassed $1.7 trillion in 2023, and stressed the importance for Lebanon to harness its solar and wind resources. Salam cited World Bank estimates, stating that unlocking just 30% of Lebanon's renewable energy capacity could meet half of the country's electricity demand, reduce reliance on costly diesel generators, and save over $300 million annually.
Addressing the financial and regulatory barriers facing developing markets like Lebanon, Salam outlined key measures to attract investment, including green bonds, credit guarantees, and public-private partnerships. He further stressed the importance of policy stability, streamlined regulations, and international cooperation in fostering investor confidence.
Salam emphasized the role of Lebanon's youth in the energy transition, urging partnerships between universities, technical institutions, and global organizations to provide skills in clean energy technologies. He stated, "The future belongs to our youth. By investing in education and entrepreneurship, we can position Lebanon as a leader in the renewable energy economy."
Salam's speech underscored Lebanon's commitment to regional energy cooperation, emphasizing that shared challenges-whether economic, environmental, or geopolitical-can only be tackled through collective action. He urged Middle Eastern nations to prioritize sustainability and innovation, leveraging platforms like the Raisina Middle East Forum to drive meaningful progress.