Over 2023-2050, gas will add 29 GW/year of power capacity globally while solar photovoltaic will grow by 9 TW between now and 2050, or roughly 300 GW/year, they estimate. Natural gas is increasingly seen as a flexible resource when solar or wind capacity is not available, they noted. Saudi Arabia and the UAE are the two places with the biggest ambitions."Ĭonventional thermal fuels will make up 25% of global installed power capacity by 2050, even as renewables capture some 85% of all future power generation capacity additions globally, becoming the dominant source of power by 2050, according to latest forecasts by the Global Power and Renewables service and the Clean Energy Technology service, both part of S&P Global. Definitely, the Gulf region has the largest ambition to fast track decarbonization it is the powerhouse of the energy hub globally and now aims to become the clean energy global hub, with its move into renewables and low carbon power generation. "Although the number of new power plants is smaller, they are larger in capacity. "I can tell you we have orders globally that are looking to move from gas to hydrogen, but the Middle East is at an advantage," Cavada said. Mitsubishi Power has fully tested and validated the hydrogen technology in-house in Japan before putting it to use commercially worldwide, including in the Middle East. Some of these new power plants will require hydrogen-readiness and include an option to add carbon capture technology, Cavada said in an interview with S&P Global Commodity Insights. Receive daily email alerts, subscriber notes & personalize your experience.
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