KUWAIT, May 6 (KUNA) -- The Minister of Oil and Minister of Electricity and Water Bakheet Al-Rashidi affirmed Sunday plans to avail renewable energy technologies.
Using such services could save up to USD 750 million of costs until 2030, Al-Rashidi said in his speech at the Fourth Arab Forum for Renewable Energy and Energy Efficiency in Kuwait.
Kuwait's hosting of the forum's fourth edition reflects its significant role, under its wise leadership, and efforts in assisting Arab countries with making use of their own resources, he said.
Al-Rashidi also pointed out Kuwait's efforts to benefit from renewable energy in order to generate electric power as part of attaining His Highness the Amir's desire to make Kuwait's renewable energy production reaches 15 percent of the total electric production by 2030.
The ministry has come a long way in attaining His Highness the Amir's desire, in cooperation with several bodies in the country, he said, noting international investment in renewable energy projects has become an economic and environmental necessity.
"It is important to support and boost such projects, especially with the current presence of promising opportunities in the Arab region," said the minister.
Despite the abundant renewable energy sources in Arab states, these countries started late in investing in them compared to other countries around the world with no resources, he noted.
It is necessary to take advantage of renewable sources at this time in light of the ongoing decrease in production and technology development costs, he added.
The decrease in solar panels costs by 80 percent since 2008, in addition to the low costs of wind power turbines and other renewable energy services have prompted world countries and decision makers to make real investment in these technologies, said Al-Rashidi.
Arab nations constantly seek to import best practices and expertise from countries that succeeded in the renewable energy field, he affirmed.
Arabs also strive to address the best solutions for overcoming challenges facing nationalizing their renewable energy technologies, Al-Rashidi added.
They also exert all efforts to support energy efficiency programs and services in order to make a worthy investment out of them on regional and international levels, he added. (end)