FINANCIAL NEWS

GCC targets to save 4 billion oil barrels

29 Oct 2015

(MENAFN) A local report shows that all stated renewable energy targets in GCC countries would save 4 billion barrels of oil and cuts emissions by 1.2 gigatonnes by 2030.

That is based to new figures revealed by the Abu Dhabi based International Renewable Energy Agency (IRENA), ahead of the upcoming World Future Energy Summit (WFES).

GCC countries will consume 25 percent less annual fossil fuel consumption for power and water sector in 2030, and an 8 percent overall reduction in per capita carbon footprint within 15 years.

Close to three quarters, 74 percent of the anticipated 69 gigawatts of renewable energy produced in the GCC will be generated in Saudi Arabia.

IRENA figures show that solar photovoltaic, can be less water intensive than fossil fuel technologies, reaching targets would reduce consumption by 18 trillion liters.

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