RIYADH
The range of new energy technologies under development globally is broader and appears more promising than ever before, according to a prominent think tank.
In its latest report, the International Energy Agency said that the modern energy technology landscape is highly dynamic, with both emerging and established economies contributing to the growth of innovation in the sector.
The analysis from the IEA comes at a time when countries including Saudi Arabia are actively pursuing advanced technology in the sector, as the Kingdom is trying to diversify its energy mix through renewables and nuclear power.
“Innovation is the lifeblood of the energy sector, particularly in today’s fast-moving times with the global energy mix shifting and major trends such as electrification having far-reaching effects,” said Fatih Birol, executive director of the IEA.
He added: “A wide range of technologies now appears to be coming close to market, offering hope for improvements in energy security, affordability and sustainability over the long term.”
The energy agency further said that the global energy innovation landscape is at a pivotal moment amid signs of slowing momentum in financing and shifting priorities.
“We require investment, both public and private, to scale up innovative solutions. The payback may not always be quick, but it will be lasting,” said Birol.
R&D in energy innovation
According to the IEA, energy innovation has delivered major economic and security benefits worldwide.
Public research and development investments in response to energy crises in the 1970s, reaching 0.1 percent of the gross domestic product, drove the expansion of nuclear power and reduced many countries’ reliance on imported fuels.
Nuclear is set to form a key part of Saudi Arabia’s energy mix, and in January the Kingdom’s Energy Minister Prince Abdulaziz bin Salman also said that the nation is planning to begin enriching and selling uranium.
Launched in 2017, Saudi Arabia’s National Atomic Energy Project is a cornerstone of the Kingdom’s strategy to diversify its energy sources and reduce its dependence on fossil fuels.
