RIYADH
\nThe range of new energy technologies under development globally is broader and appears more promising than ever before, according to a prominent think tank.
\nIn 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.
\nThe 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.
\n\u201cInnovation is the lifeblood of the energy sector, particularly in today\u2019s fast-moving times with the global energy mix shifting and major trends such as electrification having far-reaching effects,\u201d said Fatih Birol, executive director of the IEA.
\nHe added: \u201cA 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.\u201d
\nThe 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.
\n\u201cWe require investment, both public and private, to scale up innovative solutions. The payback may not always be quick, but it will be lasting,\u201d said Birol.
\nR&D in energy innovation
\nAccording to the IEA, energy innovation has delivered major economic and security benefits worldwide.
\nPublic 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\u2019 reliance on imported fuels.
\nNuclear is set to form a key part of Saudi Arabia\u2019s energy mix, and in January the Kingdom\u2019s Energy Minister Prince Abdulaziz bin Salman also said that the nation is planning to begin enriching and selling uranium.
\nLaunched in 2017, Saudi Arabia\u2019s National Atomic Energy Project is a cornerstone of the Kingdom\u2019s strategy to diversify its energy sources and reduce its dependence on fossil fuels.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-470243","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n