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Why Renewable Energies Why Islamic Finance Islamic Finance and Renewable Energies The CIRID
Energy independence: governments seek to reduce their reliance on imported fossil fuels and have a diversified energy mix
Depletion (years) Coal Gas Oil
Source: empirestatemetals.com
Supply (years) 38 14 15
132 60 42
Social
Increasing demand for fair and just financial system Transactions are guided by ethical, moral, and social considerations Considering the interests of the future generations
Economic
Global economy challenges and rising awareness of Islamic Finance Real-asset backing Alternative financing source Investment diversification: Islamic investors are now keen to diversify their investment products
Green
Ethical
Renewable energies
Sustainable
Islamic finance
Why Morocco
The largest energy importer in North Africa with over US$3 billion a year spending on fuel and electricity imports Power demand growth of 6.5 per cent a year 8% of total primary energy from renewables in 2012 and USD13 billion expansion of wind, solar and hydroelectric power generation capacity which would increase the share of renewables in the energy mix to 42% by the year 2020, with solar, wind and hydro each contributing 14%. The Desertec Concept to build CSP plants to supply renewable energy from MENA region to European countries by using highvoltage direct current (HVDC) transmission lines.
Source: nationmaster.com
Why Turkey
Rapidly growing energy demand enlarged by urbanization Turkey has modified its regulations to provide more attractive incentives Vast solar and wind energy potential Turkey ranks second in Europe with its massive solar and onshore wind potential High dependence on energy imports In 2023, the share of renewable energy sources in electricity generation is aimed to be at the level of at least 30% Growing interest in Islamic Finance
Source: nationmaster.com
The MDBs can support their member countries towards developing renewable energy projects in three ways:
By encouraging countries to mainstream clean energy options into national development plans and energy planning. By promoting investment in clean energy and energy efficiency ventures By supporting the sustainable exploitation of the huge energy potential of the continent, while supporting the growth of a low-carbon economy.
The role of regulation: Political willingness: updating regulation and strategic plan for renewables
Thank you