Water steals solar's shine in E&Y's MENA Cleantech Survey
In 2014 solar energy lost the top spot in Ernst & Young’s MENA Cleantech Survey Report to water technologies, while green buildings and energy efficiency came next in line.
The survey measures the sentiment of senior industry executives on renewable energy implementation in the region. In 2014 there was a “significant shift” in their expectations when it comes to growth of clean technologies by the end of the decade. Even though water was rarely mentioned as a growth area over the past three years, it has now become the leader in market potential over the coming five years, commented Christian von Tschirschky, MENA Power and Utilities Leader at Ernst & Young.
Solar occupied the number-one position in the Middle East and North Africa-focused survey between 2011 and 2013. Despite its fall to number-two, confidence in the technology keeps growing, according to Ernst & Young, thanks to the announcements of new projects and policies, which in turn are due to the good solar resource and low pricing and interest rates.
According to the report, insufficient government policy frameworks and regulations throughout the MENA region remained the largest barrier to the cleantech sector’s development in 2014.