Renewable electricity finance in the resource-rich countries of the Middle East and North Africa: A case study on the Gulf Cooperation Council

Although renewables in the resource-rich countries of the Middle East and North Africa (MENA) are inconsequential contributors to regional total primary energy supply, recent project developments and overt support from a range of influential regional actors suggest a general trend towards a more environmentally sustainable electricity supply. This trend is driven just as much by economics as other factors, as rapidly falling renewable energy capital costs are complementing favourable policy environments, technical suitability, and concerns around the impacts of anthropogenic climate change and local pollution. Finance is an especially important consideration in this transition, yet it receives insufficient coverage. This paper seeks to remedy this deficiency of academic inquiry by highlighting the case of the Gulf Cooperation Council (GCC) to draw out broader implications for the region. We outline the factors that affect the financeability of projects, review the latest developments in renewable energy finance in the region, and present policy recommendations going forward. (C) 2018 Elsevier Ltd. All rights reserved.