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Global warming is rising and more and more nations are investing in renewable energy. The portfolio of renewable energy in Lebanon includes 14 projects, totalling 375 megawatts.
“There are 11 solar projects with a total of 165 MW and 3 wind farms with a total of 210 MW which have been granted licenses. But financing is proving difficult.” Local banks are not able to finance the IMF program, so funding via international banks is required.
We must reform the electricity tariff in order to unlock funding. He spoke at Siemens’ MEA Energy Week.
He stated that the government had set a 30% renewable energy production goal by 2030 and that energy subsidies were lifted to allow the private sector to finance these projects.
He noted that “it’s up to the market to prioritize the available opportunities.”