A specialized economic study has stressed the importance of encouraging the partnership between the Kuwaiti public and private sectors in the field of energy projects as a necessity to promote the growth of the local economy.
The study, entitled “The Future of Oil with Alternative Energy Patterns for the State of Kuwait” and prepared by the Kuwait Economic Society in cooperation with ‘Marmore Mena Intelligence’, said encouraging this partnership would promote the growth of the traditional and renewable energy sector by attracting more private investment and increasing the efficiency of project implementation.
The study pointed out that Kuwait needs to adopt the concept of green buildings to rationalize energy consumption, which is based on the idea of effective exploitation of resources and wealth without a negative impact on the environment.
It added that the installation of solar panels on the roofs of buildings helps to ensure the amount of energy consumed by the building to become closer to self-sufficiency with the need to link procedures with obtaining building permits to meet one of the components of environmental sustainability.
It pointed to the importance of investment in energy storage projects, which it considered an important element in the transformation towards renewable energy as the missing link in achieving the integration of renewable energy at the level of the electricity network and allowing it to store renewable energy and connect it to the network to become more reliable.
It stressed the importance of investing in the development of infrastructure for the management of electric vehicles in order to encourage reliance on them because these vehicles play a major role in reducing the consumption of fossil fuels. It explained that encouraging the reliance on electric vehicles allows the government to use energy for other productive purposes, pointing out that the reduction of fuel subsidies will contribute to encouraging the consumer to use these vehicles.
In another development, Rauf Abu Zaki, Executive Director of Lebanon’s Economy and Business Group which organizes Arab Economic Forum, said Monday Kuwait National Assembly Speaker Marzouq Al-Ghanim would be the first head of Parliament to attend the forum as a guest. Abu Zaki told KUNA the forum, to open on Thursday, hosted heads of government of regional countries in the past but decided to invite Al- Ghanim this year because of his leading role at Arab level, as well as reflection of solid Lebanese-Kuwait relations. “Al-Ghanim is a dynamic person who plays a major role as National Assembly Speaker inside Kuwait, and a leading parliamentary figure at Arab and regional levels,” he said. Abu Zaki said the forum would highlight political and economic developments in the region, and gathered decision-making, businessmen and investors. He said Kuwait and Lebanon enjoyed deep-rooted relations, and the Gulf country was the first country to invest in Lebanon.
These relations and investments were not affected by the political and security uncertainties, he noted. Kuwaiti people have always been visiting Lebanon and maintained their investments, said Abu Zaki, who estimated Kuwaiti investments at over USD two billion. Abu Zaki talked about the economic and financial condition of Lebanon, describing it as “difficult” due to the decline of remittance from the Gulf and African countries. He said movement of goods with neighboring Syria also declined following the eruption of the conflict, thus the transport of goods to Gulf countries halted.
The economic crisis in Lebanon, he explained, caused rise in unemployment and affected the middle class. The Arab Economic Forum will be held under the auspices of Lebanese Prime Minister Saad Hariri.
SOURCE : ARABTIMES