The Kuwait Fund for Development places great emphasis on projects that support the transition to sustainable energy. Environmental concerns have become a top priority for the Kuwait Fund, in line with the global trend and the desire to address climate change challenges. The Fund is working with the international community to achieve the 17 Sustainable Development Goals for 2030, launched by the United Nations to improve the lives of people around the world over the next 15 years.

 

To this end, the Kuwait Fund encourages countries to implement clean energy projects with minimal environmental impact. To discuss the most important of these projects funded by the Fund in the field of sustainable energy, the Kuwait Fund magazine team met with Dr. Naser Bader Al-Rifai, Economic Advisor at the Kuwait Fund for Development ... the following is the interview:

 

What are the latest projects funded by the Kuwait Fund in the field of sustainable energy?

The Kuwait Fund has made numerous contributions to promoting the shift towards clean energy by financing a number of sustainable energy projects around the world. The most important of these are summarized as follows:

 

• The Neelum-Jhelum Hydropower Project in Islamic Republic of Pakistan:

• This project consists of constructing a 125-meter long and 60-meter high concrete dam to store water and divert it through a tunnel to a 969-megawatt hydropower plant. The plant was able to produce 1040 megawatts after its operation, and all works were completed and implemented in 2018.

 

• The Construction of 34 Small Hydropower Plants Project in the Republic of Cuba:
• This project is funded by a loan of KWD 8.8 million. The project aims to utilize existing water reservoirs behind dams to generate hydropower, reduce the use of fossil fuels, and thus reduce harmful gas emissions. The project also aims to expand and improve electricity services for rural populations. The project began implementation in 2016 and is still ongoing.

 

• The Dam Complex of Upper Atbara and Setit Project in the Republic of the Sudan:

• This project was funded through two loans; the first in 2010 for an amount of KWD 25 million, and the second in 2012 for an amount of KWD 25 million as well. The project consists of constructing two dams; the first is the Sennar Dam with a height of 55 meters, and the second is the Roseires Dam with a height of 50 meters. The total length of the two dams is 13 kilometers, after which water is diverted from the dams to a hydropower plant designed with a capacity of 320 megawatts. The project implementation works were completed in 2017.

What is the impact of these contributions provided by the Fund to develop the field of sustainable energy on countries facing economic problems?

Renewable energy plants are considered good investments for all countries, especially those facing economic problems, for many reasons, including:

• Cost of electricity: Renewable energy projects require a capital cost to build the plants and electricity networks, but after the completion of these projects, the cost of generating electricity decreases significantly, and electricity can then be provided to individuals, communities, and various institutions at affordable prices.

• Ease of access to electricity: Renewable energy plants can be built in remote areas that have difficulty in providing electricity to them.
• Environmental benefits: Renewable energy plants produce electricity without emissions, unlike thermal plants, which helps combat climate change.
• Providing liquidity through carbon credits: Countries that produce energy from renewable resources obtain carbon credits from the United Nations, and the country can sell these credits to countries and companies that produce emissions due to industry and energy generation.

Are there any other highlights that can be mentioned in this area?

In the past, renewable energy projects focused on hydropower plant projects, but with the development of solar power generation and the ability to store it, there has been an increasing trend towards solar energy projects by countries that apply to the Fund for financing new projects in this area.