(MENAFN) Experts have emphasized the importance of government collaboration with the private sector to successfully transition to green economy projects that focus on renewable energy rather than relying on traditional, wasteful fuel sources. While financing options for green economy initiatives are readily available, experts argue that the government must show serious commitment and implement these projects with a clear strategy.

According to the experts, the government's dedication to green economy projects and innovative energy solutions will encourage donors and financiers to support initiatives aligned with global energy trends. Omar Abu Eid, Director of Energy and Environment Programs at the EU Delegation to Jordan, highlighted that the energy sector in Jordan has already seen privatization in key areas, including generation and distribution. These private companies have been successful in attracting funding, and international banks are keen to finance energy projects led by the private sector.

Abu Eid pointed out that securing financing is not a challenge, particularly when it comes to green finance, as long as sectors like water are integrated with energy projects. He noted that international donors are also monitoring the sector’s transformation, especially in areas like green hydrogen, energy storage, smart meters, and mineral resource investments, which have attracted investor attention.

Donors and international institutions provide both financial and technical support, from direct contributions to the national budget to specialized studies and project reviews. Abu Eid mentioned that both large-scale projects driven by the private sector and government-infrastructure projects benefit from this support, with donors aiding the collaboration between the two sectors.

Dr. Ahmad al-Salaymeh, a faculty member at the University of Jordan’s Faculty of Engineering, emphasized that the government’s budget alone cannot meet the funding requirements for the sector. Thus, the private sector must take a leading role in financing, with international and donor institutions offering favorable opportunities to fund projects that contribute to carbon trading and demonstrate reduced carbon emissions, allowing Jordan to secure grants.

MENAFN25112024000045015687ID1108922110