According to a top official of the Clean Energy Business Council (CEBC), the Middle East and North Africa (MENA) region has launched 47 blue and green hydrocarbon projects totaling $55 billion in investments.

The CEBC, which is listed on the Abu Dhabi Global Market, represents private sector companies in the region’s clean energy sector.

According to CEBC’s Managing Director Ahmed Samir Elbermbali, 75% of the projects launched are for green hydrogen.

“The UAE has more than 15 projects, 9 from Egypt, 6 from Morocco, and 7 from Oman,” he stated on Tuesday at a virtual event held by the International Renewable Energy Agency (IRENA).

He stressed the need for an OPEC-like organization for the clean and renewable energy industry, arguing that such a body would allow for greater policy harmonization among members, market stabilization, efficient hydrogen supply to consumers, hydrogen market maturation through standardization, and collaboration to ensure the hydrogen market’s long-term health.