A move to greener energy has continued to gain momentum in Libya in the first few months of 2024.

In January the Turkish Minister of Energy and Natural Resources advocated for investment in Libyan renewable energy infrastructure, noting that the country could benefit from Türkiye’s extensive experience in the sector.

Speaking at the Libya Energy and Economic Summit 2024, Alparslan Bayraktar said that urgent action was needed to adopt alternative energy.

Also in the same month, the Renewables Energy Authority of Libya (REAoL) announced that Spanish oil giant, Repsol, is interested in implementing renewable energy projects in Libya, while more recently, in March, a memorandum of cooperation in renewable projects was signed between the REAoL and the Canadian consortium of Petro Techna International Company and Jacob Capital.

This latter agreement was signed by chairman of REAoL Abdul Salam Al Ansari and President and CEO of the Canadian Petro Techna Company during a meeting at REAoL’s Tripoli headquarters.

These latest announcements are further evidence of a growing commitment in Libya to its renewables sector and follow two important initiatives launched at the end of 2023.

The National Strategy for Renewable Energies and Energy Efficiency 2023-2035 was launched by the Libyan Ministry of Planning and the US Agency for International Development (USAID) in December and seeks to organise and develop programmes related to energy consumption.

The strategy consists of four pillars, and under these the country aims to deploy 1.7 GW of solar photovoltaic (SPV) capacity from 2023 to 2025, with a target of reaching 3.3 GW by 2035.

In addition, the National Oil Corporation (NOC) launched its ‘Think Tomorrow’ environmental initiative at COP28 last December, aimed at achieving a green and sustainable future for Libya, through the adoption of environmentally friendly practices. These include eradicating gas flaring and waste oil lakes, harnessing 3,200 hours of sunlight with a view to making Libya a solar energy leader, as well as plans to increase green spaces. The government intends to do so by planting one million trees by 2025, which it estimates will absorb 24,000 tonnes of CO2 annually.

Libya is still looking to increase its hydrocarbon production in the short to medium term, however these latest initiatives and agreements mark a pivotal shift away from hydrocarbons to renewable energy.

“As Libya seeks to emerge as a major energy market on a world stage, the need for it to drive development in its renewables sector and increase competitiveness in energy projects will be paramount,” said Tarek Eltumi, founder and partner at Eltumi Partners. “We are very encouraged by these latest developments and are well placed to advise businesses operating in the renewables sector.”