Two of the biggest drivers for energy efficiency in the GCC region are the rise in tariffs of electricity and water and the retrofit market, said Stephane le Gentil, CEO, Clean Energy Business Council.

Citing an example on how high tariffs increase energy efficiency, Gentil pointed out that the prices for electricity in Saudi Arabia were meagre and people did not bother to even look at the bills; however, after the government raised the tariffs, people began to reduce their energy usage.

Gentil said that countries like Oman are now reducing the subsidies on electricity, owing to the burden on the grid, and are harnessing solar power. Other GCC region countries, like Kuwait, Saudi Arabia and the UAE are already rolling out a series of initiatives to reduce energy efficiency.

For instance, he said, Saudi Arabia has issued a royal decree that all the public buildings in the kingdom have to be retrofitted.

Gentil said the retrofit movement is a key market driver. The retrofit market in the GCC region, he said, is around USD 45 million, and provides a host of opportunities to take advantage of.