During the Gateway Gulf 2024 event in Manama, Alkhulaif said in an interview that the Bahraini government is collaborating with the private sector.

The government communicates with the companies that record carbon emissions, the minister said in response to a question about carbon emissions, adding, “The number of companies which generated emissions is less than 10 businesses. Every day, these businesses collaborate and communicate in order to achieve the Zero Neutrality plan.”

The pledges to achieve climate neutrality, she continued, align with the objectives of the Paris Agreement, which calls on nations to cut back on greenhouse gas emissions and stop global warming in the face of a warning that the state of the climate portends calamity.

“Bahrain will start its biggest renewable energy project,” Alkhulaif stated, adding that all the specifics will be revealed soon.

“We are never behind. We double our efforts in the renewable energy industry like with installing solar panels on the rooftops of government buildings in addition to dealing with the challenges of limited surfaces dedicated to large-scale solar farms,” the Minister said.

Alkhulaif responded to a query regarding Bahrain EDB by stating that the board consistently makes investments in the energy sector, adding, “Bahrain EDB recently attracted USD 16.65 million in expected investments to set up and expand three leading Indian companies focused on industry, renewable energy, and information and communications technology (ICT).”

Regarding Gateway Gulf 2024, which came to an end on November 4th with agreements and deals worth over USD 12 billion, the Minister reaffirmed the relationship between Bahrain, Saudi Arabia, and the United Arab Emirates, saying, “There are ongoing cooperation and partnerships in all fields, namely finance, economy, and investment.”

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RENEX has been recognised as the “Most Innovative Energy Trading Service Platform – Thailand 2023” by International Finance. The platform allows buyers and sellers to trade solar energy at their desired price and quantity. This is achieved through a two-sided auction scheme, which ensures safety and stability. The system also includes a matching, price bidding, and invoice issuing process which is confirmed by the Provincial Electricity Authority (PEA) in Energy Regulatory Commision Sandbox (ERC Sandbox) for accurate electricity volume.

“RENEX Technology has also adopted the ‘BCG Economy Model’ as a backbone design idea for RENEX development; Circular economy by delivering excess energy from over-supplied prosumers to demanded consumers; Green economy by encouraging renewable energy usages in Thailand’s industry towards to national declaration of being a carbon neutrality state within 2050 in COP26,” the venture remarked.

Knowing RENEX in detail

Mr. Charn Kulpatnirum, M.D. of Mekha V Co., Ltd, who oversaw the signing of the joint venture agreement between the Sertis, MEKHA V and WHAFE, stated that the formation of RENEX was aligned with his company’s investment strategy to embark on the energy and other businesses.

PTT’s flagship company Mekha V has expertise in fields like AI, robotics, and digitalisation, whereas WHA Utilities and Power Public Company Limited (WHAUP) and Sertis specialise in managing energy innovation.

The collaboration of these three giants saw the creation of RENEX in March 2023, whose business model was developed further through real-world testing in the ERC Sandbox programme to support the future growth of the energy industry.

“This investment is a significant step in promoting the use of clean energy and driving the country towards achieving carbon neutrality and net-zero emissions. PTT is committed to utilising new technologies and innovations to respond to the country’s new economic development needs and meet the demand from businesses for environmentally friendly energy sources,” Dr. Rattanasombat stated further.

Mr. Somkiat Masunthasuwun, CEO of WHA Utilities & Power Public Company Limited, while talking about RENEX, remarked, “As a provider of public utility and energy systems both within and outside of WHA Group’s industrial estates, the company focused on developing solutions for public utility businesses and continuously developing new renewable energy sources. This investment aims to align with WHAUP’s approach of investing in solar energy business in conjunction with developing various technologies to increase the stability and reduce the cost of electricity.”

WHA Utilities is also known for promoting the usage of clean energy among its customers.

Mr. Thuchakorn Vachiramon, CEO of Sertis, revealed that this joint venture with Mekha V and WHAUP was one of the company’s objectives to become “The Trusted AI Engine for the World.”

“This objective is likened to a core driving force to drive the various business groups with artificial intelligence (AI) and other digital technologies to promote and expand business opportunities, especially in the energy industry, which is considered a key industry at the national level, as well as other areas that can enhance the potential of business operations with technology,” the official stated further.

“Moreover, the amount of electricity is also verified by the Provincial Electricity Authority (PEA). We hope that this platform will not only benefit users but also be an integral step in supporting policies on clean energy use and achieving the goal of reducing net greenhouse gas emissions to zero,” the official concluded.

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