Saudi Arabia will invest one trillion riyals ($266 billion) to generate “cleaner energy” and expand transportation and distribution networks, according to the country’s Energy Minister Prince Abdulaziz bin Salman.
Read more: Renewable investments in Saudi estimated at SAR 34 bn
He went on to say that the ultimate goal is to export energy to the rest of the world while also producing clean hydrogen.
“We are determined to be the leading hydrogen exporter as well as to provide clean hydrogen for local uses in heavy industries to produce green products such as green steel, green aluminum, fertilizers, and others at competitive prices,” he said.
The minister also emphasized the ongoing efforts to significantly increase oil and gas supplies as well as double the main gas network.
Furthermore, the work of liquids-to-chemicals conversion facilities is being accelerated in order to increase the raw materials for petrochemicals.
In November 2022, during his speech at the Green Saudi Initiative 2022 Forum in Sharm El-Sheikh, Egypt, on the sidelines of the COP27 climate summit, Prince Abdulaziz highlighted that renewable investments in Saudi are valued at 34 billion riyals ($9 billion), noting that the Kingdom plans to submit soon ten new renewable energy projects.
“We are committed to reducing carbon emissions by 278 million tons, and I am confident that we will be able to meet that. I mentioned a long time ago that we plan and aim to generate 50 percent of electricity from renewable energy, and this has already been achieved by producing 400 megawatts of clean energy and reducing carbon emissions by approximately one million tons,” Prince Abdulaziz said.
For more on energy news, click here
