Saudi National Renewable Energy Program to invest $15.9 billion on renewable projects

Saudi National Renewable Energy Program to invest $15.9 billion on renewable projects

Renewable energy has gained popularity in the Gulf region as countries push to reduce carbon dioxide emissions to curb global warming. Saudi Arabia’s energy sector has embraced green energy, especially from solar plants. According to a report by Saudi Press Agency (SPA), the country’s National Renewable Energy Program will invest approximately SR60 billion ($15.9 billion0 in renewable energy projects, according to a report by Saudi Press Agency (SPA). The information was released by Riyadh Chamber and mentioned that fifty percent of households in the Middle East monarchy wanted to use solar power at home.

In this light, the government wants to upscale its renewable energy capacity to 58.7 gigawatts (GW) by 2030. Solar power will account for 40GW, being the widespread source of clean energy. Onshore wind plants will contribute about 16GW to Saudi Arabia’s green capacity, while the remaining percentage will be sourced from other clean energy initiatives such as geothermal and green hydrogen. Saudi Arabia is in the sixth position globally for countries with the highest amount of solar energy. It ranks at the thirteenth spot for wind energy.

“The Gulf Cooperation Council countries’ renewable energy market has already reached 17 gigawatts and stands at 70 gigawatts in the wider Middle East and North Africa (MENA) region. Saudi Arabia ranks 6th globally in solar potential and 13th globally for wind power,” said Saudi national newspaper Al Eqtisadiah. In 2018 Saudi Arabia revealed its clean energy targets, saying it would be “another Germany.” The Gulf country plans to become carbon neutral by 2050 and pledges to derive half of its power from green sources by 2030.

The kingdom is one of the largest emitters of carbon dioxide. The Energy Minister has revealed plans to expand renewable energy projects and clean hydrogen projects in partnership with other countries. “We will be pioneering in this space,” said Prince Abdulaziz bin Salman, Energy Minister. It also predicted that the overall generation capability of the Kingdom of Saudi Arabia’s state plan of renewable energy projects would hit 5.6 million megawatts for every hour by 2030, with a 30 percent addition to the energy mix as well as a per capita share of the overall electric energy in Saudi Arabia of about 8.954 kilowatts per hour.

Under Vision 2030, as well as the King Salman Renewable Energy Initiative, the National Renewable Energy Program (NREP) is a key strategy. The initiative intends to enhance Saudi Arabia’s clean energy capacity. With regards to the goals set out in the Vision 2030, which include creating the renewable energy sector as well as supporting the expansion of this promising industry while striving to meet the Kingdom’s obligations to reduce carbon emissions, the plan lays out a structured and detailed road map to broaden local energy sources, boost economic growth, and offer sustainable economic stability to this Kingdom.

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