International Finance

Saudi Arabia creates ‘renewable energy strategy’ to free up oil exports

Saudi renewable energy
A good energy mix is crucial to the Kingdom’s long-term economic prosperity

The Kingdom of Saudi Arabia is creating a renewable energy strategy to free up oil exports, a local media report said. 

Its renewable energy strategy is in line with the Vision 2030 framework. The strategy will have an energy mix which is crucial for the Kingdom’s long-term economic prosperity. 

According to Prince Abdulaziz bin Salman Al Saud, Saudi Arabia’s Minister of Energy, “The best energy power mix for Saudi Arabia is gas and renewables. By 2030 we will be developing our gas resources. We will be quite big in terms of renewable use. The more we use renewables and gas for our consumption, the more we will be freeing liquids which are exportable to the world market.” 

Last December, the Kingdom was expecting to generate investments worth $3.7 billion in the second and third rounds of the National Renewable Energy Programme, the media reports said. 

The renewable energy investments are expected to create 6,800 construction job opportunities and 730 jobs in the operation and maintenance phase. The National Renewable Energy Programme is designed to monitor the domestic power mix. 

Round two of the National Renewable Energy Programme currently has six photovoltaic solar independent power projects, with a combined capacity of 1,270MW. Likewise, one wind project and five solar projects with a combined total capacity of 1,580MW are under round three. 

Prince Abdulaziz emphasised that it is important for the Kingdom to become a significant consumer of renewable energy. To that end, a price reform programme is necessary, he said. 

The Kingdom’s renewable energy targets involve improvement aimed at buildings, vehicles, utilities and manufacturers. 

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