A sustainability assessment states that Saudi Arabia has climbed 24 places in the Energy Transition Index since 2021 as a result of the world’s acknowledgement of its green initiatives and aspirations for renewable energy.
According to the annual Energy Index Report from the World Economic Forum, the Kingdom has taken the lead in the Middle East, rising from position 81 in 2021 to position 57 in 2023.
The current study is based on 120 countries, whereas the study from 2021 used 115.
The outcomes are consistent with Saudi Arabia’s Vision 2030, a plan to diversify the economy and make it more sustainable.
The report noted that although the nation has long dominated the oil market, it has recently undergone a dramatic energy transition as a result of realizing the need to switch to renewable energy and lessen its carbon footprint.
The research claims that many green efforts the Kingdom undertook, including the founding of the Regional Voluntary Carbon Market Co., the first of its type in the area, may be responsible for the improvement in ranking.
Although there has been tremendous progress, the report emphasized that Saudi Arabia still has opportunities to lower energy and carbon intensity.
The report also mentioned the Kingdom’s ability to increase renewable resources and put carbon capture technologies in place.
In addition, the report noted that by 2030, the Kingdom had pledged to derive 50% of its energy from renewable sources. The Saudi Green Initiative is also at the forefront of several significant initiatives to reduce emissions and alter the domestic energy mix.
The creation of a program for carbon capture and storage, increasing energy efficiency, and investing in new energy sources are some of the tasks SGI has taken on.
SGI has set a goal of planting 10 billion trees as part of a strategic initiative to restore natural flora. The project restored crucial ecological parameters, enhanced air quality, and decreased sandstorms in 2022 alone by planting almost 18 million trees and rehabbing 60,000 hectares of deteriorated land.
The paper stated that the nation’s transition to renewable energy, which has 11.4 GW of capacity under development, marks a substantial break from the established economic model and could have geopolitical ramifications.
The report also suggested that by creating collaborative investments, research projects, training programs, and educational initiatives, the Kingdom might establish itself as a strong leader in the energy transition.