Saudi Arabia aims to generate 50 percent of its electricity by using renewable energy by 2030, while the remaining percentage will depend on gas, said Dr. Khalid Bin Saleh Al-Sultan, Chairman of King Abdullah City for Atomic and Renewable Energy (KACARE), on Tuesday.
The KACARE chief said that Saudi Arabia is working to build a sustainable renewable energy sector that includes industries, services, localization of technologies, and qualification of human cadres by defining the main frameworks for building the sector.
He also said that the Saudi Ministry of Energy approved policies that stimulate the participation of the private sector in this field, in addition to updating regulations for renewable energy projects to achieve the goals of the National Renewable Energy Program (NREP), in line with the Kingdom’s Vision 2030, and under the direct and continuous supervision of Energy Minister Prince Abdulaziz Bin Salman.
Dr. Khalid pointed out that Saudi Arabia has launched several projects and initiatives in this context, including the green hydrogen project in NEOM, and the projects of SABIC and Saudi Aramco to store and use carbon in manufacturing various products such as blue ammonia.
The projects and initiatives also include enabling new technologies in the field of renewable energy, increasing the local content in industrial and service value chains and qualifying the necessary human capital.
Saudi Arabia began planning to stimulate the private sector and interested investors in this field to invest in the renewable energy sector in addition to the Kingdom’s commitment to creating a local competitive market for renewable energy with a clear methodology to ensure the competitiveness of renewable energy.