Saudi Energy Minister Outlines Ambitious Vision for Kingdom’s Energy Transformation at FII Conference
Riyadh, October 30, 2024 (Saudi Arabia Breaking News) – Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz presented Saudi Arabia's bold vision to reshape its energy sector at the Future Investment Initiative (FII) conference, emphasizing plans to maximize resource value, diversify the economy, and create job opportunities.
In his address, the minister highlighted the Kingdom’s longstanding commitment to energy development, which spans decades of investment and innovation. This commitment has fostered advancements in natural gas development and carbon sequestration, paving the way for the establishment of global-scale petrochemical industries, industrial cities, and the internationally renowned SABIC. Saudi Arabia has also made a successful transition from liquid fuels to natural gas for power generation and seawater desalination, which has bolstered efficiency and sustainability.
Looking ahead, Saudi Arabia is set to become a global leader in hydrogen production and export. The minister outlined the Kingdom’s significant hydrogen export capacity, stressing its strategic role in the corridor project to supply clean electricity and green hydrogen to global markets. This aligns with Saudi Arabia’s larger mission to support global sustainability and reduce carbon emissions.
Energy efficiency has also been a top priority, with pioneering initiatives yielding impressive results in a short span. The National Renewable Energy Program (NREP) has seen the Kingdom achieve 44 gigawatts of renewable energy capacity, with an additional 20 gigawatts targeted for this year. A nationwide geographical survey is underway to identify optimal renewable energy sites, complemented by substantial investments in gas-based power generation and carbon capture technologies.
The Kingdom is also advancing its energy infrastructure with an expansion of its electricity transmission and distribution networks to ensure a reliable and sustainable energy supply across the country. This comprehensive approach, according to Prince Abdulaziz, positions Saudi Arabia as a global leader in energy innovation and sustainability, while simultaneously driving economic growth and employment within the Kingdom.