Assessing Saudi Arabia ambitious renewable goals ( Analysis )
Saudi Arabia is actively working to diversify its energy sources and reduce its reliance on oil as part of its VISION 2030 plan and the Saudi Green Initiative (SGI). The SGI, launched in 2021, aims to achieve emissions reduction, afforestation, land regeneration, and land and sea protection. The country has initiated over 80 projects under the SGI and is investing in renewable energy and clean technologies. Currently, Saudi Arabia generates almost all of its electricity from fossil fuels, with natural gas and oil accounting for 60% and 40% respectively. By 2030, the country aims to have renewable energy contribute around 50% to its electricity production. However, achieving this goal would require significant investment from the state. Despite this, Saudi Arabia is expected to see a rapid expansion of renewable energy projects in the coming decade. Installed renewable capacity is projected to increase from 1.6GW in 2023 to 27GW in 2030, generating enough energy to power over 520,000 homes. The National Hydrogen Strategy aims to invest $36bn by 2030 to establish Saudi Arabia as a leading hydrogen producer and supplier. The Saudi government is also planning a multibillion-dollar share sale for Aramco, the primary company involved in oil exploration and production in the country. Aramco s revenues currently account for around 40% of Saudi Arabia s GDP, and the profits support hundreds of billions of dollars in global investments through the Public Investment Fund (PIF). However, concerns have been raised about potential greenwashing within the SGI, as Saudi Aramco s sustainability report reveals significant differences between its stated goals and actual actions. The company s commitment to achieving net-zero emissions by 2050 does not fully align with the objectives of the Paris Agreement. In conclusion, Saudi Arabia is making significant strides towards diversifying its energy
Source: iranoilgas.comPublished on 2024-09-14
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