Saudi Arabia : USD 100 billion renewable energy projects to meet power needs

Saudi-Solar-Power-PV-Photovoltaic

Committed to take up renewable energy as its future resource, Saudi Arabia will have more than USD 100 billion in renewable energy projects that will help meet its skyrocketing energy demand and diversify its energy sector following the World Future Energy Summit 2016 on 18 – 21 January 2016 at the Abu Dhabi National Exhibtion Centre.

There is a 45 percent expected growth for Saudi Arabia’s energy demand – from 69 gigawatts in 2014 to 100 gigawatts in 2040. With that in mind, the Kingdom plans to spend more of its budget, a whopping USD 109 billion to install 54 gigawatts of renewable energy by 2040.

By 2020, Saudi projects alone will account for 70 percent of the total value of the Gulf Cooperation Council’s (GCC) renewable energy projects. The strongest take-up for Saudi Arabia, however, comes from solar power – with the Kingdom planning to install 41 gigawatts of solar power by 2040.

According to Roberto De Diego Arozamena, the CEO of Abdul Latif Jameel Energy and Environmental Services, and one of the key sponsors of the World Future Energy Summit 2016, with the Middle East continuing to rapidly grow in the renewable energy sector, Saudi Arabia’s market holds the region’s biggest potential for solar and wind power. Arozamena also added that renewable energy may help Saudi Arabia fulfill their growing energy demand and help diversify the economy, shift government energy subsidies, and provide more job opportunities.

Arozamena further commented that innovation in the country is much credited to Saudi’s world-class universities, adding that governments will need to implement holistic plans that boost both the innovation and manufacturing capacity to deliver practical, affordable, and competitive energy solutions to advance its renewable sector.

 

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