Saudi Arabia has emerged as the largest producer of green hydrogen and is prepared to export it worldwide. At the Future Investment Initiative (FII) 2024 in Riyadh, Energy Minister Prince Abdulaziz bin Salman highlighted the Kingdom’s commitment to economic diversification and job creation.
Prince Abdulaziz emphasized Saudi Arabia’s achievements over the past six years, underscoring the nation’s determination to overcome challenges. The FII summit, themed “Infinite horizons: Investing today, shaping tomorrow,” explores investment’s role in fostering a sustainable future.
During the session on “New Energy Economies,” Prince Abdulaziz outlined plans to export various energy forms, utilize the circular carbon economy, and boost manufacturing to enhance economic diversity and job opportunities. He highlighted the Kingdom’s progress in renewable energy, noting that Saudi Arabia will annually provide 20 gigawatts of renewable energy.
Since 2020, Saudi Arabia has generated 44 gigawatts of renewable energy, comparable to significant portions of Britain’s and Sweden’s energy capacities. The minister stressed the Kingdom’s strategic energy connections and its readiness to export green hydrogen globally.
Saudi Arabia’s energy transformation achievements rival those of OECD countries, completed in a fraction of the time. The nation is also advancing plans with Saudi Aramco for investments in China and working with the Public Investment Fund to develop a carbon market.
The FII conference addresses global challenges, Africa’s economic role, and the enhancement of women’s leadership. It gathers global leaders and innovators to explore investments that bridge present challenges with future opportunities.
