Saudi Arabia is making significant strides in the energy sector, establishing itself as the leading producer of green hydrogen and preparing for global exports. This announcement was made by the Energy Minister, Prince Abdulaziz bin Salman, at the Future Investment Initiative (FII) 2024 in Riyadh.
Since 2020, Saudi Arabia has generated 44 GW of renewable energy, which is a substantial achievement comparable to 90% of Sweden’s and nearly half of Britain’s electricity capacity. The kingdom’s focus is on increasing renewable energy production, aiming for 20 GW annually, and expanding gas pipelines to support industrial growth.
The FII summit, themed ‘Infinite Horizons: Investing Today, Shaping Tomorrow,’ highlights the role of investment in sustainable development. Prince Abdulaziz emphasized the importance of energy export, integrating a circular carbon economy, and developing engineered products to enhance economic diversification and job creation.
Saudi Arabia is also committed to maintaining low costs in renewable energy generation and ensuring a balance between local supply and global export of green hydrogen. The efforts are part of a broader strategy to reinforce supply chain resilience and economic diversification.
