During the Saudi Smart Grid Conference 2023 in Riyadh, Minister of Energy Prince Abdulaziz bin Salman unveiled Saudi Arabia’s ambitious plan to add 20 gigawatts of renewable energy annually, with the ultimate goal of reaching a total of 130 gigawatts by 2030.
Prince Abdulaziz, addressing the audience, underscored the Kingdom’s commitment to export up to 150 gigawatts of either green electricity or hydrogen, showcasing its preparedness in the global shift towards sustainable energy.
With an investment surpassing SR705 billion ($188 billion) across more than 80 initiatives, Saudi Arabia is dedicated to constructing a more sustainable future and curbing carbon emissions by 278 million tons annually by 2030.
The Kingdom is strategically aiming for a well-balanced energy mix, with a target of 50 percent natural gas and 50 percent renewable energy in electricity production by 2030. This initiative is anticipated to replace up to one million barrels of equivalent liquid fuel.
Prince Abdulaziz emphasized the substantial progress made in renewable energy, highlighting the Kingdom’s doubled capacity to over 2.2 gigawatts. The plan includes tendering around 20 gigawatts in 2024, positioning Saudi Arabia as a key global source of green hydrogen.