Saudi Arabia will maintain its crude oil production capacity at 12.3 million barrels daily while expanding its renewable energy initiatives. Speaking at the Future Investment Initiative (FII8) in Riyadh, Energy Minister Prince Abdulaziz bin Salman outlined Saudi Arabia’s ambitious energy goals. These goals include substantial progress in hydrogen energy advancements and developing a sustainable circular carbon economy within Saudi Arabia.
Achieving Global Efficiency in Energy
The Kingdom’s energy efficiency achievements match those of developed nations, yet Saudi Arabia accomplished this in one-fifth the time, the minister noted. Addressing over 7,000 attendees, Prince Abdulaziz said, “We are committed to maintaining 12.3 million of crude capacity, and we are proud of that.”
Aiming for 50% Renewable Energy by 2030
Saudi Arabia aims to source 50% of its power from renewables by 2030. Prince Abdulaziz underscored the government’s pride in its environmental progress, stating, “We are not ashamed of our record when it comes to emissions. We are proud of it.”
Saudi Arabia’s air conditioning efficiency approaches that of the U.S. and nearly matches the European Union. “If the OECD achieved these numbers in 50 years, we are achieving similar results in less than 20% of that time,” he added.
Saudi Arabia’s Historic Energy Transformation
Saudi Arabia has undergone a rapid transformation, aiming to become a leader in low emissions and renewable energy capacity. Prince Abdulaziz expressed pride in the Kingdom’s progress, asking, “Show me any country on Earth that has undergone this transformation in such a short period.”
Saudi Arabia is also focusing on exporting various forms of energy and products, fostering economic resilience and job creation. “Our circular carbon economy guides us, enhancing economic diversification, value creation, and supply chain resilience,” he said.
Saudi Arabia’s 44 gigawatts of tendered renewable projects match 50% of the UK’s installed capacity and 90% of Sweden’s. Prince Abdulaziz compared these figures to those in other countries, highlighting the Kingdom’s rapid progress.
Ensuring Reliable Power Access Nationwide
Saudi Arabia is working to link every region to at least two electricity sources, with extensive transmission lines supporting this effort. Prince Abdulaziz emphasized the Kingdom’s widespread use of smart meters, which he claimed is unmatched by many G20 nations.
The Kingdom is the world’s largest hydrogen producer. Concluding his speech, Prince Abdulaziz invited collaboration, stating, “We welcome joint ventures and want you to be our partners.”
