Saudi Arabia is planning to launch renewable energy projects with a capacity of 20 gigawatts in 2024, following a fourfold increase in its renewable energy production from 700 megawatts to 2.8 gigawatts, as announced by Saudi Energy Minister Prince Abdulaziz bin Salman.
The Minister made these remarks in a recorded speech during the opening of the “Saudi Green Initiative Forum,” held concurrently with the COP28 climate summit in Dubai.
He mentioned that projects exceeding 8 gigawatts are currently under construction in Saudi Arabia, with approximately 13 gigawatts at various stages of development.
Additionally, the Kingdom plans to tender a new project to construct four high-efficiency gas power plants with a total capacity of 7 gigawatts, as part of the initiatives under the “Saudi Green Initiative” launched in 2021.
Crown Prince Mohammed bin Salman initiated the “Saudi Green Initiative” in 2021, targeting investments of around $266 billion to generate clean energy and reduce carbon emissions by 278 million tons annually by 2030.
Prince Abdulaziz bin Salman also highlighted Saudi Arabia’s progress in implementing the program to phase out liquid fuel in the electricity production sector. The aim is to eliminate the burning of one million barrels of liquid fuel by leveraging renewable energy sources.
“This year, we are operating four high-efficiency gas power plants with a total capacity of 5.6 gigawatts, and we plan to build additional gas power plants with a capacity of 8.4 gigawatts with the capability of carbon capture,” he stated.
“We continue to implement the energy efficiency program, where policies and initiatives in the industrial and transport construction sectors have contributed to an energy saving of about 16% between 2021 and 2022,” the Minister added.
In his speech, he further mentioned, “As part of our commitment to accelerating the development of renewable energy projects, the Kingdom of Saudi Arabia will launch the National Geological Survey project from the beginning of next year. This project, one of the few global projects of its scale implemented at a national level, will include more than 1,200 measurement stations.”
Regarding carbon capture and storage, the Energy Minister referred to the development of two industrial centers in Saudi Arabia. One in the Eastern Region for carbon capture and storage (CCS) aims to produce 44 million tons annually, and another in the Western Region for carbon capture and utilization (CCU), with a capacity of over one million tons annually for utilizing carbon dioxide.
He also reiterated Saudi Arabia’s goal to become a leading global exporter of clean and green hydrogen, recalling the completion of the financial closing of the NEOM Green Hydrogen Project and its acquisition of an investment of about $8.5 billion. This project is expected to produce 1.2 million tons annually of green ammonia.
