After dominating the global oil industry for decades, Saudi Arabia is now seeking new sources to maintain its position in the energy sector, while aiming to achieve zero emissions by 2060.
Transitioning from being a petroleum exporter to an energy source is the focus of recent statements from Saudi officials. The latest came from Saudi Energy Minister Prince Abdulaziz bin Salman during the recent World Economic Forum held in Riyadh.
“Saudi Arabia aims to provide the world with all types of energy, whether hydrogen or nuclear. We want to supply the world with energy regardless of its type,” he stated.
This shift towards new energy types entails significant investments in known renewable energies like solar and wind.
However, it also includes investments in unconventional and emerging ideas that may hold many opportunities in the future, such as space-based solar energy.
Space-based solar energy relies on launching satellites into Earth’s orbit, ensuring continuous exposure to sunlight, which is then transmitted to Earth via microwave or laser waves for conversion into usable energy.
Saudi interest in this technology first surfaced publicly in early 2023 when the British government announced that Grant Shapps, the then-UK Minister of State for Energy Security, discussed “ambitious plans” for cooperation in space and innovation with Saudi Minister of Communications and Information Technology Abdullah Al-Swaha, including the potential for investing in developing space-based solar energy.
Explaining the technology, Sam Adlen, the CEO of Space Solar, a British company among the few operating in this field, highlighted that solar energy has long been considered an ideal source of clean energy but suffers from unstable supplies.
Adlen, who declined to delve into the details of negotiations with Saudi Arabia, citing them as government-to-government talks, hinted at progress in discussions.
He noted that Riyadh’s interest in this technology strongly aligns with Vision 2030, with many considering it the “optimal solution” for generating renewable energy.
Moreover, Mohammad Al-Tamimi, the CEO of the Saudi Space Agency, sees great promise in this technology for clean energy use on Earth.
He explained in an interview on the sidelines of the World Economic Forum in Riyadh that space-based solar energy “provides clean and sustainable energy and could change the rules of the game in the solar energy market on Earth.”
In 2021, Saudi Crown Prince Mohammed bin Salman launched the “Saudi Green Initiative,” which aims to pump investments of about $266 billion to generate clean energy, in parallel with reducing carbon emissions by 278 billion tons annually until 2030.
