Saudi Arabia to pour billions of dollars into ‘cleaner energy’

The Saudi energy minister stressed the ongoing work to significantly increase oil and gas supplies and double the main gas network.

T h e A r a b W e e k l y The Arab Weekly

RIYADH -

Saudi Arabia will invest up to one trillion riyals ($266.40 billion) to generate "cleaner energy", Saudi state TV reported on Monday, citing the kingdom's energy minister.

Prince Abdulaziz bin Salman added that the investments aim also to "add transport lines and distribution networks in order to eventually export the energy to the world and produce clean hydrogen."

He continued: "We are determined to be the leading exporter of hydrogen, as well as to provide clean hydrogen for local uses in heavy industries to produce green products such as green steel, green aluminium, fertilisers and others at competitive prices."

The minister further stressed the ongoing work to significantly increase oil and gas supplies and double the main gas network.

He also highlighted the acceleration of the work of liquids-to-chemicals conversion facilities to increase the raw materials for petrochemicals.

Over the last few years, Saudi Arabia, which has some of the world's largest reserves of oil and is a leader of the OPEC oil cartel, has been building a large push to make the case that the nation should be part of the transition to renewable energies, while still holding on to its role as the top global crude oil exporter.

Nevertheless, energy exports are the Saudi economy's mainstay, earning $150 billion in annual revenue, despite efforts to diversify revenue as the global transition away from fossil fuel reliance accelerates.

Among the Saudi environmental initiatives, there were plans to set up a regional centre to "advance emissions reductions" and one to host a regional climate week ahead of next year's COP meeting.