Saudi Arabia will become “another Germany” in the renewable energy sector, converting 50 percent of the Kingdom’s energy reliance to renewables, Saudi Energy Minister Prince Abdulaziz bin Salman said on Wednesday during a speech at the fourth edition of the Future Investment Initiative (FII) summit in Saudi Arabia’s capital Riyadh.
“Whatever we will be doing in Saudi Arabia will be supporting emissions reduction, the economic case for it is huge. [Saudi Arabia] is being looked at as a reasonable and good international citizen, because we will be delivering much more, I would argue, than many European countries in the next years,” Prince Abdulaziz added.
Saudi Energy Minister added that Saudi Arabia would convert and create more hydrocarbon uses and will be recycling its emissions, and it will be pioneering in blue hydrogen and green hydrogen.
The Minister added that many European countries are lining up to partner with Saudi Arabia in those programs.
“The Saudi government is committed to the issue of emission neutrality. A serious young team is working on ways to convert hydrocarbon molecules to different uses,” he added.
Prince Abdulaziz added that the transformation would save hundreds of thousands of barrels of oil.
“We have initiated a price reform program, we have been very mindful of the issue of climate change, we improved our resilience in terms of mitigating to climate change,” he added.
“Not only are we committed to Paris Climate Agreement, but we are also actually going to make a lot of use of it, and it will be a good successful agreement for us because it would bring us lots of economic growth and diversification,” he concluded.
Source: News https://english.alarabiya.net/business/energy/2021/01/27/Saudi-Arabia-will-be-another-Germany-in-renewable-energy-sector-Prince-Abdulaziz