RIYADH: Saudi Arabia plans to take a position greater than $266 billion to supply cleaner electrical energy and increase its energy grid, the dominion’s power minister mentioned Monday.
Talking at a discussion board organised by Saudi oil large Aramco, Prince Abdulaziz bin Salman mentioned the world’s largest crude exporter was additionally trying to turn out to be a world chief in hydrogen manufacturing.
“We’re introducing over a trillion riyals ($266 billion) value of funding by 2030 to deal with our plans to realize cleaner types of electrical energy inside the kingdom in addition to increasing and modernising the facility transmission and distribution grid,” he mentioned.
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“On the hydrogen entrance, we’re decided to be the main exporter in addition to availing clear hydrogen for native usages in heavy industries to supply inexperienced merchandise,” he advised the seventh annual IKTVA discussion board in Dhahran in a speech.
The dominion would additionally double down on carbon seize options.
“We’re now not going to construct any future energy technology with out carbon seize,” the Saudi minister mentioned.
Regardless of its aim of attaining internet zero carbon emissions by 2060, Saudi Arabia stays vastly depending on crude oil exports which have powered its progress for many years, elevating doubts about its potential for an financial makeover any time quickly.
Hovering crude costs following Russia’s invasion of Ukraine allowed the dominion to put up in 2022 its first finances surplus in 9 years, giving it the monetary firepower for financial improvement.