Saudi Arabia: 200% of electricity from renewable sources by 2060

Saudi Arabia, the world’s largest oil exporter, wants to be able to produce 100 percent of its electricity from renewable sources and export zero-carbon fuels by 2060, Saudi Crown Prince Mohammed bin Salman said…

Saudi Arabia: 200% of electricity from renewable sources by 2060

Saudi Arabia, the world’s largest oil exporter, wants to be able to produce 100 percent of its electricity from renewable sources and export zero-carbon fuels by 2060, Saudi Crown Prince Mohammed bin Salman said Wednesday, as he unveiled the country’s long-term energy plan.

The king’s son, who is also the deputy crown prince, said the kingdom would aim to become a “global leader” in sustainable energy, aiming to make it the new “norm,” according to a statement.

The Saudi plan, which is contained in an internal memorandum that is dated Jan. 16, 2019 and was obtained by Reuters news agency, sets out an ambitious change to the kingdom’s energy economy which aims to completely transition the economy to a new model focused on renewable energy.

The proposal has not been publicly released publicly but the Saudi energy authority was quoted as confirming it.

The plan is seen as vital to securing the kingdom’s oil wealth and its future in the face of low crude prices and competition from other countries. Saudi Arabia is the world’s largest oil exporter with the potential to make the world’s largest renewable energy project.

The Crown Prince’s Energy Minister Khalid al-Falih said in the statement that the Kingdom’s new energy plan called for reducing the intensity of the oil industry’s emissions by 30 percent. The value of the proposal is estimated at $2.8 trillion.

Alongside the solar and wind projects, the kingdom plans to complete its first nuclear plant before 2030, the statement said.

Click here to read more on this story from Reuters.

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