Saudi Arabia also wants to step up efforts to find solutions in the area of carbon sequestration.
Saudi Arabia plans to invest more than $266 billion to produce “cleaner” electricity and expand its power grid, the kingdom’s energy minister announced today.
Speaking at a conference organized by Saudi oil giant Aramco, Prince Abdulaziz bin Salman added that the world’s biggest crude oil exporter also wants to become a world leader in hydrogen production.
The $266 billion to be invested “until 2030” must “meet our plans aimed at creating cleaner forms of electricity in the kingdom as well as expanding and modernizing the electricity transmission and distribution network,” he said.
“On the hydrogen front, we are determined to be the first exporter as well as provide clean hydrogen for local use to heavy industries to produce green products,” he told the conference held in Dhahran, on the eastern side of the kingdom.
Saudi Arabia also wants to step up efforts to find solutions in the area of carbon sequestration.
“We will not build future power plants without carbon sequestration,” the Saudi minister said.
Despite its goal of achieving zero carbon emissions by 2060, Saudi Arabia remains heavily dependent on the crude oil exports that fueled its growth for decades, raising doubts about the potential for an economic turnaround in the near term.
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