Saudi Arabia aims to be world’s largest renewable energy market
the Kingdom is aiming to generate 18 GW of nuclear energy, 3 GW of waste to energy, 1 GW of geothermal and an additional 9 GW of wind power, specifically for water desalination plants
Click here to add International Energy Agency as an alert
Disable alert for International Energy Agency,
Click here to add Keisuke Sadamori as an alert
Disable alert for Keisuke Sadamori,
Click here to add Rasheed M. Alzahrani as an alert
Disable alert for Rasheed M. Alzahrani,
Click here to add Renewable Energy as an alert
Disable alert for Renewable Energy,
Click here to add Riyadh as an alert
Disable alert for Riyadh,
Click here to add Riyadh Valley Company as an alert
Disable alert for Riyadh Valley Company,
Click here to add Schneider Electric as an alert
Disable alert for Schneider Electric,
Click here to add Wilson as an alert
Disable alert for Wilson
Saudi Arabia aims to become the world’s foremost market for renewable energy with an aggressive investment budget of $109 billion. By 2032, the country strives to generate as much as a third of the Kingdom’s energy demands using renewable energy (54 GW).
Following the publicity surrounding the country’s major investment drive, King Abdullah City for Atomic and Renewable Energy (KACARE) released a series of documents detailing the revised National Energy Plan. In addition to the 41 GW of solar power, 25 GW of CSP and 16 GW of PV, the Kingdom is aiming to generate 18 GW of nuclear energy, 3 GW of waste to energy, 1 GW of geothermal and an additional 9 GW of wind power, specifically for water desalination plants.
Impressive and noble though the country’s renewable energy goals maybe, the question remains how will the world’s largest exporter of oil, so dependent on conventional energy sources for their power demand, achieve such a transformation.
Establishing a time-line with long-term policies is at the top of the list.
According to Keisuke Sadamori, director of the energy markets and security directorate, International Energy Agency (IEA), "One of the key messages from the Medium Term Renewable Energy Market Report 2013 by the IEA is that policy uncertainty is the largest risk for renewable investment. Every country, including Saudi Arabia, should introduce long-term policies to provide a predictable and reliable framework to support renewable deployment."
Sadamori, alongside various other international and regional renewable energy experts, will be discussing the key challenges faced by Saudi Arabia and the steps toward overcoming them at the upcoming 3rd Annual Solar Arabia Summit. Taking place on Sept. 29-30 in Riyadh, the summit is hosting 35 experts who will each share their experience in the industry and discuss the latest market trends and policy development in the Kingdom.
Rasheed M. Alzahrani, CEO, Riyadh Valley Company, is also speaking at the summit to discuss joint ventures, partnerships and investments in renewable energy in the Kingdom.
He also acknowledges that "high level plans are already in place, but the major challenge in the Kingdom lies in the absence of a detailed time-line for a clear and gradual shift to renewable energy in the country and the slow adoption and advancement in renewable energy initiatives."
When asked about his company’s participation in the summit, Alzahrani said: "We intend to invest in this sector both in early and late stage opportunities that will add value to the local needs. We will use this platform to introduce RVC and its initiatives and to help foster the development of an energy ecosystem in KSA."
Alongside the summit’s conference agenda, 250 Saudi energy stakeholders are attending to have one-to-one business meetings with up to 40 international solution and service providers.
Confirmed participants include Schneider Electric, Total, Sterling and Wilson, SMA Technology and Trishe Renewables.
- Al Tayer bucks the US department store trend with Bloomingdale's Kuwait opening
- Gulf Islamic banks set to outperform conventional banks for second year: Moody's
- Jordan secures EU finance for socioeconomic and environmental programs
- Same-day service deliveries in GCC an untapped market: Wing CEO
- Will terror attacks damper Arabs' appetite for European holidays?
- A sign of rationality or desperation? Saudi Arabia is about to spend the equivalent of one fifth of its GDP to become world's largest solar energy producer
- The end of the energy market as we know it: US overtakes Russia and Saudi Arabia as world's largest oil and gas producer
- Saudi Arabia Strategy to become a global leader in power, water and renewable energy: exclusive study unveils recommendations
- Saudi Arabia is the world’s third largest gold consumer
- Saudi Arabia is the third largest market in the world of Air Conditioners