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RIYADH: Saudi Arabia’s Minister for Energy Prince Abdulaziz bin Salman said that the kingdom is the world’s greatest generator of clean and green hydrogen and is ready to export it, local media reported.
Speaking Tuesday at the Future Investment Initiative (FII) 2024’s eighth edition in Riyadh, Prince Abdulaziz bin Salman disclosed that Saudi Arabia is attempting to diversify its economy and appropriately generate employment possibilities.
“We have accomplished a lot over the past six years and we in the Kingdom do not know the word impossible,” the minister said.
With the theme “Infinite horizons: Investing today, shaping tomorrow,” the three-day FII summit is being hosted under the auspices of King Salman, the Custodian of the Two Holy Mosques.
By pushing the limits of what is feasible for humanity, FII8 sparks conversations on how investment might act as a catalyst for a prosperous and sustainable future.
“We are working to export all types of energy, use the circular carbon economy, and jump into manufacturing and exporting manufactured and engineered products; because we want to enhance our economic diversity, create value, supply chain flexibility, and create job opportunities,” Prince Abdulaziz bin Salman added.
According to the minister, Saudi Arabia has produced 44 gigawatts of renewable energy since 2020, which is equivalent to 90% of Sweden’s installed electricity and around half of Britain’s. He pointed out that the only country to profit monetarily from the energy revolution will be Saudi Arabia.
“We continue to achieve record numbers in renewable energy generation prices. As many as 20 gigawatts of renewable energy will be provided annually in Saudi Arabia and we are working in advance to identify suitable sites for generating renewable energy,” Prince Abdulaziz bin Salman said.
“We are actually the largest producer of hydrogen and we are ready to export green and clean hydrogen globally while ensuring its local availability.”
The minister said that Saudi Arabia has at least two electrical sources connecting each of its regions.
Prince Abdulaziz bin Salman said that Saudi Arabia is expanding a large number of pipelines across the country to ensure that industrial cities are supplied with gas.
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