Saudi Arabia becomes member- club of Middle East’s ‘green energy’ leaders
Saudi Arabia has become one of the Middle East and North Africa (MENA) region’s leaders in the race to use renewable energy, according to a new study.
The Solar Outlook Report 2020 was launched at the Solar Forum of the World Future Energy Summit, a highlight of this year’s Abu Dhabi Sustainability Week (Jan. 11-18).
The report, prepared by Middle East Solar Industry Association (MESIA), the largest regional body of its kind, said Saudi Arabia and Oman have joined the UAE, Morocco and Egypt as leaders in the renewables race.
“Saudi Arabia is now in the third year of implementation of its massive target of 60 gigawatts (GW) of renewable energy generation by 2030,” it said.
Martine Mamlouk, secretary-general of MESIA, said that investment in solar energy is evident across MENA countries. “Saudi Arabia has a target of almost 60 gigawatts of renewable energy, out of which 40 gigawatts are solar,” she told Arab News.
“This is in line with the Kingdom’s objective of diversification and Vision 2030. While the industry is reaching grid parity, it is great to see the deployment of new innovative technologies to increase efficiency of systems, production management and grids.”
Upcoming solar projects in the Kingdom include Madinah, Rafh, Qurayyat, Al-Faisaliah, Rabigh as well as Jeddah, Mahd Al-Dahab, Al-Rass, SAAD and Wadi Ad-Dawasir, along with Layla and PIF.
Saudi Arabia’s energy demand has been rising steadily, with consumption increasing by 60 percent in the past 10 years, according to data provided by market researchers Frost & Sullivan. Demand for electricity in 2019 reached 62.7 GW and is forecast to rise by up to 120 GW by 2030.
The value of solar-power projects in the MENA region is estimated at between $5 billion and $7.5 billion. By 2024, that figure is expected to approach $15 billion to $20 billion.
Under its Vision 2030 program, the Kingdom aims to reduce its dependency on oil revenues, diversify its energy mix and tap its renewable energy potential.
Updated on 1:47 pm PKT | Mallahpost
Source and Image courtesy: Arabnews