Renewable energy in Saudi Arabia other Gulf nations is predicted to save $87 billion and reduce carbon emissions by up to 1 gigaton, according to a recent report.
The report published by the International Renewable Energy Agency (IRENA) entitled “Renewable Energy Market Analysis: The GCC Region” estimated that by 2040, the Kingdom’s would produce 54 gigawatts per year of sustainable energy — 41 gigawatts from solar energy, 9 gigawatts from wind, 3 gigawatts from waste-to-energy, and 1 gigawatt of geothermal energy.
Such renewable energy innovations are expected to yield considerable cost savings. As the region’s largest consumer of fossil fuels for power production, switching to renewables would save around 170 million barrels of oil and gas resources by 2030 – for an estimated cost savings of $87 billion across the GCC
Vision 2030: A Vision For Renewable Energy
The effort to transition to renewable energy is in line with the Vision 2030 plan. In February 2017, Energy Minister Khalid Al-Falih confirmed that the Kingdom is looking to invest up to $50 billion in renewables. The ministry will set up a division to handle the transactions until the government establishes a new independent buyer for its power supplies.
In March, the Saudi Energy Ministry has announced a $50 billion plan in which a final bidder will secure a project to build out a combined 700-megawatt wind and solar power plant—a 300-megawatt solar facility in Sakakah and a 400-megawatt wind plant in Midyan.
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