In conjunction with COP28, the third edition of the Saudi Green Initiative (SGI) Forum showcased Saudi Arabia’s commitment to climate action and its strides towards achieving net zero by 2060. Launched in 2021 by Crown Prince Mohammed bin Salman, the SGI aims to unite the nation’s efforts in combating climate change and fostering sustainable innovation.
At the SGI Forum, Saudi officials underscored the Kingdom’s progress, with over 80 initiatives representing a colossal investment of over US$ 188 billion toward a greener future. Saudi Arabia is on course to reduce carbon emissions by 278 million tonnes per annum by 2030, aiming for a balanced energy mix of gas and renewables, each constituting about 50% of electricity production.
Since 2022, Saudi Arabia has connected an additional 2,100 MW of renewable energy to the grid, totalling 2.8 GW, a remarkable 300% increase in installed capacity. By the end of 2023, ongoing projects will push the production capacity of renewable energy beyond 8 GW, with an additional 13 GW in various stages of development.
The Kingdom’s efforts extend to transforming its power mix, with four high-efficiency gas-fired power plants of approximately 5,600 MW operational by December 2023. Furthermore, Saudi Arabia is advancing carbon capture and storage technologies with plants totalling around 8.4 GW.
In the pursuit of future-proof fuels, Saudi Arabia is investing in an $8.4 billion green hydrogen plant in NEOM, poised to become the world’s largest. The Kingdom has signed bilateral agreements in 2023 to produce and export clean and green hydrogen, contributing significantly to global clean energy goals.
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