Saudi Gazette report
RIYADH — Minister of Energy Prince Abdulaziz bin Salman said that Saudi Arabia is the largest producer of green and clean hydrogen and is ready to export it globally. Addressing the 8th edition of the Future Investment Initiative (FII) 2024 in Riyadh on Tuesday, he revealed that Saudi Arabia is working to diversify its economy and create job opportunities in an appropriate manner. "We have accomplished a lot over the past six years and we in the Kingdom do not know the word "impossible," he said.
The three-day FII summit, with the theme of "Infinite horizons: Investing today, shaping tomorrow," is being held under the patronage of Custodian of the Two Holy Mosques King Salman. FII8 ignites discussions on how investment can serve as a catalyst for a prosperous and sustainable future, pushing the boundaries of what is possible for humanity.
Speaking at a special session on "New Energy Economies," Prince Abdulaziz said: “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.”
"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,” he said while stressing the continuation of the shift towards gas.
The minister said that Saudi Arabia has produced 44 gigawatts of renewable energy since 2020, which represents about half of the total installed energy in Britain, and 90 percent in Sweden. He noted that Saudi Arabia will be the only one to benefit financially from the energy transition.” “We are actually the largest producer of hydrogen and we are ready to export green and clean hydrogen globally while ensuring its local availability.”
He said that the Kingdom connects all its regions with at least two sources of electricity."We are expanding a large number of pipelines across the country to ensure that industrial cities are supplied with gas."
Prince Abdulaziz said that Saudi Arabia has achieved in a few years distinguished results in the energy transformation path that are comparable to what the OECD (Organisation for Economic Co-operation and Development) countries have achieved in 50 years. "No country in the world has gone through this transformation in a short period. We continue to work with the Public Investment Fund to launch the carbon market in the best possible way and we are working with Maaden to secure our needs for minerals, whether locally or globally," he said while stressing that the concept of energy security will change to include minerals and raw materials. The minister also revealed plans of Saudi Aramco to continue making investments in China.
The eighth edition of the annual conference this year focuses on new strategies to confront and address global challenges, the role of Africa in the global economy, and enhancing the role of women in leadership positions, internal structures, and practical aspects of investments.
FII8 promises to be a melting pot of innovative ideas, bringing together global leaders, entrepreneurs, political leaders, media and decision-makers in finance, AI, sustainability, energy , geoeconomics, space and beyond. This year’s conference will challenge attendees to think beyond conventional limits and explore investment opportunities that can bridge current challenges with future possibilities.
