He owner of the world’s black gold makes a masterstroke. He stakes his entire kingdom on it renewable energies. Geopolitical tensions are putting pressure on the context and are leading various countries to focus on sustainable energy. Oil has long been the most important source of energy worldwide. However, its extraction and subsequent use have a significant impact on the environment and climate change.
For this reason, it is crucial to find new sustainable and renewable alternatives to replace oil. The depletion of natural resources and climate change are global problems that require immediate solutions. One of these solutions is the transition to cleaner and renewable energy sources. Renewable energy sources are energy sources that are extracted from natural sources and that are inexhaustible.
Some of the main sources of renewable energy are solar energy, wind energy, hydropower and geothermal energy. In the current context, it is crucial to resort to alternative energy sources than fossil fuels to mitigate the advance of climate change and reduce air pollution. This is how the largest oil producer (black gold) has opted for sustainable energy.
The owner of the black gold changes strategy: now his goal is renewable energy
Saudi Arabia could approach the target of 130 GW of renewable capacity by 2030. The West Asian country is turning its attention to increasing the share of non-petroleum fuels to meet growing energy demand and diversify its business. mix energetic. Introduced in 2016, the Saudi Arabia’s Vision 2030 had the purpose deploy 9.5 GW of green energy by 2030.
Several revisions have been made since its inception. The last of these took place in 2023, with the target revised to 130 GW of renewable energy capacity by 2030. With stronger policies, a coherent call for competitive auctions and other financial measures, the kingdom can meet its renewable energy target by 2030 . data and analytics company Global data.
The latest report from GlobalData, « Saudi Arabia Power Market Size, Trends, Regulations, Competitive Landscape and Forecasts, 2024-2035«, states that sustainable energy projects are under construction Saudi Arabia They exceeded 8GW by the end of 2023. This is mainly due to various initiatives awarded through auctions over the past 18 months. Another 13 GW of renewable energy capacity is currently in use at various stages of development.
From 2015 to 2023, renewable energy capacity increased at a compound annual growth rate (CAGR) of 82.4%, ranging from 0.02 GW to 3 GW. By 2023, solar photovoltaics will account for 82.6% of the country’s total renewable energy capacity, with onshore wind coming in second at 14.1% and 3.1% coming from solar thermal.
The owner of the world’s black gold surprises in the field of renewable energy
It is estimated that the share of sustainable energy capacity in the mix The Arab country’s total capacity will reach 35.4% in 2035, up from 3.2% in 2023, with an estimated share of 6.9% in 2030. Similarly, renewable energy capacity in the period 2023-2030 will increase at a CAGR of 40.1% to reach 31.5 GW in 2023-30. 2030, with a forecast of 63.1 GW in 2035.
Thanks to the continuous efforts of policymakers and strict implementation of policies, Saudi Arabia sees great opportunities to achieve the set goal. According to the “prophesied” trend, the country will add more than 20 GW per year, making its goal achievable.
He owner of black gold has made news because of his efforts renewable energiesa bet strongly demonstrated with the Hydrogen City uprising.