Energy Minister Prince Abdulaziz Bin Salman announced on Monday that Saudi Arabia would only build power generation plants with attaching carving capture technology.
He said that the world’s largest crude oil producer would invest more than $266 billion in creating cleaner electricity and expanding its power network.
He profoundly stated in an Aramco event, ” We are introducing over a trillion riyals.
($226 billion) worth of investment by 2030 for addressing our plans, achieving cleaner forms of electricity in the kingdom, and modernizing and expanding the power transmission and distribution network. “
As he says, The kingdom will double down on carbon capture solutions and “no longer building any future power generation without carbon capture.”
He also stated regarding hydrogen, “We have specified the leading exporter, as well as enabling clean hydrogen for two local usages in heavy industries to produce green products.”
Saudi Arabia is now scrutinized for becoming a global head in hydrogen production as it aims to achieve net-zero carbon.
The target is keen to represent a massive leap for the Saudi Green Initiative, which aims to reduce carbon dioxide emissions in the Middle East by 60 percent, thereby eliminating 130 million tonnes of carbon emissions using clean hydrogen technology and renewables for providing 50 percent of Saudi Arabia’s electricity by 2030.
The kingdom will merge with the Global Methane Pledge to contribute to the planned 30 percent reduction in gas emissions globally by 2030.
As per the Saudi Press Agency, Saudi Power Procurement Co, in September, established five schemes for producing electricity using renewable energy, with a total capacity of 3,300 megawatts, including three wind energy and two solar projects.
Apart from the net zero plan, in which the kingdom will rapidly extend significant investment in renewable energy, Saudi Arabia is all set to work restoring, managing, and conserving one billion hectares of land until 2040.
The above announcement is made regarding the reduction of carbon emissions and the carbon capture technology, built for generating clean and renewable carbon and aiming to achieve net zero carbon emissions by 2060.