Minister of Energy: The Kingdom does not know the impossible in its journey towards clean energy

Prince Abdulaziz bin Salman, Minister of Energy, said, “We, this country, its people, and its partners, were able to implement this huge and historic transformation. In my estimation, and I hope I am right, and I leave it to history to judge, is there a country on this planet that has made such a transformation in such a short period? I have not yet seen a country confirm to me that it has done so. If I am right, and I hope I am, then when describing our transformation in energy, I believe you will agree with me that this country does not know the word ‘impossible’. We are transforming to achieve a goal, and this goal is before you.

Regarding renewable energy projects, he said today, Tuesday, while delivering a keynote speech entitled “Transformation” at the Future Investment Initiative during the eighth edition of the Future Investment Initiative conference in Riyadh: “We have launched a huge project, which is equivalent to an area estimated at about 850,000 square kilometers, the size of the United Kingdom and France combined. This project aims to provide ready-made data for site selection, reduce costs for developers and facilitate financing processes. We also hold a world record for the lowest cost of generating energy from wind and solar.”

The prince touched on the transition from liquids to gas, saying: “We are converting 23 gigawatts of energy that used to depend on liquids to gas. We have already signed multiple contracts for gas turbines, and we have committed to capturing carbon within all of these contracts. So anyone who doubts our commitment to using clean gas is wrong, because every contract we have signed guarantees that.”

The Minister of Energy confirmed, during the (Future Investment Initiative), that the Kingdom has the ability to make a historic transformation in the field of energy, adding that the energy sector has witnessed tangible development during the past 7 years, and it will continue its efforts to achieve its goal. Prince Abdulaziz added that the Kingdom seeks to diversify its economy and use the circular carbon economy, and the flexibility of supply chains in addition to creating job opportunities.

The prince added: “We seek to export all forms of energy, and we are working on using the circular economy as an approach that guides us towards the future. We are also making great strides in industry, with the aim of exporting industrial products. Why? Because we want to enhance economic diversification, create value, develop the value chain, and create jobs, which are very important to all of us.”

The prince pointed out that the journey began a long time ago, as the Kingdom had glimpses of success in this area, starting in the seventies when the first five-year development plans were developed, and then the second, when the concept of gas utilization was established. This resulted in the establishment of two industrial cities, and the establishment of a complete industrial sector in the field of chemicals, which led to the emergence of SABIC, which has developed and will continue to develop alongside Aramco in the chemicals sector.

Prince Abdulaziz stressed on energy efficiency: “We started the efficiency program in 2012, and we started some other programs in 2013, 2014, and 2016. We work as an integrated government, not just a ministry. For example, there are about 20 government institutions and public companies that participated in this effort. If we look at our achievements in energy efficiency, we find that we have become almost at the level of the United States, and a little less than the European Union, and we continue to try to achieve more. “What the OECD countries have achieved in 50 years, we have accomplished in less than 6 years.”

He said that we have 20 entities participating in energy efficiency, and praised SABIC’s development in several areas and that it will continue to develop alongside Aramco. He stated that although we are behind in the field of solar and wind energy, the Kingdom has achieved record numbers in a short period.

He revealed that there will be 160,000 kilometers of energy transmission lines by 2030, in addition to 20 gigawatts of renewable energy in the Kingdom by 2030.