RIYADH: Saudi Arabia remains steadfast in maintaining its crude oil capacity at 12.3 million barrels per day, despite its pivot towards renewable energy sources, according to the Kingdom's energy minister.
During his address on the inaugural day of the Future Investment Initiative held in Riyadh from October 29 to 31, Prince Abdulaziz bin Salman outlined Saudi Arabia's ambitious plans to revolutionize its energy sector through advancements in hydrogen power and the promotion of a circular carbon economy.
The minister emphasized the Kingdom's strides in energy efficiency, noting that Saudi Arabia has matched the achievements of developed nations in this area, but in a fraction of the time.
At FII8, which is expected to draw over 7,000 participants, Prince Abdulaziz declared: "We are committed to sustaining 12.3 million barrels of crude capacity and we take pride in that."
Saudi Arabia has vowed to generate 50% of its electricity from renewable sources by 2030, and Prince Abdulaziz underscored the government's pride in its progress towards this objective.
He further stated: "We are not embarrassed by our track record on emissions. We are proud of it, but some critics attempt to cloud the issue, preventing us from claiming a higher moral stance."
Reflecting on the Kingdom's accomplishments in the context of global energy efficiency trends, he said: "Consider what we have achieved in under six years, in less than 11 years. In terms of air conditioning efficiency, we are nearly on par with the US, slightly behind the EU, but we are certainly striving to catch up."
He added: "If the OECD achieved these milestones over nearly 50 years and we are achieving comparable results in a much shorter period, 20% of the time spent on these initiatives, what is it that we cannot accomplish?"
He continued: "This nation, its people, and our partners have demonstrated the capability to undertake this monumental historical transformation. In my view, and I hope I am not mistaken, this is a transformation that history will judge, but show me any country on Earth that has undergone such a transformation in such a brief period."
He also highlighted the Kingdom's progress in reducing emissions while expanding renewable energy capacity.
"We are transitioning with purpose, and that purpose is evident. We aim to export all forms of energy. We are leveraging our circular carbon economy as a guide for our future direction, and we are also exporting manufactured and engineered products. Why? Quite simply, we seek to diversify our economy, create value, enhance supply chain resilience, and generate jobs, which is fundamental and crucial for all of us," he said.
Addressing the renewable energy projects tendered, the energy minister compared Saudi Arabia's efforts with those of other countries.
"This is what we have tendered for renewable projects. It's all public knowledge – 44 gigawatts of renewables is roughly 50% of the installed capacity in the UK, 90% of Sweden's installed capacity, 100% of the combined installed capacity of Switzerland and Australia, and 100% of Malaysia's capacity," he said.
"When it comes to growth — comparing last year's installations, the US had 44 GW, Germany 18 GW, and this year, we will be installing 20 GW. I didn't want to compare with China because, comparatively, we would all seem small," Prince Abdulaziz added.
The minister also emphasized ongoing efforts to connect every region in Saudi Arabia to ensure access to at least two sources of electricity, supported by extensive transmission lines.
"I can assure you here, in this country, not a single consumer lacks smart meters. I don't want to compare because it would be embarrassing for many G20 countries. They don't have it," Prince Abdulaziz said.
On the topic of hydrogen, the minister asserted that Saudi Arabia is the world's largest producer of hydrogen.
He concluded his speech by stating: "We welcome the concept of joint ventures, and we have mastered the art of such partnerships. We invite you to be our partners."
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