Energy & Utilities
From The Report: Saudi Arabia 2023
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Saudi Arabia’s energy strategy revolves around extracting maximum economic benefit from its remaining hydrocarbons reserves while expanding renewable power capacity at home by investing in research, development and innovation activities to develop clean energy solutions, as well as to reduce the environmental impact of fossil fuels. Vision 2030 aims to generate 50% of domestic power from green sources by 2030 and amid global climate change mitigation efforts, the Kingdom anticipates a decline in hydrocarbons demand in the years ahead. The National Renewable Energy Programme is leading the shift to sustainable energy as a key component of economic diversification. The Kingdom anticipates continued profitability from hydrocarbons in the immediate term, with plans to invest this profit into clean and renewable energy projects.

This chapter contains an interview with Majid Refae, CEO, Desert Technologies Industries.

Articles from this Chapter

Overview

Switched on: The Kingdom remains a key player in the global energy market and is securing its future by investing in renewables
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Saudi Arabia’s energy strategy revolves around extracting maximum economic benefit from its remaining hydrocarbons reserves while expanding renewable power capacity at home by investing in research, development and innovation activities to develop clean energy solutions, as well as to reduce the environmental impact of fossil fuels. The Kingdom’s strategy is guided by forecasts of an eventual decline in hydrocarbons demand as global efforts ramp up to address the threats of climate change. Indeed,…

Interview

Great strides: Majid Refae, CEO, Desert Technologies Industries, on plans and strategies to reach net-zero emissions by 2060
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Interview:Majid Refae Where do you identify the immediate priorities for public and private stakeholders in green energy generation in Saudi Arabia? MAJIDREFAE: Saudi Arabia has implemented several renewable energy initiatives since 2011, including the National Renewable Energy Programme in 2017. The launch of the Saudi Green Initiative in 2021 showed the country’s commitment towards the goals set by the programme. Since hosting the G20 in 2020, the Kingdom set a goal to achieve a…

Analysis

Renewable potential: Efforts under way in NEOM position the Kingdom to become the world’s largest green hydrogen producer
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With more than 1000 projects – nearly 800 of which are set to be commissioned by 2030 – requiring $320bn in investment having been announced globally, the hydrogen market’s growth is aligned with ongoing decarbonisation endeavours. Saudi Arabia, where oil revenue contributed an average of 75% of total budget revenue between 2010 and 2022, is at the forefront of this process. Guided by Vision 2030, the Kingdom aims for renewables to account for 50% of its domestic energy mix by 2030 and to reach…

Analysis

Green goals: Emerging markets are navigating the rising cost of solar power
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With high energy prices and supply chain disruptions creating shortages of key renewable energy components and materials, emerging markets are reassessing how to build out utility-scale solar power to accelerate their energy transitions. After more than a decade of decline, the cost of solar photovoltaic (PV) panels has risen around the world, due primarily to the increasing cost of solar-grade polysilicon in China. A key component in PV panels, polysilicon spot market prices rose from less than…

Analysis

Liquid assets: Desalination is seen as a reliable solution to water shortages, particularly as the technology becomes more economical
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Desalination is considered an expensive and energy-intensive process. However, mega-projects are seeking to tap renewable resources to limit the cost and environmental concerns associated with this crucial process. In June 2022 ENOWA, the energy, water and hydrogen subsidiary of Saudi Arabia’s NEOM mega-project, signed a memorandum of understanding with French energy company Veolia and Japanese trading company Itochu to develop a reverse osmosis (RO) water desalination facility fully powered by…