Demand for fossil fuels not likely to diminish anytime soon: Saudi energy minister
Saudi Arabia's Energy Minister, Prince Abdulaziz bin Salman, has stated that the global demand for fossil fuels will persist for the foreseeable future, despite the country's shift towards renewable energy.
In a recent interview, the minister disclosed Saudi Arabia's ambition to become a major player in clean energy production and export, with a focus on diverse sources such as solar, wind, green hydrogen, nuclear, and geothermal energy.
The minister mentioned the progress in building the NEOM green hydrogen plant, which is set to produce 250,000 tonnes a year by 2026. He acknowledged that the Organization of the Petroleum Exporting Countries (OPEC) is prepared to address oil market volatility.
Even with these advancements in clean energy, Prince Abdulaziz emphasised the continued relevance of oil and gas, informed by various industry reports.
Saudi Arabia is also actively working on reducing its carbon footprint through programs aimed at substituting liquid fuels with natural gas and other alternatives, as well as increasing its renewable energy capacity.
The country's renewable energy capacity has grown significantly from 700 megawatts to 2,800 MW, with plans to add a further 200 MW in the current year. Furthermore, Saudi Arabia is investing in carbon capture and storage technology, aiming for a capacity of 9 million tonnes by 2030, and an ambitious 44 million tonnes by 2035.
Finally, the minister restated Saudi Arabia's commitment to reducing emissions to 278 million tonnes per year by 2030.
The minister mentioned the progress in building the NEOM green hydrogen plant, which is set to produce 250,000 tonnes a year by 2026. He acknowledged that the Organization of the Petroleum Exporting Countries (OPEC) is prepared to address oil market volatility.
Even with these advancements in clean energy, Prince Abdulaziz emphasised the continued relevance of oil and gas, informed by various industry reports.
Saudi Arabia is also actively working on reducing its carbon footprint through programs aimed at substituting liquid fuels with natural gas and other alternatives, as well as increasing its renewable energy capacity.
The country's renewable energy capacity has grown significantly from 700 megawatts to 2,800 MW, with plans to add a further 200 MW in the current year. Furthermore, Saudi Arabia is investing in carbon capture and storage technology, aiming for a capacity of 9 million tonnes by 2030, and an ambitious 44 million tonnes by 2035.
Finally, the minister restated Saudi Arabia's commitment to reducing emissions to 278 million tonnes per year by 2030.