Saudi Arabia plans to spend $109b to install 54 GW of renewable energy by 2040, aiming to diversify the Kingdom’s energy profile and preempt energy demand expected to rise 45% in this period of time, reported Al-Ekhbariya citing Frost & Sullivan’s latest report. Saudi’s overall energy demand is estimated to rise from 69 GW in 2014 to 100 GW in 2040, tantamount to the energy demand of the remaining GCC states put together.
The emphasis will be put on the installation of solar energy facilities accounting for 41 GW of the projected volume to be produced, wrote a report by Arthur D Little cited by Trade Arabia. It calls for a series of proactive energy policy reforms in easy financing, strategic partnerships, and deploying before manufacturing to ensure that the transition to solar power will be successful.
The news comes ahead of the World Future Energy Summit 2016 to be held in Abu Dhabi from January 18th to 21st.