Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman, said that the kingdom is committed to reducing emissions through increasing its investments in renewable resources over the next few years, according to the National.
This came during the World Future Energy Summit in Abu Dhabi, held on January 13. The minister added that the kingdom will increase its production of natural gas to utilize it as a fuel to generate power.
As a giant oil exporter, Saudi Arabia aims to expand its energy sources by adding cleaner sources of power to its energy mix; this will allow the kingdom to free up more oil for export.
According to the ministry, they are planning to add 60 gigawatts (GW) of clean energy capacity to the national grid by 2030.
“The best power mix for Saudi Arabia is gas and renewables. By 2030, we will be developing our gas and we will be quite big in terms of our renewable use,” bin Salman noted, adding that “the more we use renewables and gas, the more we will be freeing [hydrocarbon] liquids which are exportable to the world oil markets.”
It is crucial considering that Saudi Arabia currently produces 10 million barrels per day (mmbbl/d) of crude oil and has around 260 billion barrels of proven oil reserves. It is also among the top 10 natural gas producers globally with over 900 billion cubic meters (bcm) of proven natural gas reserves.