Saudi Will Be the Biggest Producer of Hydrocarbon by 2050: Abdul Aziz Bin Salman

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Prince Abdul Aziz Bin Salman, Saudi’s energy minister, told an international audience of thought leaders that Saudi Arabia will continue to use its vast oil reserves in an environmentally efficient way.

 “I can assure you that Saudi Arabia will not only be the last producer, but Saudi Arabia will produce every molecule of hydrocarbon and it will put it to good use, and it will be done in the most environmentally sound and more sustainable way. I am willing to say that by 2050, we will be the last and the biggest producer of hydrocarbon.”, the minister quoted.

He stated that Saudi Arabia is committed towards the aim of removing carbon emissions from the environment.“We are trying to lead by example, and we are putting our money where our mouth is,” he said.

On Solar Power, the prince highlighted the projects in energy efficiency, solar power generation, and renewables that aim to generate half of its electricity from non-hydrocarbon sources by 2030.

“We have a leadership that values sustainability and the recovery from the pandemic will allow us to hit the reset button,”, he added.

He highlighted Saudi Arabia’s initiatives via public-private partnerships in recycling, energy efficiency, alternative energy sources, and environmental protection.

The event was the second in a series and it was launched by Yasir Al-Rumayyan, governor of the Saudi’s sovereign wealth fund, the Public Investment Fund (PIF), who emphasized the need for a sustainable recovery from the economic shock of the pandemic.

In April, The Saudi Arabia Renewable Energy Project Development Office (REPDO) announced the bids received for  Round 2 of Its 1.47 GW Tender under the National Renewable Energy Program. The project is under the Kingdom’s National Renewable Energy Program (NREP) and has been divided into two categories – Category A and Category B.Round 2 consists of 6 projects (Al Faisaliah, Jeddah, Rabigh, Qurayyat, Madinah & Rafha) which includes four solar plants of 1.4 GW and two PV facilities of 70 MW and successful bidders will be awarded 25-year power purchase agreements. A source said that” Bids for all projects have been announced except for Al-Faisaliah which will be announced later this month.”

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