Saudi Arabia, an OPEC member, plans to implement 10 new renewable energy projects in a strategy to increase reliance on solar power as well as wind power and reduce oil use in electricity generation.
The largest oil exporter in the world approved 10 projects in its budget for 2023, which it announced this week as a surplus, the first time in many decades.
Almadina and other Saudi dailies stated that the 2023 budget included 10 renewable energy projects, with an output capacity totaling 7 gigawatts.
Although the report didn’t specify the costs of the projects, it stated that they were part of the 2030 Vision for Economic Diversification in the Kingdom. This strategy aims to increase renewable power in the country’s electricity mix to 50% at the end.
The Kingdom is the second-largest oil producer in the world after Venezuela. It has set a goal to reduce diesel consumption in power generation by more than 5,000 barrels per hour, according to the report.