Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman proclaimed the kingdom’s status as global leader in green hydrogen production production and, expressing readiness to export it worldwide. Speaking at the Future Investment Initiative (FII) 2024 in Riyadh on Tuesday, he emphasized the country’s commitment to economic diversification and job creation. “Over the past six years, we have achieved significant milestones, and in the Kingdom, we do not recognize the term ‘impossible,’” he stated.
The three-day summit, themed “Infinite horizons: Investing today, shaping tomorrow,” is held under the patronage of King Salman. The FII8 aims to stimulate dialogue on leveraging investment for a sustainable and prosperous future, expanding the possibilities for humanity.
During a session focused on “New Energy Economies,” Prince Abdulaziz outlined the Kingdom’s strategy to export diverse energy sources and utilize the circular carbon economy. He noted efforts to manufacture and export engineered products to bolster economic diversity, enhance value, and create flexible supply chains. “We continue to achieve record reductions in renewable energy generation costs, aiming for an annual supply of 20 gigawatts from renewable sources,” he remarked, highlighting ongoing efforts to identify optimal sites for renewable energy production while maintaining a transition toward gas.
Since 2020, Saudi Arabia has generated 44 gigawatts of renewable energy, equating to nearly half of Britain’s total installed capacity and 90 percent of Sweden’s. The minister asserted that the Kingdom stands to gain financially from the global energy transition. “We are indeed the largest producer of hydrogen and are poised to export it while ensuring local availability,” he affirmed.
Prince Abdulaziz also mentioned the Kingdom’s efforts to enhance connectivity among its regions through dual electricity sources and extensive pipeline expansions to supply gas to industrial cities.
He highlighted that Saudi Arabia’s progress in energy transformation parallels the achievements of OECD countries over half a century. “No nation has undergone such a rapid transformation. We are actively collaborating with the Public Investment Fund to launch a robust carbon market and with Maaden to secure our mineral requirements both locally and globally,” he added, noting that the definition of energy security is evolving to encompass minerals and raw materials. He also indicated Saudi Aramco’s plans for continued investments in China.
The eighth edition of FII this year will address new strategies to tackle global challenges, Africa’s role in the global economy, and the promotion of women in leadership positions across various sectors.
FII8 aims to serve as a hub for innovative ideas, convening global leaders, entrepreneurs, policymakers, media, and financial decision-makers to explore investment opportunities that can bridge existing challenges with future possibilities.
