SAUDI ARA­BIA Looks AHEAD of oil in­dus­try – Vision 2030

Industry Leaders - - Imminent Trends -

So­lar In­dus­try is not see­ing progress in just the U.S and China but also in oilaf­flu­ent king­doms like the Saudi Ara­bia.

In 2012, the Saudi gov­ern­ment threw light on their plans to in­vest over $100 bil­lion for clean en­ergy projects by 2030 for gen­er­at­ing 41 GW (Gi­gawatts) of en­ergy. As a part of a move to source elec­tric­ity from the so­lar and wind en­ergy by 2023, Saudi’s en­ergy min­is­ter, Khalid Al-falih said that the na­tion will start so­lic­it­ing bids for a ma­jor re­new­able en­ergy push.

Vision 2030 was a rather am­bi­tious mis­sion of Prince Mo­hammed bin Sal­man, with a goal to gen­er­ate al­most 30 per­cent of Saudi’s elec­tric­ity from the re­new­able sources of en­ergy. Cur­rently, oil is the nu­mero one source of rev­enue for this oil-rich king­dom, but Vision 2030 was all about push­ing the econ­omy to­wards a longterm goal. A goal that aimed to move be­yond the sole source of in­come be­ing oil, to other re­sources also.

De­spite the am­bi­tious plan that Vision 2030 was, it was scaled back by the gov­ern­ment. Fast for­ward to Jan­uary 2015, when the Saudi gov­ern­ment set more realistic tar­gets, which was 14 per­cent of the na­tion’s

then cur­rent gen­er­at­ing ca­pac­ity, i.e. 9.5 GW (Gi­gawatts) by 2030.

Vision 2030 is im­por­tant as it will play a key role in an even far sighted goal of the king­dom. Saudi has an aim of be­com­ing a lead­ing ex­porter of so­lar en­ergy (from oil be­he­moth to so­lar!) in the Mid­dle East. This makes the Vision 2030 plan a strate­gic pri­or­ity re­gard­ing the Saudi Ara­bian Econ­omy.

Well, as far as so­lar in­dus­try in the Mid­dle East is con­sid­ered, it can be said that Saudi Ara­bia has in­flu­enc­ing pow­ers due to its re­gional dom­i­nance. This is the rea­son it can play a cru­cial role to pro­lif­er­ate the im­por­tance and prac­ti­cal use of re­new­able sources like so­lar en­ergy in the Mid­dle East.

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