SAUDI ARABIA Looks AHEAD of oil industry – Vision 2030
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.