Saudi Arabia allocates $109 bn for renewable energy shift

Saudi Arabia, world's largest oil exporter, aims to meet one-third of its energy demands by using renewable energy by 2032, setting aside a budget of $109 billion for achieving the goal.

The oil-rich Gulf Kingdom gave details of its plans in a series of documents containing the revised National Energy Plan, released by the King Abdullah City for Atomic and Renewable Energy.

According to the documents, in addition to solar power, Saudi Arabia is looking at using nuclear energy, geothermal energy and wind power to fulfill its ambitious target of producing 54 GW of energy through renewable resources in the next two decades.

The issue will also top the agenda at the upcoming third annual Solar Arabia Summit to be held in Riyadh from September 29-30.

Here, international and regional renewable energy experts, will discuss the key challenges faced by the Kingdom in the area and steps towards overcoming them.

"High level plans are already in place but the major challenge in Saudi Arabia lies in the absence of a detailed time-line for a clear and gradual shift to renewable energy in the country and the slow adoption and advancement in renewable energy initiatives," said Rasheed M Alzahrani, CEO, Riyadh Valley Company.

The experts at the summit will be joined by 250 Saudi Arabian energy stakeholders to have one-to-one business meetings with at least 40 international solution and service providers in the field of renewable energy.