Saudi Arabia's path to transition, part 2: Energy addition
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
Saudi Arabia's energy system must undergo a significant transformation to meet its net-zero target by 2060, with renewable energy set to play a crucial role. The country is projected to exceed its 2030 target of 58.7GW of renewable energy generation. Alongside renewables, the government is also focusing on expanding the electric vehicle (EV) industry. The Public Investment Fund (PIF) has allocated $1b to localise EV production, and in 2022 Saudi Arabia launched its own EV manufacturer. Additionally, PIF owns more than 60% of Lucid, a US-based EV maker that has opened a production facility in Saudi Arabia. The Saudi Ministry of Investment has also secured a $5.6b deal with a Chinese EV manufa
Also in this section
27 November 2024
The clean hydrogen sector has endured a difficult year, but it will end 2024 better equipped to fulfil its long-term potential
27 November 2024
The agreement by the parties to raise at least $300b/yr for developing countries by 2035 was derided as a betrayal by the Global South, but the UN urged pragmatism
26 November 2024
Green hydrogen presents unique costs challenges as government looks to replicate country’s long-standing success as an exporter of iron ore and other natural resources
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE