In addition to the 41 GW of solar power, 25 GW of CSP (concentrated solar power) and 16 GW of PV (photovoltaics), the Kingdom aims to generate 3 GW of waste to energy, 1 GW of geothermal energy and an additional 9 GW of
Saudi Arabia aims to be the world’s number one market for renewable energy with an investment budget of $109 billion. The kingdom intends to use renewable energy to generate a third of its demands by 2032 – a total of 54 gigawatts (GW).
The King Abdullah City for Atomic and Renewable Energy (KACARE) released a series of documents detailing the revised National Energy Plan.
The ambitious renewable energy goals raise the question of how the world’s largest oil exporter could achieve the transition. Keisuke Sadamori, director of the Energy Markets and Security Directorate, International Energy Agency (IEA) points to establishing a time-line with long-term policies.
"One of the key messages from the ‘Medium Term Renewable Energy Market Report 2013’ by the IEA is that policy uncertainty is the largest risk for renewable investment," he said. "Every country, including Saudi Arabia, should introduce long-term policies to provide a predictable and reliable framework to support renewable deployment."
Sadamori, alongside various other international and regional renewable energy experts, will be discussing the key challenges faced by Saudi Arabia and the steps towards overcoming them at the upcoming Third Annual Solar Arabia Summit.
Taking place on September 29th – 30th, in Riyadh, the summit is hosting 35 experts who will each share their experience in the industry and discuss the latest market trends and policy development in the Kingdom.
Dr Rasheed M Alzahrani, CEO of Riyadh Valley Company (RVC) is also speaking at the summit to discuss joint ventures, partnerships and investments in renewable energy in the Kingdom.
"High level plans are already in place but the major challenge in KSA 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," he said.
When asked about his company’s participation in the summit, Alzahrani, noted, "We intend to invest in this sector in both early and late stage opportunities that will add value to the local needs. We will use this platform to introduce RVC and its initiatives and to help foster the development of an energy ecosystem in KSA."