Saudi Arabia ramps up renewable tenders to 44 GW, doubles down on oil and gas
Saudi Arabia's renewable energy capacity under development will reach 44GW by end of 2024. However, its energy minister told an industry conference that the country will "monetize every molecule" of its oil and gas resources.
RIYADH — Saudi Arabia's total volume of renewable energy tenders will climb to 44 gigawatts by the end of 2024, as it works toward a goal of reaching 130 gigawatts of clean energy on its grid by 2030, its energy minister said on Tuesday.
Saudi Energy Minister Prince Abdulaziz bin Salman also said the country would continue to invest heavily in hydrocarbons and develop resources such as the offshore Jafurah gas field over the coming years.
In a presentation to investors and attendees at the Future Investment Initiative summit, Prince Abdulaziz said the total volume of clean energy capacity tendered by year-end would be equivalent to half of the installed capacity of the United Kingdom.
Saudi Arabia, the world's largest exporter of crude oil, set a target of 130 gigawatts of renewable energy — largely solar and wind — by 2030. Saudi Arabia’s current renewable energy generating capacity is around 3 gigawatts.
