Saudi Arabia eyes 9.5 GW of renewables by 2030 under new strategy
Solar array. Author: David Goehring. License: Creative Commons
Saudi Arabia has set an initial target as part of its Vision 2030 reform plan to reach 9.5 GW of renewable energy capacity by 2030.
In order to encourage the deployment of renewables, the Kingdom will reconsider the legal and regulatory framework that enables the private sector to invest in the sector. Also, it will promote public-private partnerships so that the industry is localised, according to a document shared by the Saudi Press Agency (SPA)..
Saudi Arabia’s efforts to localise a big part of the renewables value chain will involve research and development (R&D), manufacturing and other stages of the project development.
In addition, the Kingdom will undertake a gradual liberalisation of the fuels market, shows the Vision 2030 plan, approved on Monday.
Saudi Arabia previously set a solar power target of 41 GW through 2040.