Kingdom Prepares for Global Green Hydrogen Exports Amid Economic Diver

At the 8th edition of the Future Investment Initiative (FII) 2024 in Riyadh, Minister of Energy Prince Abdulaziz bin Salman announced that Saudi Arabia is the largest producer of green and clean hydrogen and is ready to export it globally. The three-day summit, themed ‘Infinite Horizons: Investing Today, Shaping Tomorrow’, aims to explore how investments can drive sustainable growth and innovation.

During the ‘New Energy Economies’ session, Prince Abdulaziz discussed the Kingdom's commitment to diversifying its economy and creating job opportunities. The minister detailed that Saudi Arabia has produced 44 gigawatts of renewable energy since 2020, equating to half the total installed energy in the UK and 90% in Sweden.

The Kingdom is set to provide 20 gigawatts of renewable energy annually and is expanding its infrastructure, including pipelines to supply gas to industrial cities. Prince Abdulaziz noted the shift towards gas and stressed the importance of a circular carbon economy, also mentioning plans to establish a carbon market in partnership with the Public Investment Fund.