It is has been said that in order for Saudi Arabia to develop 6 gigawatts of solar by 2020, TEN THOUSAND solar panels must go up every day. Well that’s what was said in a letter from Energy & Capital called, Saudi Solar Investing: Saudi Arabia’s Secret Weapon. Let’s just take a moment and imagine how many that is…Ok now let’s get serious.
Known for their incredible oil reserves and low cost of extraction, Saudi Arabia, headed by King Salman bin Abdulaziz Al Saud, Energy Minister Khalid al-Falih, and Crown Prince Mohammad bin Salman have been determined to revolutionize their economy and brace themselves for the future of energy. I am talking about renewable energy. Saudi Arabia is trying to position themselves to take advantage of spectacular geographic gifts bestowed upon the Kingdom and eventually becoming a leader in renewable energy generation as they are for oil. Saudi Arabia, to make this a reality, has created what they call the Vision 2030, which aims to create a “journey for a deep and ambitious socio-economic change in the Kingdom” by developing a post-oil economy.
This article will provide in depth analysis and insight regarding the Kingdom of Saudi Arabia, KSA, plans to transform their oil-based economy into a sustainable economy, being more reliant on renewable energy, further permitting for budget balancing, and societal benefits, and becoming a global leader in the renewable energy generation.
Background on The Kingdom
Saudi Arabia is located on the Arabian Peninsula, in the Middle East, and is led by King Salman bin Abdulaziz Al Saud. The country boasts the world’s 19thlargest economy, which is heavily reliant on the production of oil. Traditionally, the Saudi’s have been a leading producer and exporter of oil, due to their incredibly low extraction costs. In fact, they rank 2nd in the world in terms of proven reserves, at 266 billion barrels of oil, equating to 18% of the world’s total reserves. The middle eastern country is also…