The World Future Energy Summit recently concluded in Abu Dhabi, drawing over 400 companies from 112 countries and regions to discuss a sustainable future. This annual summit, which began in 2008, has become a leading exhibition in the global renewable and clean energy sector, particularly focusing on sustainable development in the Middle East and North Africa (MENA) region.
This year’s summit centered on advancing energy transition and efficiency to achieve the goals set out in the ‘UAE Consensus’ established at COP28, with the aim of limiting global warming to 1.5 degrees Celsius. The commitment of Middle Eastern countries to decarbonization was highlighted, with Saudi Arabia and the UAE taking prominent roles in leading the charge towards a greener future.
In Saudi Arabia, the non-oil economy surpassed $453 billion in 2023, marking the first time it accounted for over half of the total economy. This shift is a significant milestone for the country, which has traditionally been heavily reliant on oil exports. Since 2016, Saudi Arabia has been implementing its ‘Saudi Vision 2030’ economic diversification plan, which includes initiatives like the ‘Green Saudi Initiative’ and the ‘Green Middle East Initiative’ to prioritize energy transition.
Saudi Arabia has set ambitious targets to reduce carbon emissions by 278 million tonnes annually by 2030 and achieve ‘net-zero emissions’ by 2060. At the Saudi Arabia Smart Grids Conference in 2023, Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud announced plans to add 20 gigawatts of renewable energy each year, aiming for a total of 130 gigawatts of renewable energy capacity by 2030. The country is also prepared to export up to 150 gigawatts of green electricity or hydrogen.
With an investment of over $188 billion and more than 80 measures in place, Saudi Arabia is actively working towards building a sustainable future. Initiatives to support energy transition include the promotion of low-carbon utilization of traditional energy sources, reflecting the country’s commitment to a greener and more sustainable energy landscape.
