Saudi Arabia moving to major exporter of green electricity to world

Saudi Arabia is moving to become a major exporter of green electricity to the world in the face of global risks to energy security and access, according to an international energy forum in Riyadh on February 4.

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According to the Saudi energy minister, the countries are turning to a bit of protectionism with their policies and subsidies, and that gone are the days of free markets and globalization For Saudi Arabia, the prince said they believe that in scoring or comparing our ability, we can become the exporter of green electricity to the world. The prince said that we can make hydrogen, blue, purple, whatever it is, green hydrogen, but we are working hard to make it clean hydrogen.

In his remarks at the inauguration, Fahad Alajlan, president of KAPSARC, said the forum will discuss ways to meet the triple challenge of energy security, energy affordability and climate change.

The theme of the conference this year is Pathways to a clean, stable and sustainable energy future. We need to be clear. There is no one path to net zero, said Alajlan.

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There are many pathways that get us there. Pathways that take into account national circumstances, economic development and solutions that are local, national, regional and global are not the other way round. He said that in Saudi Arabia, we aim to lead by example.

We encourage you to talk, to discuss, to network, to learn, to collaborate. That is the theme of the conference and that is the place that KAPSARC stands for, said the president of the Riyadh-based think tank, KAPSARC.

As Russia-Ukraine crisis escalated last year, the West imposed harsh sanctions on Russia, a major energy producer and exporter, distorting energy supplies and hiking prices. In 2021, the European Union imported more than 40 percent of its total gas consumption from Russia, 27 percent of its oil and 46 percent of its coal. Last year, EU energy imports from the United States soared with price hikes while those from Russia dived.

Coal imports into India hit a record high while some economies moved to reconsider nuclear power use. Emerging and less developed economies relying on imported energy have struggled to compete with developed economies for energy at high prices.

The US energy exporters have gained huge profits, and regions with high natural gas reserves, such as North Africa, are trying to increase exports, Xinhua News Agency reported.