Saudi’s Clean Energy Ambitions Inspire the World

Saudi Arabia is emerging as a leader in the global effort to address climate change through its ambitious decarbonisation programme. It includes a commitment to achieving an equal share of renewable energy and a highly efficient combined cycle power in its electricity mix by 2030 - alongside a net-zero target by 2060 . As the Kingdom celebrates its 94th National Day, it has affirmed its position as a global clean energy leader not just through innovative projects and infrastructure but also a transformative mindset aimed at inspiring a worldwide shift towards a greener future.

These aspirations and actions are inspiring. Here at ACWA Power, we are proud to support these ambitions, working closely with policymakers and partners to deliver power and water at world-record tariffs. In doing so, we are also making Saudi Arabia one of the lowest energy-cost destinations globally. 

As we look back on our achievements, we recognise the significance of our role in the National Renewable Energy Programme (NREP), aims to generate 130 GW of renewable energy capacity by 2030 . We are closely working with PIF subsidiary Badeel and Aramco subsidiary SAPCO, to develop several projects within this programme, involving a total capacity of 13,600 MW and over USD 9 billion of investment. Ultimately, we are targeting to deliver 70% of NREP. This is complemented by efforts such as the Ministry of Energy’s Groundbreaking Geographical Survey Project for Renewable Energy Sites - the largest such survey project in the world – which is helping identify further locations for project development. 

Earlier this year, PIF signed a series of new agreements to localise the manufacturing and assembly of the equipment and components that are necessary for solar and wind power.  This is expected to further help meet domestic energy needs while nurturing local content and talent. Meanwhile, work is underway within the Saudi Green Initiative to combat climate change and reduce carbon emissions by 278 million tonnes annually by 2030 .

Today, the Kingdom is home to some of the largest clean energy projects in the world, which are setting the benchmark for the industry. The NEOM Green Hydrogen project, a collaboration of ACWA Power, NEOM, and Air Products, combines renewables (solar and wind) and storage to produce 600 tonnes of green hydrogen every day.  Meanwhile, the Al Shuaibah PV 1 and Al Shuaibah PV 2, currently under construction, will collectively supply more than 2.6GW of clean energy by 2025 .

In 2023, Saudi Arabia saw a 219% year-on-year increase in renewable energy capacity  - outpacing its regional counterparts. Furthermore, beginning this year, the Kingdom plans to tender new renewable energy projects with a capacity of 20GW annually, aiming to reach between 100GW and 130GW by 2030, relative to demand .

The impact of this vision extends far beyond our borders. Saudi Arabia's strategic location and abundant renewable energy resources make it an ideal partner for supporting a global energy transition. ‘Greenshoring’ is also becoming a reality, with Saudi Arabia becoming a hub for clean energy solutions and sustainable raw materials, supporting clean energy goals globally. 

As Saudi Arabia’s global role grows, so too does the need for a highly-skilled, trained workforce. We are dedicated to fostering economic growth and job creation within the Kingdom.  - empowering local communities and supporting the development of a future-ready workforce. By investing in local talent and engaging with our communities, we are ensuring that the benefits of renewable energy are felt far and wide.

ACWA Power’s projects across the Kingdom have not only contributed to the development of a workforce equipped with next-generation skills but also to energy diversification. This has enabled Saudi Arabia to emerge as a leader in the global renewable energy market. By investing in renewable technologies and exploring new avenues for energy efficiency, we are contributing to the Kingdom's energy landscape and setting an example for the world. Today, we are present in 13 countries. Uzbekistan is our second largest investment market after Saudi Arabia, which speaks to the Kingdom’s role as a leader in driving sustainable development around the world. 

As we celebrate Saudi National Day, we mark not just our achievements but also the inspiring vision of a greener future spearheaded by Saudi Arabia. Through our commitment to innovation, collaboration, and sustainable development, we are committed to bringing Saudi Arabia to the world, sharing our expertise and contributing to a global energy transition that benefits all. We are proving that a cleaner, more sustainable future is within reach.