RIYADH: The Saudi Energy Ministry on Sunday signed a memorandum of understanding with the Saudi Basic Industries Corp. to help develop the company’s renewable energy projects.
SABIC CEO Yousef Al-Benyan said the support from the Energy Ministry would enable the company to achieve its net-zero emissions goal.
Al-Benyan said the petrochemicals company plans to increase its use of renewable energy to further reduce emissions of greenhouse gases.
All these measures are part of the Saudi Green Initiative. The Kingdom aims to reach net zero in carbon emissions by 2060.
The main vehicle for the Saudi green initiative is the Circular Carbon Economy, a framework that mitigates carbon emissions but allows different countries to pursue their own economic strategies.
SABIC’s net-zero target is the same as the 2050 pledge by Saudi Aramco, which has also begun to move into renewables.
Renewable energy projects, including wind and solar, are planned across more than 35 parks in Saudi Arabia by 2030.
According to the US-Saudi Arabian Business Council, the development of Saudi Arabia’s renewable energy sector could create up to 750,000 jobs over the next decade, as the Kingdom pushes to generate 7 percent of its total electricity output from renewables by 2030.