RIYADH: Saudi Arabia is set to become the world’s biggest green energy producer, according to the chairman of ACWA Power.
Speaking during a plenary at day two of the Future Investment Initiative, Mohammed Abunayyan said not only will the Kingdom be able to export green hydrogen to the rest of the world, it will also localize the whole value chain in the hopes of creating a real, proper, and sustainable economy that is capable of serving the country on a domestic level.
In addition to being good for environmental reasons, the Kingdom’s renewable and energy transition also plays a role in the creation of more jobs and bolstering capacities and capabilities in line with the country’s industrialization goals, Abunayyan stressed.
The challenge that remains is how to adapt to the local needs of countries worldwide since what is considered “affordable” to Europe might not necessarily be affordable to Africa for instance, he disclosed.
For that reason, countries should work on acting and delivering more when it comes to green energy rather than just overpromising. China is already doing this since “they set things and make it happen,” Abunayyan said.
“I like what China is doing, I’m pro-China. I’m sorry people may not like it but I’m pro-China because ACWA Power has been committed with China (since) a long time ago and one of our success factors is coming from China,” he added
Moreover, public-private partnerships are suitable when it comes to efforts to boost renewable energy since they are expected to help with innovation and finance structuring, according to Abunayyan.