The Saudi British Joint Business Council (SBJBC) hosted the UK/Saudi Renewable Energy Forum in London on 28 June 2022.
The Forum focused on investment and partnership opportunities in renewable energy and cleantech, including hydrogen, and the finance available. Building on the success of the SBJBC’s Sustainable Investment Forum in July 2021 and the increasing cooperation between the two countries in green technology and clean energy development.
Co-Chair of the Space Energy Initiative and CSO at the Satellite Applications Catapult, Sam Adlen, attended and spoke at the froum.
Saudi Arabia aims to maximise the potential of renewable energy and generate 50% of electricity from renewable sources by 2030. The Saudi Green Initiative aims to reduce carbon emissions through increasing reliance on renewables and investing in clean hydrocarbon technology. Saudi Arabia also pledged to reach net-zero greenhouse gas emissions by 2060.
The Public Investment Fund considers renewables to be a strategic sector and is funding 70% of the current 700MW project pipeline. The largest green hydrogen plant in the world is being developed at NEOM and the Red Sea Development project will be powered entirely from renewable sources. Saudi companies are also investing in UK clean energy projects.
The UK and Saudi Arabia have committed to exchange expertise in carbon capture, utilisation and storage (CCUS), hydrogen and clean fuels. This and the programmes underway present clear opportunities for private sector participation and partnerships.