Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman Al Saud, said the kingdom will expand its renewable energy, gas and carbon market initiatives to fuel its economic transformation, pledging it will remain the world’s most reliable and sustainable energy supplier.
Speaking at the Future Investment Initiative (FII) summit in Riyadh, Prince Abdulaziz said the energy sector underpins the kingdom’s diversification efforts as demand rises from power-intensive industries such as artificial intelligence, data centres, manufacturing and critical minerals.
“The new economy is transforming how the world works and lives, and it’s run on a lot of energy,” he said. “We have to be very mindful of that.”
He said Saudi Arabia’s energy consumption could grow by 30 to 50 per cent in the coming years, making competitive, sustainable production a national priority. “If you don’t have a sustainable, reliable, dependable energy sector, you will finish as an economy,” he told delegates.
Prince Abdulaziz said the kingdom’s approach combines conventional and renewable generation, including solar, wind and gas, while developing a transparent carbon trading system.
“Saudi Arabia is prepared to show the world how to have a carbon market total system with the greatest deal of authentic details in the most transparent system,” he said.
He added that Saudi Arabia and the United Arab Emirates are demonstrating that major hydrocarbon producers can still pursue sustainability.
“The two countries have shown their cards and their commitments to deliver on how to prove that you could be one of the biggest hydrocarbon producers and yet maintain sustainability as an objective,” he said.
Saudi Arabia has recorded some of the world’s lowest renewable energy generation costs, the minister said, citing the Shuaibah and Najran solar projects. He noted that battery storage and grid automation are advancing quickly, with the kingdom targeting 45 per cent grid automation by 2026 and 42 battery storage projects by 2027.
Prince Abdulaziz also highlighted the kingdom’s integrated system linking power generation, transmission and distribution through a “principal buyer” mechanism, which he said keeps competition high and pricing efficient.
Concluding his address, he said Saudi Arabia’s energy system is ready to fuel global growth.
“We’ve got the power,” he said. “We’ve got the power you need. It’s the most efficient, reliable, sustainable power in planet earth. Believe us now, and we will welcome you. We are inviting the rest of the world to invest with us.”
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