The Ministry of Energy and the Saudi Basic Industries Corporation (SABIC) signed a memorandum of understanding in the field of developing renewable energy projects, through which the ministry supports the development of renewable energy projects with the company.

The Ministry’s role focuses on supporting and encouraging the trend towards the exploitation of renewable energy in the Kingdom, in a manner that is in line with the Kingdom’s Vision 2030, and this includes promoting sustainability, preserving the environment and natural resources, empowering the private sector, enhancing local content, localizing industries related to this sector, and providing more Job opportunities in the field of renewable energy in the Kingdom.

His Excellency the Vice Chairman and CEO of SABIC confirms; Mr. Youssef Al-Benyan, that SABIC, as a leading global company in the field of petrochemicals, recognizes its responsibility to support and accelerate the response to climate change. He added that cooperation with the Ministry of Energy is one of SABIC’s main possibilities to achieve its zero-neutrality strategy, which it announced within the “Green Saudi Arabia” initiative, indicating that SABIC will increase its use of renewable energy in the Kingdom of Saudi Arabia to enhance its contribution to reducing greenhouse gas emissions.

The importance of investing in the field of renewable energy, as it represents an essential element to reduce the consumption of liquid fuels in the production of electricity, and to reach the optimal energy mix, which aims at raising the share of gas and renewable energy sources in this mixture to about 50% each by 2030.

The Ministry of Energy is working to support the promising renewable energy sector, by encouraging partnerships between the public and private sectors, to create a competitive national market for renewable energy, which enhances the chances of a new industry for these energy technologies.