Its renewables capacity will be at 63.1 GW by 2035.
Saudi Arabia is accelerating the growth of its renewable energy capacity, expected to increase at a compound annual growth rate of 40.1% from 2023 to 2030 to reach 31.5 gigawatts, according to GlobalData.
The report added that its renewables capacity is projected to reach 63.1 GW by 2035.
Renewable power’s share in Saudi Arabia’s capacity mix is seen to reach 35.4% in 2035, surging from 3.2% in 2023 and 6.9% in 2030.
“With persistent efforts by the policymakers and strict policy implementation, the kingdom has a good chance of reaching close to its set target. As per the expected trend, the country would add over 20GW every year making its target plausible,” the report read.
GlobalData noted that the country aims to reach 130 GW of renewable power by 2030.
“The growth of renewable power in Saudi Arabia has picked up pace recently because of the country’s policy to diversify its sources to ensure supply security in the long term,” said Sudeshna Sarmah, Power Analyst at GlobalData.
“Due to the increasing power demand in Saudi Arabia, the country has been overutilizing its fossil fuel reserves instead of exporting them,” Sarmah said, adding that solar and wind power could be the key drivers for renewables growth in the country.
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