RIYADH: Global recognition of Saudi Arabia’s renewable plans and green initiative has led the Kingdom to advance 24 ranks in the Energy Transition Index since 2021, according to a sustainability report.
The World Economic Forum’s annual Energy Index Report revealed that the Kingdom is leading the Middle East region, moving from ranking 81 in 2021 to 57 in 2023.
The 2021 study was based on 115 countries, and the current one on 120.
The results align with Saudi Arabia’s Vision 2030, which aims to diversify the country’s economy and help it become more sustainable.
“The country has long been a dominant player in the oil market, and in recent years has undergone a significant energy transition, recognizing the need to shift toward renewable energy and reduce its carbon footprint,” the report highlighted.
According to the report, the jump in ranking could be attributed to several green initiatives the Kingdom took, such as establishing the Regional Voluntary Carbon Market Co., the first of its kind initiative in the region.
Infographic from World Economic Forum's "Fostering Effective Energy Transition" 2023 Edition
Despite the progress in terms of substantiality, Saudi Arabia still has room to reduce energy and carbon intensity, the report stressed.
The report also noted that the Kingdom could expand renewable resources and implement carbon capture technologies.
Moreover, the report also pointed out that by 2030 the Kingdom has promised that 50 percent of its energy will come from renewable sources. The Saudi Green Initiative is also leading several ambitious efforts to lower emissions and change the domestic power mix.
Some of the initiatives undertaken by SGI include creating a program for carbon capture and storage, boosting energy efficiency and investing in new energy sources.
SGI is taking a strategic approach to restoring natural greenery with a target of planting 10 billion trees. In 2022 alone, the project planted around 18 million trees and rehabilitated 60,000 hectares of degraded land, restoring vital ecological parameters, improving air quality and reducing sandstorms.
“The country’s shift toward renewables, with 11.4 GW capacity under development, represents a significant departure from the traditional economic model and may have geopolitical implications,” the report said.
The report further indicated that the Kingdom could become a robust leader in the energy transition by developing joint investments, research programs, training and education.
