Saudi Arabia is making significant strides towards its ambitious goal of generating 50% of its energy from renewable sources [1] by 2030. This initiative is a key component of the Kingdom’s Vision 2030, which aims to diversify the economy and reduce its dependence on oil.
The Saudi Green Initiative, launched by Crown Prince Mohammed bin Salman, outlines a comprehensive plan to achieve this target. The Kingdom has allocated $50 billion towards the development of renewable energy projects, with a substantial focus on solar and wind energy. Approximately 60% of the new capacity will come from solar power, while wind energy will contribute the remaining 40%.
In addition to expanding its renewable energy capacity, Saudi Arabia is also enhancing its green finance initiatives. The Ministry of Finance recently published the Kingdom’s Green Financing Framework, which supports the country’s ambitions toward sustainability and achieving net-zero emissions by 2060. This framework encourages both public and private investments in climate and environmental projects, aligning with global green finance principles.
International collaborations play an important role in advancing Saudi Arabia’s renewable energy goals. Notably, agreements with France’s TotalEnergies and EDF Renewables were signed during French President Emmanuel Macron’s visit to Riyadh in December 2024. These partnerships will see the construction of solar parks in Rabigh Industrial City and other locations, contributing significantly to the Kingdom’s renewable energy capacity.
Despite these ambitious plans, Saudi Arabia currently generates less than 2% of its electricity from renewable sources. However, the Kingdom is committed to accelerating the deployment of renewable infrastructure to meet its 2030 targets. The Saudi Green Initiative also includes efforts to replace inefficient oil-fired power stations with combined cycle gas turbines, further reducing carbon emissions.
As Saudi Arabia continues to invest in renewable energy and green finance, the Kingdom is poised to become a regional leader in sustainability and environmental stewardship. The ongoing initiatives and international collaborations underscore Saudi Arabia’s dedication to creating a greener future for its citizens and the world.
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[1]Saudi Arabia Targets 50% Renewable Energy by 2030, Expands Green Finance Initiatives https://solarquarter.com/2025/02/27/saudi-arabia-targets-50-renewable-energy-by-2030-expands-green-finance-initiatives/#google_vignette