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Clean Energy Conference Highlights Saudi Arabia's Leading Role in Renewable Energy

Clean Energy Conference 2024 (Asharq Al-Awsat)
Clean Energy Conference 2024 (Asharq Al-Awsat)
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Clean Energy Conference Highlights Saudi Arabia's Leading Role in Renewable Energy

Clean Energy Conference 2024 (Asharq Al-Awsat)
Clean Energy Conference 2024 (Asharq Al-Awsat)

The Clean Energy 2024 conference, held on Wednesday in Riyadh, focused on the Saudi government's initiatives in the renewable energy sector, mainly hydrogen, which qualifies the country to lead the future of this market regionally and internationally as part of Vision 2030 goals.

The first edition of the conference, entitled "Sunrise Arabia," witnessed the participation of local and international activists, public institutions, and agencies working to develop renewable energies.

General Manager of Solarabic Engineer Moneef Barakat revealed the company's intention to move its regional headquarters to Riyadh before the end of 2024, given that the Kingdom has the largest and most significant projects in the field.

In an interview with Asharq Al-Awsat, Barakat stressed the importance of having a regional headquarters in Saudi Arabia, which has become a center for renewable energy decision-making.

He stated that the conference coincided with the renewable energy revolution in the Kingdom, pointing out that Saudi Arabia has promising goals within Vision 2030 by adding 54 gigawatts of clean energy to the national network, half of which will be solar energy.

Barakat noted that Saudi public agencies are committed to transitioning to renewable energy and always issue new solar energy projects tenders.

The Ministry of Energy has so far issued about 12.6 gigawatts of projects referred to various companies to install solar energy in the Kingdom.

The expert described the recent development in Saudi Arabia as "unprecedented" in the world, pointing out that the Kingdom has clear visions that include rapid implementation of theoretical decisions and plans that interest all companies.

Meanwhile, Head of Amerenco Business Development – MENA Waleed al-Hallaj told Asharq Al-Awsat that green hydrogen will change the form of energy, characterized by being a thermal energy source through renewable energy.

Hallaj stated that Arab countries, especially Saudi Arabia, can lead green hydrogen, referring to NEOM, the largest green project in the world.

He pointed out that Saudi Arabia seeks to consolidate its leadership position in green hydrogen, just as it is a pioneer in oil.

The conference aims to connect international and local private companies with decision-makers to facilitate the next stage of solar energy projects, said Hallaj.

The event also aims to identify trends towards a sustainable and clean energy future in the Kingdom by promoting dialogue and innovation.

The conference included four sessions focusing on the world's lowest electricity cost, the equivalent price of electricity in Saudi Arabia, prospects for power purchase agreements and unsubsidized projects, purchasing and supplying solar panels and inverters, logistical services, and operation and maintenance.

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China Stops Short of Africa Debt Relief as Pledges More Cash

People pass by signage for the Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing, China, 01 September 2024. (EPA)
People pass by signage for the Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing, China, 01 September 2024. (EPA)
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China Stops Short of Africa Debt Relief as Pledges More Cash

People pass by signage for the Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing, China, 01 September 2024. (EPA)
People pass by signage for the Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing, China, 01 September 2024. (EPA)

China stopped short of providing the debt relief sought by many African countries this week, but pledged 360 billion yuan ($50.7 billion) over three years in credit lines and investments.
The Forum for China-Africa Cooperation (FOCAC) launched in 2000 took on an enhanced role after the 2013 inception of President Xi Jinping's Belt and Road Initiative (BRI), which aims to recreate the ancient Silk Road for the world's second largest economy and biggest bilateral lender to Africa, Reuters said.
"China is moving back on to the front foot in terms of overseas deployment of capital in the emerging markets," said Tellimer's Hasnain Malik, while adding it was not yet at pre-COVID levels.
China has also sought to use FOCAC to counter growing competition in Africa from the United States, the European Union, Japan and others.
In Beijing, diplomats and delegates from around the world mingled in the Great Hall of the People in Tiananmen Square as leaders from more than 50 African countries and Chinese officials led by Xi gathered for a group photo.
The new financial pledge is more than what Beijing promised at the last FOCAC in 2021, but below the $60 billion of 2015 and 2018, which marked the peak of lending to Africa under the Belt and Road Initiative.
During those peak years, Beijing bankrolled the construction of roads, railways and bridges. But a drying up of funds since 2019 has left Africa with stalled construction projects.
The new funds will go towards 30 infrastructure projects to improve trade links, China said, without giving details.
The 54-nation continent of more than 1 billion people has an annual infrastructure funding deficit estimated at $100 billion, and needs transport links to make a new giant pan-African trade bloc (AfCFTA) a reality.
Beijing has in recent years cut funding for such projects as it shifted focus to "small and beautiful" projects, mainly due to its own domestic economic pressures and an increase in debt risks among African countries.
Asked how the new commitments fit into China's current cautious overseas lending strategy, a foreign ministry spokesperson said there was no contradiction.
"The cooperation between China and African countries, including the specific implementation of projects, is discussed and determined by both sides," Mao Ning, a foreign ministry spokesperson told a regular news conference on Friday.
CURRENCY SWAPS
China also said it will launch 30 clean energy projects in Africa, offer co-operation on nuclear technology and tackle a power deficit that has delayed industrialisation efforts.
"The outcomes of the FOCAC summit signal an impetus for green projects and especially for renewable energy installations," said Goolam Ballim, head of research at South Africa's Standard Bank.
China has become a global leader in wind and solar energy, Ballim said, controlling significant supply chains and reducing production costs.
Others were skeptical.
"The issue is not so much about the size of the investments, it's been about the lack of transparency around the terms of the debt," said Trang Nguyen, global head of emerging markets credit strategy at French bank BNP Paribas.
Success was less clear-cut for countries owing a large share of their debt to China, which made no express offer of assistance to those struggling with repayments.
Beijing instead urged other creditors "to participate in the handling and restructuring of African countries' debts under the principle of joint actions and fair burden-sharing".
African leaders hoping to bask in large deals for their countries had to settle for less splashy announcements.
Ethiopia and Mauritius announced new currency swap lines with China's central bank. Kenya said it made progress on talks to reopen the lending taps for key projects like its modern railway to link the region.
Still, there was optimism from some, as they welcomed China's increased commitments to Africa's security, humanitarian challenges and other non-financial affairs.
"After nearly 70 years of hard work, China-Africa relations are at their best in history," Tanzania's President Samia Suluhu said on her X account.