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Saudi Targets Lowest Cost of Electricity Globally Through Solar Energy Project

Solar panels. File photo
Solar panels. File photo
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Saudi Targets Lowest Cost of Electricity Globally Through Solar Energy Project

Solar panels. File photo
Solar panels. File photo

Saudi Energy Minister Prince Abdulaziz bin Salman revealed that the Kingdom is shifting closer to activating energy efficiency programs and applications at an intensified rate.

He also disclosed that the solar energy file will be activated to give the Kingdom the lead in terms of the lowest-cost per kilowatt of electricity.

Saudi Arabia will “very soon” be announcing a solar project that will take the lead in terms of the lowest-cost per kilowatt of electricity, the energy minister said during the “Don’t Forget Our Planet” virtual event organized by the Future Investment Institute (FII) to address environmental sustainability.

The Kingdom will produce 50 percent of electricity from renewables by 2030, Prince Abdulaziz added, stressing that Saudi Arabia is also planning to expand wind energy.

In March 2018, Saudi Crown Prince Mohammed bin Salman signed a memorandum of understanding with SoftBank to build the 200-gigawatt solar project in Saudi Arabia by 2030.

“I can assure you that Saudi Arabia will not only be the last producer, but Saudi Arabia will produce every molecule of hydrocarbon and it will put it to good use, and it will be done in a most environmentally sound and more sustainable way. I am willing to say that by 2050, we will be the last and the biggest producer of hydrocarbon,” the energy minister said.

He reaffirmed Saudi Arabia’s commitment to the concept of the circular carbon economy, which seeks to remove carbon emissions from the environment via a mixture of recycling and removing harmful pollutants, as well as sophisticated technology to remove emissions from the industrial process.

“We are trying to lead by example, and we are putting our money where our mouth is,” he said.

He highlighted Saudi projects in energy efficiency, solar power generation, and renewables that aim to generate half of its electricity from non-hydrocarbon sources by 2030. “We have a leadership that values sustainability,” he added.

The minister was speaking on a panel with other energy leaders, discussing the challenges and opportunities presented by recovery from the COVID-19 pandemic.

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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage

The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable.
In a statement, the global lender said it would release about $333 million, bringing total funding to around $1.3 billion, to the crisis-hit South Asian nation. It said signs of an economic recovery were emerging, Reuters reported.
In a note of caution, it said "the critical next steps are to complete the commercial debt restructuring, finalize bilateral agreements with official creditors along the lines of the accord with the Official Creditor Committee and implement the terms of the other agreements. This will help restore Sri Lanka's debt sustainability."
Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70%, its currency to record lows and its economy contracting by 7.3% during the worst of the fallout and by 2.3% last year.
"Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said.
The IMF bailout secured in March last year helped stabilize economic conditions. The rupee has risen 11.3% in recent months and inflation disappeared, with prices falling 0.8% last month.
The island nation's economy is expected to grow 4.4% this year, the first increase in three years, according to the World Bank.
However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with bondholders, which President Anura Kumara Dissanayake aims to finalize in December.
Sri Lanka will enter into individual agreements with bilateral creditors including Japan, China and India needed to complete a $10 billion debt restructuring, Dissanayake said.
He won the presidency in September, and his leftist coalition won a record 159 seats in the 225-member parliament in a general election last week.