Saudi Arabia is aiming to invest around $16 billion in the National Renewable Energy Program, according to a report issued by the Business Support Observatory of Riyadh Chamber.
The report targets monitoring the status of the sector, developing indicators of its top resources, and shedding light on the national program of renewable energy projects, with the aim of improving the general investment environment in the Kingdom.
It highlighted the Saudi success in the fields of solar and wind energies, noting that in terms of its location on the Global Sun Belt, households willing to use the photovoltaic energy in their residences is expected to increase to 52.26 percent at the level of the Kingdom.
Saudi Arabia wants to increase the generation capacity of renewable energy sources to about 58.7 gigawatts by 2030, of which 40GW would be from solar and 16GW from wind energy.
The report also shows that the size of the renewable energy market in the countries of the Gulf Cooperation Council (GCC) stands at 17 gigawatts.
Saudi Arabia ranked sixth globally in the potential of producing solar energy and 13th globally in terms of potential to produce wind energy, according to the Saudi Press Agency (SPA).
The report also expected the total generation capacity of the national program of renewable energy projects to reach 5.6 million megawatts per hour.
The contribution of the energy mix is expected to increase to 30 percent by 2030, where the per capita share of the total electric energy reaches around 8.954 kilowatts per hour.
The National Renewable Energy Program is a strategic initiative under Vision 2030 and the King Salman Renewable Energy Initiative, which aims to maximize Saudi Arabia's share in renewable energy production.
The program launched with a specific roadmap to diversify local energy sources, stimulate economic development, and work towards sustainable economic stability in the Kingdom.
It also aims to establish a renewable energy industry and support the development of this promising sector by working to fulfill the Kingdom's obligations towards reducing carbon dioxide emissions.