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New Initiatives Target Energy Efficiency Growth in Saudi Arabia

The Saudi ESCO 2024 forum in Riyadh, Saudi Arabia. (Turky Al-Agili)
The Saudi ESCO 2024 forum in Riyadh, Saudi Arabia. (Turky Al-Agili)
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New Initiatives Target Energy Efficiency Growth in Saudi Arabia

The Saudi ESCO 2024 forum in Riyadh, Saudi Arabia. (Turky Al-Agili)
The Saudi ESCO 2024 forum in Riyadh, Saudi Arabia. (Turky Al-Agili)

The Saudi government has unveiled eight new initiatives to boost energy efficiency, targeting sustainable economic growth and lower carbon emissions.

The new initiatives were announced at the Saudi ESCO 2024 forum, which began Monday in Riyadh. Energy Minister Prince Abdulaziz bin Salman attended the event.

Energy efficiency means using less electricity to achieve the same results through measures that reduce consumption and improve usage without affecting performance.

Saudi Arabia aims to cut domestic energy consumption by 2030 through ongoing efforts and initiatives.

The new initiatives include an updated licensing regulation for energy efficiency service providers, a revised “National Measurement and Verification User Guide,” and the launch of an independent energy auditors platform, an energy efficiency projects opportunities platform, and an energy efficiency academy online platform.

The National Energy Services Company (Tarshid), owned by the Public Investment Fund (PIF), plans to launch 50 solar photovoltaic projects across Saudi Arabia this year, following 10 projects last year.

Tarshid also aims to start around 84 building retrofit projects this year, targeting energy savings of about 2.1 terawatt-hours nationwide.

At a press conference, Saudi Energy Efficiency Center (SEEC) Director General Nasser Al-Ghamdi told Asharq Al-Awsat that the center has ensured reliability in the sector by licensing energy service companies and maintaining service quality.

Energy efficiency teams have been set up in 280 government entities to focus on awareness, technical training, and tools to help reduce consumption, according to Al-Ghamdi.

He also affirmed that Saudi ESCO 2024 brought together service providers, experts, and beneficiaries to showcase solutions, drive investment, and highlight the importance of energy efficiency skills.

Al-Ghamdi stated that the forum and its exhibition reflect the SEEC’s commitment to a range of initiatives and services aimed at enhancing energy efficiency. This effort is crucial for reducing emissions and supporting national climate change goals.

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SAMA Governor: Saudi Arabia Plays Key Role in Supporting Global Economic Recovery

G20 leaders meet in Brazil. (Reuters)
G20 leaders meet in Brazil. (Reuters)
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SAMA Governor: Saudi Arabia Plays Key Role in Supporting Global Economic Recovery

G20 leaders meet in Brazil. (Reuters)
G20 leaders meet in Brazil. (Reuters)

Saudi Central Bank (SAMA) Governor Ayman Al-Sayari emphasized the Kingdom’s pivotal role in sustaining global economic recovery and maintaining financial stability. He also highlighted Saudi Arabia’s active participation in addressing key issues during Brazil’s presidency of the G20 Summit.

In a statement to the Saudi Press Agency (SPA), Al-Sayari affirmed the Kingdom’s commitment to achieving the summit’s goals and strengthening multilateral cooperation to tackle challenges such as slow growth and rising global debt levels.

Al-Sayari noted that Saudi Arabia’s participation in the G20 reflects its efforts to promote its own interests while contributing to global economic stability, particularly for regional economies. As the only Arab member of the group, Saudi Arabia seeks to leverage its position to enhance global financial resilience.

He recalled the Kingdom’s leadership of the G20 in 2020, during which it prioritized measures to accelerate global economic recovery, foster financial inclusion, ensure financial stability, and assist low-income countries in mitigating the impacts of the COVID-19 pandemic.

Key issues currently under discussion include the slow global economic growth, high inflation rates, rising global debt, and disparities in economic policies among nations.

Al-Sayari highlighted the importance of the G20’s Common Framework for Debt Treatments, a key initiative launched during Saudi Arabia’s presidency of the group. The framework aims to alleviate the debt burden of the world’s most vulnerable countries, a concern that has grown more pressing as sovereign debt levels reach unprecedented heights.

The governor underscored the alignment between the objectives of Saudi Arabia’s Vision 2030 and the G20’s goals, particularly in fostering financial stability and sustainable development. This includes initiatives to develop financial markets, mitigate risks, adopt global best practices, and ensure the financial sector’s stability while expanding its services and products to support the transition to a sustainable economy.

Moreover, Al-Sayari pointed out ongoing efforts to enhance the fintech sector through updated regulatory frameworks and improved guidelines. The Kingdom also aims to increase financial inclusion and awareness by providing individuals and businesses with access to licensed financial services, ensuring consumer protection, and promoting fairness and transparency in financial transactions.