Saudis to Spend $100b on Renewables

Saudis to Spend $100b on Renewables Saudis to Spend $100b on Renewables

More than $100 billion in Saudi renewable energy projects will help meet its skyrocketing energy demand and diversify its energy sector, industrial experts said ahead of the upcoming World Future Energy Summit in Abu Dhabi, UAE. The kingdom’s energy demand is expected to grow by 45% from 69 gigawatts in 2014 to 100 GW in 2040, Reuters reported. Saudi Arabia plans to spend $109 billion to install 54 GW of renewable energy by 2040, according to Frost & Sullivan.  “With the Middle East’s renewable energy sector rapidly advancing, Saudi Arabia holds the region’s biggest potential for both solar and wind power,” said Roberto De Diego Arozamena, CEO, Abdul Latif Jameel Energy and Environmental Services.  The World Future Energy Summit 2016, including Solar Expo and Sustainable Transport Zone, will be held at the Abu Dhabi National Exhibition Center on January 18 to 21.  Co-located events featured are the International Water Summit and EcoWASTE. The WFES 2015 exhibition and conference saw 650 companies from 40 countries and more than 32,000 attendees from 170 countries participate.