Arab News, Updated 03 October 2020, KHALID SALEM,
Since the adoption of the Paris Agreement in 2016, which Saudi Arabia is a part of, efforts to realize a low-carbon society are picking up pace. The Middle East is set to emerge as a region of great significance in the coming years, in terms of the energy mix it employs and the new clean energy technologies it pioneers. The Middle East and North Africa (MENA) region witnessed a significant increase in investment for renewables capacity growth in the year 2018, and the Middle East Solar Industry Association estimated that MENA countries could see combined investments of up to $1 trillion between 2019-2023 to find alternative energy sources that are more efficient and environment-friendly than existing ones.
Energy consumption in Saudi Arabia is estimated to increase threefold from present levels by the year 2030. The country has set itself a clean energy target of 27.3 GW by 2024 and 58.7 GW by 2030. The Saudi government also aims to localize a significant portion of the energy value chain with specific focus on renewables, R&D, and manufacturing. The global energy mix will be a combination of oil and gas fire as well as renewables, and Mitsubishi Power can play an effective role on both sides of the fence with its wide portfolio.
As a long-term power partner to Saudi Arabia since 1965, Mitsubishi Power is closely aligned to the Kingdom’s Vision 2030 and is focusing efforts on localizing the manufacturing of its most advanced and efficient gas turbine technologies. Mitsubishi Power’s vision for Saudi Arabia is to link short-term and long-term reliable solutions and support the Kingdom’s investment efforts toward enabling widespread power efficiency and power supply stability.
With its favorable renewable energy environment, Saudi Arabia also has the potential to evolve into a supply hub of commercially competitive hydrogen fuel or hydrogen-based power, therefore continuing to play a central role in world energy supply. Mitsubishi Power provides best-in-class power solutions to address the Kingdom’s demand for clean energy, supporting the country’s circular carbon economy and cleaner power strategies.
Mitsubishi Power’s power portfolio has enabled the company to make significant contributions to the Saudi Arabian utility and industrial power sector for over five decades. As a global power technology leader, Mitsubishi Power is uniquely placed to build on this success, providing Saudi Arabia and key power producers and consumers with an integrated power solutions portfolio, from cleaner and smarter technologies and operational support to round-the-clock local after sales services.