According to him, the mandatory facility is expected to fast-track Saudi Arabia’s decarbonization efforts and support its global commitments on climate change.
Prince Abdulaziz bin Salman, Saudi Arabia’s minister of energy, said that the kingdom will invest an excess of $266 billion in its power sector, with an emphasis on clean energy.
The plan also includes a significant expansion of the national transmission and distribution grid to boost power access and reliability.
"We are introducing over a trillion riyals’ ($266 billion) worth of investment by 2030 to address our plans to achieve cleaner forms of electricity within the kingdom, as well as expanding and modernising the power transmission and distribution grid," bin Salman said at the Saudi Aramco IKTVA event.
As the report mentioned, by expanding carbon capture infrastructure, Saudi Arabia expects to prop up its ambition of creating a hydrogen economy.
The Kingdom wants to become a world leader in producing and exporting hydrogen as it gets ready to use the fuel to further reduce carbon emissions in its industries that use the most carbon.