{"id":74779,"date":"2022-11-14T02:11:32","date_gmt":"2022-11-14T02:11:32","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2022\/11\/14\/saudi-arabia-makes-big-splash-with-sgi\/"},"modified":"2022-11-14T02:11:32","modified_gmt":"2022-11-14T02:11:32","slug":"saudi-arabia-makes-big-splash-with-sgi","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2022\/11\/14\/saudi-arabia-makes-big-splash-with-sgi\/","title":{"rendered":"Saudi Arabia makes big splash with SGI"},"content":{"rendered":"

<\/a> Saudi Arabia announces a slew of green agreements: <\/strong>The kingdom came out with some of the biggest renewable energy announcements at the Saudi Green Initiative Forum on the sidelines of COP27, as it looks to reposition itself for a post-oil world. \u201cThe world is hoping to crucify us,\u201d Saudi Energy Minister Prince Abdulaziz bin Salman told Reuters<\/a>. \u201cWe want people to match us, and we want to make sure people put their money where their mouths are,\u201d he said.<\/p>\n

Saudi <\/strong>Arabia currently has 13 renewable energy projects worth a combined USD 9 bn in <\/strong>the pipeline<\/strong>, the minister said, according to Al Arabiya<\/a>. The projects \u2014 which include what could become the world\u2019s largest green hydrogen plant \u2014 have a collective capacity of 11.3 GW, and will help reduce some 20 mn tons of carbon emissions a year, he said.<\/p>\n

There\u2019s more to come:<\/strong> \u201cNext year, we will be finalizing the plans for developing 10 more renewable energy projects and connecting an additional 840 MW of solar PV power to our grid,\u201d bin Salman said during his keynote speech (watch, runtime: 5:36<\/a>).<\/p>\n

Saudi Arabia is looking to source 50% of its energy from renewables by 2030. <\/strong>In the past year alone, Saudi Arabia managed to reduce emissions by about 1 mn tons, the minister said.<\/p>\n

MASSIVE ARAMCO CARBON CAPTURE HUB<\/strong><\/p>\n

Aramco to build massive carbon capture and storage<\/strong> hub:<\/strong> Saudi Aramco signed an agreement to build one of the world\u2019s largest carbon capture and storage hubs with the capacity to store up to 9 mn tons of carbon dioxide a year by 2027, the minister also announced on Thursday. \u201cDon\u2019t be very surprised if we achieve this net zero even before that period,\u201d he said, referring to the kingdom\u2019s plan to reach net-zero emissions by 2060. The story got attention in the foreign press: <\/strong>Reuters<\/a> | Bloomberg<\/a>.<\/p>\n

The details:<\/strong> The facility, which will be located in Jubail, will get some 6 mn tons of CO2 from Aramco, with the rest to come from other industrial sources, the news outlets say. There were no details on the exact timeline or investments for the project.<\/p>\n

This is big for Riyadh\u2019s blue hydrogen ambitions:<\/strong> Saudi Aramco has long had plans to lead a future market for blue hydrogen, a form of zero-carbon fuel made through a process that captures its own carbon emissions.<\/p>\n

SOUND SMART-<\/strong> Don\u2019t know the different between green and blue hydrogen? Check out our explainer here<\/a>.<\/p>\n

MA\u2019ADEN JUMPS ON CARBON CAPTURE BANDWAGON<\/strong><\/p>\n

Ma\u2019aden is also jumping on the carbon capture bandwagon:<\/strong> Saudi mining company Ma\u2019aden<\/a> signed a 20-year agreement with industrial gas manufacturer Gulf Cryo<\/a> to build and operate a carbon capture plant in its phosphate complex in Ras Al Khair, Saudi state news agency SPA<\/a> reported. The plant will capture 300k metric tons of CO2 emissions a year from Ma\u2019aden\u2019s three ammonia plants, Zawya<\/a> reported.<\/p>\n

Where will the captured CO2 go?<\/strong> The CO2 will be used in the place of fossil fuels for industrial gas applications in Saudi Arabia. Some will be distributed to the International Maritime Industries, the largest shipyard in the MENA region, while the rest will be used in industrial applications such as enhanced oil recovery and water desalination.<\/p>\n

EBRD + EGYPT GREEN STARTUPS<\/strong><\/p>\n

EBRD to support Egyptian startups from <\/strong>Smart Green<\/a><\/strong>Governorates initiative<\/a><\/strong>: <\/strong>The European Bank for Reconstruction and Development (EBRD) will provide support to six startups selected from Egypt\u2019s Smart Green Governorates initiative, according to an Egyptian cabinet statement<\/a>. The startups selected are: e-scooter startup Rabbit Mobility<\/a>, clean energy startup NoorNation<\/a>, power and water producer Engazaat<\/a>, Banlastic<\/a>, Kadet El Mostakbal and Archtech. The bank will provide the startups with technical support, training and business consulting services.<\/p>\n

MOROCCO\u2019S GREEN ENERGY EXPORT AMBITIONS<\/strong><\/p>\n

Morocco takes one big step towards green energy export ambitions: <\/strong>Morocco signed an MoU with France, Portugal, Spain and Germany to facilitate cross-border renewable corporate power purchase agreements and financial and technical cooperation, according to a statement (pdf)<\/a>. The agreement will see Morocco make regulatory and legislative amendments to support green energy cooperation between the five countries, including through granting the private sector access to the Moroccan electricity transmission grid, the statement said.<\/p>\n

Morocco has big ambitions to become a key green energy exporter to Europe<\/strong>:<\/strong> Morocco plans to supply 8% of the UK\u2019s electricity needs by exporting 3.6 GW of electricity via its 10.5 GW of solar and wind energy from just its Xlinks renewable energy project by 2030. Just a few weeks ago, the country signed an agreement<\/a> with the EU to establish a \u201cgreen partnership\u201d that would see cooperation and \u201cinvestment in green technology, renewable energy production, sustainable mobility, and clean production in industry.\u201d<\/p>\n

ALSO-<\/strong><\/p>\n

Worth knowing about this morning:<\/p>\n