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The minister told the forum Future Investment Initiatives in Riyadh that the kingdom use of renewables would rely mainly on solar energy.
“We will be another Germany when it comes to renewables,” he told the gathering.
Such a shift would enable the kingdom to boost its oil exports on foreign markets.
Saudi Arabia also intends to work together with several countries to produce “blue” and “green” hydrogen as well as developing technology to capture greenhouse gases.
In September 2020, Saudi Arabia supplied its first shipment of “blue” hydrogen – transformed into ammonium – to Japan. Large-scale plans to build solar power stations will allow for production of hydrogen through electrolysis – known as “green hydrogen” — at a plant in the city of Neom on the Red Sea coast beginning in 2025.
Saudi Arabia is the world’s third-largest oil producer. Under the OPEC+ deal reached last year. Production has been cut from 11 to 9 million barrels per day and exports reduced from 7 to 6 million bpd.