“FOSTERING Effective Energy Transition” was the titled of a workshop organized by the King Abdullah Petroleum Studies and Research Center in collaboration with the Word Economic Forum, at the Conference Center in Riyadh last Monday.

More than 25 energy experts gathered in KAPSARC to discuss the extent to which Saudi Arabian preparations for the global clean energy transition position it for success in meeting Saudi Arabia Vision 2030 goals.

The objective of the workshop was to understand better the economic and investment implications of renewable energy development in the Kingdom and the opportunities to learn from international approaches, according to the VP of research at KPSARC David Hobbs.

The workshop attendees discussed ways that renewable energy could become a job engine, allow Saudi Arabia to transition to a cleaner and more efficient energy system and identified the extent to which energy prices that reflect the underlying costs would provide the appropriate incentives that would benefit the economy’s competitiveness, Bandar Alkhamies, the Global Leadership Fellow at WEF, mentioned.

Saudi Arabia recently announced its intention to deploy 9.5 gigawatts of renewable energy capacity by 2023 and attract $50 billion of investment in renewables by 2030.

Workshop attendees included representatives from Ministry of Energy, Industry and Mineral Resources (MEIM), Saudi Energy Efficiency Center (SEEC), International Energy Forum (IEF), Saudi Electricity Company (SEC), Saudi Aramco and McKinsey & Com.

KAPSARC is dedicated to research into energy economics, policy, technology and the environment, across all types of energy. The Center is focused on finding solutions for the most effective and productive use of energy, creating added value that contributes to the welfare of both energy exporting and consuming societies. As the case for all its workshops, a summary of key discussion points, insights and recommendations will be posted at the Center’s website www.kapsarc.org.

The World Economic Forum (WEF) is an international nonprofit foundation dedicated to improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas. — SG