Global experts will highlight and discuss key issues surrounding Saudi Arabia’s renewable energy future at an upcoming summit in Riyadh.

The fourth annual Solar Arabia Summit, the Kingdom’s longest serving dedicated solar business platform will take place on October 27 and 28.

Saudi Arabia’s plans to create its solar energy industry by 2032 is now in sharp focus, particularly since domestic consumption of fossil fuels is expected to nearly treble by 2030, if consumption continues at the rate it has over the last five years.

Saudi’s renewable energy strategy, managed by King Abdullah City for Atomic and Renewable Energy (KACARE), targets renewable energy to contribute 20-23 per cent of its energy needs by 2032, with solar energy responsible for 41GW of this.

The summit will discuss the practicalities of achieving this crucial target, including the respective contributions of solar PV and CSP, and the policies and incentives required to support the required investment of $109 billion to facilitate a world-class solar industry.

Also on the summit agenda is the smart grid potential and the execution of investment in innovative supporting technologies. The summit will focus on the solar ecosystem of technologies, and the management skills and distribution needed to enhance the rollout of on- and off-grid utilization.

Saudi Aramco CEO Khalid Al-Falih, said: “We are looking at solar investments with great interest.”

Acknowledging Saudi Aramco’s thought leadership in this field, Gasem al-Shaikh, head of the Energy Unit at Saudi Bin Ladin Group said: “The country can’t wait. We are burning more liquids every year, and that’s why Saudi Aramco now is taking the lead.”

The Solar Arabia Summit, organised by French deal facilitation group, naseba, will see pre-scheduled meetings to achieve collaborative agreements that contribute to a sustainable future for Saudi Arabia and preserve non-renewable fossil fuel resources.

Scott Ragsdale, chairman of naseba, said: “Naseba has long standing relationships in the Kingdom, and following discussion with our partners here, we have agreed that the timing is right to expand this year’s Summit from last year, to facilitate more deal flow. The companies wishing to capitalise on the emergence of this rapidly developing market have proven track records in renewable energy fields and are ready to do business.”

“The Summit has been organised to boost the Kingdom’s Renewable Energy Strategy by providing the right platforms to do business. These include pre-arranged one-to-one meetings, a dedicated area to demonstrate technologies and solutions, panel discussions involving internationally renowned experts, and keynote presentations to aid the knowledge process.

“These interactive measures will facilitate more meaningful networking time, enhanced proactivity and will ultimately achieve successful outcomes for the sustainable energy future of Saudi Arabia,” he added. – TradeArabia News Service