IMF Welcomes Saudi Arabia’s Efforts to Become Global Leader in Green Hydrogen Production

IMF Welcomes Saudi Arabia’s Efforts to Become Global Leader in Green Hydrogen Production

Saudi Arabia is witnessing remarkable activity in the hydrogen sector, which is considered the fuel of the future, in terms of production and export.

The country is investing in its great energy potential, to export clean energy to the world, and to contribute to achieving the global goals to reduce carbon emissions and reach carbon neutrality, in line with the Paris Climate Agreement.

While the Kingdom is working to enhance its hydrogen production, it has successfully accelerated its efforts in the field of climate action, as it seeks to convert 30 percent of its land and sea areas into natural reserves, and plant about 10 billion trees by 2030.

It is also working on implementing the circular carbon economy model, with the aim of fulfilling its pledges to reduce emissions by 278 million tons annually by 2030, and raising the share of renewable energy sources in the electricity mix to 50 percent.

With this initiative, Saudi Arabia has become a world leader in carbon capture and storage projects, with a storage capacity of up to 9 million tons annually, while it aims to store 44 million metric tons by 2035.

Earlier this month, International Monetary Fund experts welcomed the ongoing plans in the Kingdom to