SABIC plans $1.3bn investments in second stage of energy transition 

SABIC plans $1.3bn investments in second stage of energy transition 

RIYADH: Saudi Basic Industries Corp. is set to invest $1.3 billion in the second phase of its energy transition, said Fahad Al-Sherehy, vice president of Energy Efficiency and Carbon Management. Speaking during a panel discussion at the 44th International Association of Energy Economics Conference, the SABIC official revealed that in the first phase of its transition worth $1 billion, the company recorded a 10 percent drop in carbon emissions. Reflecting on the key aspects of energy efficiency, Al-Sherehy said it is a key enabler for decarbonization. The official said technological advancement will play a crucial role in energy transition and help in reducing costs as well. Prince Sultan Al-Saud, CEO of the Saudi Industrial Development Fund, also highlighted the importance of the latest technology in the ongoing energy transition and energy efficiency. He called for more investments in technology to achieve the energy targets. “To achieve our energy efficiency target, we need a forward-looking view of the investments in technology. The ongoing dialogue is hindering these investments. As we look into the future, recognition in what gets us to our goal has to be consistent with research and development to ensure the availability of technology for future use,” the SIDF