The Saudis Eye Hydrogen And A New Energy Superpower Status

A worker fuels a car with high-purity compressed hydrogen at a Saudi Aramco and Air Products hydrogen statiopn ... Xinhua News

The Saudis Eye Hydrogen And A New Energy Superpower Status

Forbes | Ken Silverstein | Nov 6, 2024

Saudi Arabia aims to diversify its economy and lower its emissions, which has led the nation to explore hydrogen as a solution. The Public Investment Fund of Saudi Arabia will invest $10 billion in the production of green hydrogen. This venture, named Energy Solutions Company, will also receive funding from Saudi Aramco, Gulf News reported.

While the country may be well-positioned for this venture, it must also prepare for a future with reduced oil dependency. It could lead to severe economic disadvantages if it fails to do so. This is why the Kingdom has introduced its Vision 2030, which aims to generate half of its electricity from renewable sources by that year. Saudi Arabia could conquer the new energy economy by leveraging its renewable energy capacity to produce green hydrogen.

“Saudi Arabia is committed to achieving net-zero emissions by 2060,” Seonghoon Woo, chief executive and co-founder of Amogy, which produces a carbon-free ammonia cracking technology and in which Saudi Aramco is an investor, told me in an interview. “With significant financial resources, deep expertise in the petrochemical sector, and some of the world’s most abundant renewable energy sources, the country is well-positioned to become a large-scale producer of clean hydrogen.”

Woo said by email that Saudi Arabia has some of the world’s most robust solar radiation levels and vital wind resources, enabling it to produce green hydrogen at scale and, thus, at a competitive cost. Moreover, the Kingdom’s location along major trade routes facilitates the efficient shipping of hydrogen, likely from ammonia, to key markets in Northern Europe, South Korea, Japan, and Singapore...

Will The Gulf States Become Hydrogen Hubs?

The green hydrogen market will expand from about $1 billion today to $30 billion in 2030, according to MarketsandMarkets.more
https://www.forbes.com/sites/kensilverstein/2024/11/04/the-saudis-eye-hydrogen-and-a-new-energy-superpower-status/

Mohammad Abdelqader El-Ramahi, Chief Green Hydrogen Officer, Masdar