What are the aspects of Saudi's rapid new energy development?
Saudi has enormous potential in the field of new energy development, with abundant solar and wind energy resources. More than half of the country's territory is desert, with an average daily sunshine duration of 8.9 hours. Both its horizontal solar radiation and solar irradiance levels exceed the average of globally recognized high-potential regions for solar energy development.
The rapid development of Saudi's new energy sector is mainly reflected in the following aspects:
Strong Government Support:
The Saudi government places great importance on the development of new energy and has introduced a series of supportive policies, laying a solid policy foundation for project development. New energy goals have been incorporated into the national development plan, with a renewable energy target accountability system and specific medium- and short-term objectives. For example, Saudi plans to achieve 27% of electricity generation from photovoltaic sources and 9% from wind power by 2030, with a total new energy installed capacity reaching 58.7 GW.
Huge Market Demand:
With rapid economic development, population growth, and industrialization, energy demand in Saudi is increasing rapidly. At the same time, the government is determined to reduce its reliance on oil and vigorously promote the development of new energy. This creates significant market opportunities and ensures sustained demand for new energy projects.
Rapid Development of the New Energy Vehicle and Charging Infrastructure Market:
The Saudi government has launched a series of policy measures to promote the development of new energy vehicles and charging infrastructure. These include tax incentives, free parking, free charging, and priority road access. It has also established regulations, standards, and specifications to ensure the safety and quality of electric vehicles.
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