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.
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