Saudi Arabia Shelves Work on $200 Billion Solar Project

Spotlight Activity: Saudi Arabia Shelves Work on $200 Billion Solar Project

In a setback to Saudi Arabia’s plans to build its renewable energy sector, citing Saudi officials, the Wall Street Journal reported that Saudi Arabia has shelved plans with Softbank Group Corp to build the 200-billion-dollar solar-power generating project that would have been the largest in the world. The source added that there is no active work done on the project and that instead, a broader, more practical strategy to boost renewable energy is being worked out and will be announced in late October. This project, in cooperation with Softbank, would have created the capacity to produce up to 200 gigawatts (GW) by 2030. However, a spokesperson for the Public Investment Fund (PIF) denied the reports and emphasized the continuous work with Softbank to develop multi-billion dollar projects relating to the solar industry.

Status: Falling Behind

Saudi Arabia’s move away from investing in and building the largest solar project on record with Softbank is quite perplexing, especially because it did not give any solid reason as to why it decided to stop work on the project. New challenges are certainly expected when building the world’s largest solar plant, but when the reason is not given as to why work on this project stopped, it does a disservice to other countries that are trying to invest heavily into solar energy, because they can no longer learn from this project’s roadblocks. This lack of transparency also works to undermine the public’s confidence in the Saudi government’s commitment to curb carbon emissions and help combat climate change. Any past commitments Saudi Arabia has made to build other large wind or solar plants are now shrouded in doubt. We await the end of October to hear what Saudi Arabia’s new strategy on renewable energy will be.

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H.E. Yasir Othman Al-Rumayyan, Managing Director of the Public Investment Fund at Saudi Public Investment Fund and External Director and Independent Officer at Softbank Group Corp media@pif.gov.sa or Info@pif.gov.sa or ir@softbank.co.jp

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Minister of Energy, Industry, and Mineral Resources
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webmaster@meim.gov.sa

?????? ??? ???? ?? ????????? ? ???? ??????? ?????? ????? Climate Scorecard ?? ??????? ??????? ???????? ————- ?? ????? ??? Climate Scorecard ?? ??????? ??????? ???????? ? Abeer Abdulkareem abeerabdulkareemm2003@gmail.com ? Amgad Ellaboudy amgad.ellaboudy@gmail.com

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