ACWA Power has said it plans to end investment in non-renewable projects in its endeavor to reach net zero by 2050.
Riyadh-based ACWA, the only listed company with big renewable energy and hydrogen projects in the pipeline, is 44 percent owned by Saudi Arabia’s sovereign wealth fund PIF
CEO of ACWA Paddy Padmanathan told local media that the company wants to reduce carbon emissions because “climate change is real”.
The company is expected to deliver at least 70 percent of Saudi Arabia’s renewable schemes by 2030, and is forecast to take part in around $30 billion worth of green projects over the next 10 years, as the Kingdom’s strategy to diversify its economy away from fossil fuels gathers pace.
Padmanathan told the media that ACWA will not build more coal or oil-fired power plants. And as far as the existing oil-fired plants were concerned, the kingdom was committed to shutting them down by 2030.
He said the existing fleet of oil assessed will get phased out over the next nine years by repowering. And ACWA will be “very selective” about the gas-fired power plants.
ACWA holds a one-third stake in the massive $5 billion Neom futuristic city project, which will be powered entirely by solar and wind.
Riyadh-based ACWA, the only listed company with big renewable energy and hydrogen projects in the pipeline, is 44 percent owned by Saudi Arabia’s sovereign wealth fund PIF
CEO of ACWA Paddy Padmanathan told local media that the company wants to reduce carbon emissions because “climate change is real”.
The company is expected to deliver at least 70 percent of Saudi Arabia’s renewable schemes by 2030, and is forecast to take part in around $30 billion worth of green projects over the next 10 years, as the Kingdom’s strategy to diversify its economy away from fossil fuels gathers pace.
Padmanathan told the media that ACWA will not build more coal or oil-fired power plants. And as far as the existing oil-fired plants were concerned, the kingdom was committed to shutting them down by 2030.
He said the existing fleet of oil assessed will get phased out over the next nine years by repowering. And ACWA will be “very selective” about the gas-fired power plants.
ACWA holds a one-third stake in the massive $5 billion Neom futuristic city project, which will be powered entirely by solar and wind.
ACWA Power plans to stop investing in non-renewable projects: CEO
- ACWA holds a one-third stake in the massive $5 billion Neom futuristic city project, which will be powered entirely by solar and wind.
- The company, 44 percent owned by PIF, will be "very selective" about the type of gas-powered plants, says CEO
Today's Headlines
By signing up you agree to our Terms of Use and Privacy Policy
The Fourth of July is a sacred day in our country. A day of history, of hope, remembrance and resolve with promise and possibilities. Before me stands monuments of the…
The Gulf country is setting a new benchmark for supporting working mothers by doubling the mandated maternity leave to 120 days, Kathryn Martin VFS Global tell TRENDS.
The government would provide thirty-five percent of the investments The rest of it, sixty-five percent, will come from the private sector Saudi Arabia expects to generate $150 billion from investments…
PwC forecasts that AI could contribute US$320 billion to Middle Eastern economies by 2030, with healthcare predicted to see some of the largest gains relative to its current size
The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading role in the 4IR.