Saudi Electricity Company (SEC), the largest electric power producer in the Middle East and North Africa, has announced its commitment to achieving net-zero emissions by 2050, aligning with the Kingdom of Saudi Arabia's target of achieving net-zero neutrality by 2060. The announcement was made during the company's "Electricity Day" event held on the sidelines of the United Nations Conference on Climate Change (COP28).
SEC outlined its strategy for environmental sustainability, focusing on key initiatives to reduce emissions and contribute to combating climate change:
1. Energy Efficiency and Combined Cycle Operation: SEC will enhance energy efficiency and operate combined cycle power plants to reduce emissions.
2. Smart Grid and Electrical Connectivity: The company aims to develop the electricity transmission grid into a smart grid, improve connectivity, and engage in electrical connectivity projects with neighboring countries.
3. Renewable Energy and Clean Power Plants: SEC will invest in renewable energy projects, including clean power plants, to increase the share of clean energy in its portfolio.
4. Carbon Capture and Storage (CCS): SEC will invest in research and development (R&D) technologies, including carbon capture and storage, to reduce carbon emissions.
5. Green Sukuk and Voluntary Carbon Market: The company plans to issue Green Sukuk to support investments in environmentally friendly projects and participate in the voluntary carbon market.
6. International Collaborations: SEC signed agreements and memorandums of understanding with international and local companies, including Lucy, Al Fanar, S.I.L. ITALIA, Saudi Chint, Siemens, Schneider, Huawei, IBM, and GAC, to collaborate on achieving its objectives.
Eng. Ibrahim Al-Jarbou, Executive Vice Chairman of SEC, highlighted the importance of these agreements in promoting cooperation in research and development, reducing emissions, and fostering strategic partnerships for sustainable environmental solutions.
Saudi Arabia announced its target of achieving net-zero climate neutrality by 2060 as part of its commitment to environmental sustainability. The country has launched initiatives such as the Green Saudi Program and the Quality of Life Program to support these goals, emphasizing economic diversification and environmental conservation. The initiatives align with the Carbon Circular Economy Approach and contribute to the Kingdom's development plans in line with the Saudi Vision 2030. Net-zero climate neutrality involves transitioning to a carbon-neutral economy by offsetting emissions through various measures, including reforestation.
