In order to diversify its economy, Saudi Arabia, a major oil producer and member of the Organization of the Petroleum Exporting Countries (OPEC), is looking to add additional energy sources, such as clean fuels and renewables.
Marubeni and Saudi Arabia’s Public Investment Fund agreed to perform a feasibility study for the production of clean hydrogen for domestic and international markets, which is a crucial step in the kingdom’s effort to lessen its reliance on oil.
The Public Investment Fund, which oversees more than $600 billion in assets, announced last year that it aims to spend over $10 billion on environmentally friendly projects by 2026, including those that involve renewable energy, clean transportation, and sustainable water management.
By developing carbon capture and storage facilities as well, Saudi Arabia intends to achieve net zero emissions by the year 2060. If technology advances, the country may even move up the deadline.
