Saudi Arabia’s National Hydrogen Strategy, which is currently being finalized, aims to attract more than $36 billion in investment by 2030, according to a senior official from the country’s Energy Ministry.

Clean hydrogen production, export and domestic use as well as industry infrastructure and transportation are all key components of this strategy, according to Energy Minister Ahmed Al-Dowsary.

Speaking at an IRENA-hosted virtual event on Tuesday, he said the Kingdom would focus on five priority areas during the implementation stage.

He stated that Saudi Arabia is willing to work with all IRENA member countries on hydrogen synergies, and that discussions with some European Union countries are already underway.

While the Kingdom’s low levelized cost of renewable electricity makes it an attractive location for hydrogen production, Dowsary noted that the country faces significant challenges, including lowering production costs and transporting hydrogen.