A US-Chinese business delegation will visit Saudi Arabia tomorrow (Monday), with the aim of seeking to establish an international coalition based in Riyadh of multinational companies to invest in the sustainability of the green economy and reach zero carbon.
Neil Bush, head of the delegation, told Asharq Al-Awsat that they are seeking to establish a global alliance in Riyadh, to be one of the most important pillars of the promising green energy future, and one of the main drivers of investments in advanced technologies in the sustainability of the green economy. Bush added, “Our visit to Saudi Arabia is exploratory, and we have a proposal.” The Skytower Zero Carbon Industrial Park is targeted to be developed, and we will respond to specific renewable energy, hydrogen and ammonia projects in Saudi Arabia. Our approach is global in nature, combining the best technology and services from the United States and China, while bringing in capital investments that are matched by Saudi funds to implement the projects.”
And Bush added: “The delegation consists of organizations in the Zero Carbon Consortium, whose goals coincide with (Saudi Vision 2030) and 2060 Net Zero, and the trend to invest in renewable energy infrastructure and industrialization related to the renewable energy sector.” Bush added that the alliance he seeks to form includes a company. Atlas Renewable, the company headed by Neil Bush, which brought together the members of the consortium, Energy Vault, a US-based renewable energy company that specializes in the design, installation and management of storage solutions, and CNTY, a Chinese company active in the resource storage side. renewable energy, as well as EIPC, a Chinese quasi-governmental organization.
According to Bosch, the Zero Carbon industrial park will be operated through green energy sources, including the right combination of renewable energy generation and short- and long-term storage, indicating that the association, or the so-called “consortium”, will attract renewable companies that will provide wind energy equipment. And solar energy and storage, in order to establish manufacturing operations in the industrial area, which creates a lot of jobs in the region.
Bush added that global cooperation is necessary to combat climate change, and it is represented in the Association’s approach, which has been used successfully in China and Mongolia, in bringing together the best experiences to design integrated systems that increase the effectiveness of renewable solutions, and the critical role of storage in this mix, and added: «Has Our union is expertise and experience to maximize the operational efficiency of renewable systems.”
Bush praised the renaissance that Saudi Arabia is currently experiencing, promising it a real and sustainable renaissance, indicating that the tremendous change that has taken place in Saudi Arabia and the increasing number of diverse global corporate relationships that are being established, all of this will certainly work according to global strategies and link the countries of the world, since Saudi Arabia will become the center the world.
“Our union views Saudi Arabia as the center of the entire Middle East,” Bush said. We will pump large investments, and we will collect the best technologies from the United States and China to implement important projects in Saudi Arabia, which are working to achieve its ambitious carbon-neutral goals. It will bring manufacturers to Saudi Arabia to manufacture equipment that can meet the needs in Saudi Arabia, and can be shipped to the region. ».
For his part, Abdullah bin Zaid Al-Malehi, Chairman of the Board of Directors of the Saudi “Excellence” Holding Company, which is the Saudi partner of the alliance to be established, told Asharq Al-Awsat that the alliance will draw a global work map consistent with the entitlements of the future of green energy, as the most promising sector in the global economy. in general and in Saudi Arabia in particular, as one of the most important pillars of the “Saudi Vision 2030”.
Al-Melehi explained that he “plans, through this US-Chinese-Saudi alliance to be established, to build an environment complete with Saudi leadership and the expertise of international companies, so that this contributes strongly to investment in natural and industrial resources.”
Al-Malehi stated that the specialized Chinese organizations have expressed their approval and readiness to invest in the green projects of the alliance, revealing that they are in the process of announcing the establishment and launch of the “Global Alliance for Green Economy” under the auspices of the Saudi Ministry of Investment, and with the participation of other relevant official Saudi authorities.
According to Al-Melehi, reports indicate that green hydrogen could constitute 12 percent of the global energy mix, bringing its market size in the region to about 750 billion riyals ($200 billion) by 2050, indicating that the alliance comes as an extension of the Kingdom’s pioneering role in Energy market development.
Al-Malehi added, “We will work to establish an investment fund in the solutions of circular carbon economy technologies in the region, and a global initiative that contributes to providing clean fuel solutions to provide food for more than 750 million people in the world, as the total investments in these two initiatives amount to approximately 39 billion riyals (10.4 billion riyals). billion dollars) Saudi Arabia will contribute to the financing of approximately 15 percent.
Al-Malehi expected that the alliance project would result in strengthening the circular economy of carbon by reducing carbon emissions, reusing it, recycling it and removing it from the atmosphere, and containing the effects of climate change not only on the environment but also on the economy and security, indicating that the Saudi approach makes climate change an economic opportunity for individuals and the sector. This will stimulate the “Green Middle East” initiative to create quality jobs and promote innovation in the region.