Saudi Energy Ministry to help SABIC develop renewable energy projects

SABIC CEO Yousef Al-Benyan said the support from the Energy Ministry would enable the company achieve its net-zero emissions goal

  
The headquarters of Saudi Basic Industries Corp (SABIC) is seen in Riyadh, Saudi Arabia April 19, 2016.

The headquarters of Saudi Basic Industries Corp (SABIC) is seen in Riyadh, Saudi Arabia April 19, 2016.

REUTERS/Faisal Al Nasser
RIYADH: Saudi Energy Ministry on Sunday signed a memorandum of understanding with the Saudi Basic Industries Corp. to help develop the company’s renewable energy projects.

SABIC CEO Yousef Al-Benyan said the support from the Energy Ministry would enable the company achieve its net-zero emissions goal.

Al-Benyan said the chemical manufacturing company plans to increase its use of renewable energy to further reduce emissions of greenhouse gases.

All these measures are part of the Saudi Green Initiative. The Kingdom aims to reach net zero in carbon emissions by 2060.

The main vehicle for the Saudi green initiative is the Circular Carbon Economy, a framework that mitigates carbon emissions but allows different countries to pursue their own economic strategies.

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