Switching to renewables will save Saudi businesses $13bln, says NCDM chief

Hani Al-Madini said many local entities are already transforming towards sustainable energy

  
Image used for illustrative purpose. A solar plant is seen in Uyayna, north of Riyadh, Saudi Arabia April 10, 2018.

Image used for illustrative purpose. A solar plant is seen in Uyayna, north of Riyadh, Saudi Arabia April 10, 2018.

REUTERS/Faisal Al Nasser
 

The transition to renewable energy will save companies $13,333 billion, the CEO of the National Centre for Debt Management said on Monday.

Speaking at the Financial Sector Conference in Riyadh, Hani Al-Madini said many local entities are already transforming towards sustainable energy, which can decrease expenses by SR 50 billion.

His comments were echoed by Mohammed Al Kuwais, chairman of the capital market authority, who said: “Companies are doing this because they recognize their responsibility, and to relate to investors’ demands.”

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