Saudi Arabia launched five new renewable energy projects to produce electricity sustainably, as the world's largest exporter of oil pursues a goal of net-zero emissions by 2050.
The wind and solar projects, which have a total capacity of 3,300 megawatts, were launched by the Saudi Power Procurement Company as a principal buyer, state-run Saudi Press Agency reported on Sunday.
Of the five projects, three will harness wind energy and two will use solar energy, Spa reported.
The total production of the wind energy projects stands at 1,800 megawatts, from a project in Yanbu with a capacity of 700 megawatts, another in Al Ghat with 600 megawatts and a third in Waad Al Shamal with 500 megawatts.
The total capacity of the new solar projects is 1,500mw, from a project in Al Henakiyah with 1,100 megawatts and another in Tubarjal with 400 megawatts, the news agency said.
Saudi Arabia is focusing heavily on renewable energy under its Vision 2030 economic plan.
In December, the kingdom announced plans to invest more than $100 billion in renewable energy projects.
It aims to grow the share of gas and renewable energy in its power mix to 50 per cent by 2030.
The projects are part of the fourth phase of Saudi Arabia's National Renewable Energy Programme that is supervised by the Ministry of Energy.
Power demand in Saudi Arabia, the biggest regional consumer of electricity, is growing rapidly.
Total electricity demand in the kingdom is expected to reach 365.4 terawatt hours (TWh) by 2030, from 299.2 TWh in 2018, according to a report by Riyadh-based King Abdullah Petroleum Studies and Research Centre.
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
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UAE currency: the story behind the money in your pockets
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Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
