Dubai: Saudi Arabia considers Italy a key strategic partner in advancing its green energy initiatives, particularly in the realm of renewable hydrogen for Europe, according to Saudi investment minister Khalid Al Falih.
Saudi Arabia is working to boost its low-carbon production capabilities as part of a broader effort to shift its economy away from traditional oil and gas sectors.
The country is taking that initiative as part of its Saudi Vision 2030, which is a programme launched in 2016 with the main aim of diversifying the economy away from oil.
Although the hydrogen market is still emerging, Saudi Arabia is actively seeking collaborations to support the export of low- and zero-carbon hydrogen.
“At present, Saudi Arabia is investing in both blue and green hydrogen without guarantees of buyers, and Italy stands out as a preferred partner for delivering green products to Europe,” Al Falih remarked during a business conference in Milan, reported Zawya.
Saudi Arabia’s investments include green hydrogen, which is produced using renewable energy, and blue hydrogen, which is generated from natural gas with carbon capture technology.
Recently, the Italian government entered into a cooperation agreement with Germany and Austria to develop a pipeline system for transporting hydrogen from the southern Mediterranean to northern Europe. This initiative supports the European Union’s objective of producing and importing 20 million tons of green hydrogen by 2030 as part of its strategy to cut greenhouse gas emissions.
