According to Saudi Investment Minister Khalid Al-Falih, Saudi Arabia sees Italy as a strategic ally in its efforts to supply green energy, including renewable hydrogen, to Europe. The Kingdom wants to improve its low-carbon production capacities as part of a larger plan to diversify its economy away from traditional oil and gas.
Even though the hydrogen industry is still in its infancy, Saudi Arabia is actively looking for partners to support hydrogen export with low or no carbon emissions.
At a business conference in Milan, Al-Falih said, “Saudi Arabia is investing in blue and green hydrogen with no guarantees that there will be buyers, and Italy is a preferred partner to bring green products to the European continent.
Saudi Arabia is investing significantly in blue hydrogen, which is generated from natural gas using carbon capture technology, and green hydrogen, which is produced using renewable energy.
Al-Falih underlined the necessity of investing in pipelines and ports to bring environmentally friendly goods to Europe. He also mentioned plans to interact with other European countries, such as Germany, to explore possible collaborations.
The Italian government recently signed an agreement with Germany and Austria to collaborate on the construction of a pipeline system to move hydrogen from the southern Mediterranean to northern Europe. This is in line with the European Union’s plan to cut greenhouse gas emissions, which calls for producing and importing 20 million tonnes of green hydrogen by 2030.
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