KSA is also heavily investing in Hydrogen and Solar Capacity.<p>The PIF is one of the largest Hydrogen investors globally [0] helping fund massive projects domestically and in Japan, South Korea, India, and Malaysia.<p>They have also become a massive investor in solar capacity domestically [1] and in India [2] to diversify away from resource extraction.<p>The next decade of green technology will be R&D'ed in Japan, USA, and South Korea, funded by US, Saudi, and UAE investors, and deployed in Australia, India, and ASEAN, as most PLIs in these regions are aiming at making the cost of Solar and Hydrogen competitive with coal in industrial usecases like steel and casting - US$1.50/kg.<p>Really looking forward to Idemitsu Kosan's (Japan's primary energy conglomerate and minority owned by the KSA) work on productionizing both Hydrogen Fuel Cells [3] and Solid-State Batteries [4] in the next 5 years.<p>[0] - <a href="https://www.swfinstitute.org/news/95987/billions-saudi-public-investment-fund-bets-on-green-hydrogen" rel="nofollow">https://www.swfinstitute.org/news/95987/billions-saudi-publi...</a><p>[1] - <a href="https://www.pv-tech.org/acwa-power-and-saudi-public-investment-fund-to-develop-4-5gw-pv-portfolio/" rel="nofollow">https://www.pv-tech.org/acwa-power-and-saudi-public-investme...</a><p>[2] - <a href="https://climate.enterprise.press/stories/2023/09/11/saudi-and-indian-renewables-companies-sign-spate-of-agreements-in-new-delhi-102599/" rel="nofollow">https://climate.enterprise.press/stories/2023/09/11/saudi-an...</a><p>[3] - <a href="https://www.hydrogeninsight.com/production/japanese-energy-companies-launch-the-countrys-largest-green-hydrogen-project/2-1-1602552" rel="nofollow">https://www.hydrogeninsight.com/production/japanese-energy-c...</a><p>[4] - <a href="https://global.toyota/en/newsroom/corporate/39865919.html" rel="nofollow">https://global.toyota/en/newsroom/corporate/39865919.html</a>
<a href="https://archive.is/7yrKp" rel="nofollow">https://archive.is/7yrKp</a><p>The most remarkable sentence: “Almost 50% of the utility [sector] will be in renewable and 50% will be in gas,” [Saudi spokesman] said. By 2030. Maybe they'd rather sell oil at export prices than burn at internal prices, and don't really have production capacity to spare any more.