Saudi Arabia Weighs Annual Budget to Boost Clean Energy

By By Louise Downing – Bloomberg:

Saudi Arabia is weighing whether the state should allocate an annual budget for clean energy instead of setting above-market rates for developments, the nation’s only environmental research group said.

Faisal Bin Turki AlFaisal, president of the Global Strategic Studies Institute, said a feed-in tariff guaranteeing a premium for solar and wind power probably wouldn’t work in Saudi Arabia’s closed economy, where energy costs paid by consumers are subsidized.

“You should take the price of oil, calculate how much is being lost in domestic use and add it to the budget and then allocate an annual budget for renewables,” said AlFaisal, 37, who is the son of Saudi Arabia’s former U.S. and U.K. ambassador. “It’s something we’ve been pushing for very strongly, and which people I talk to say is being discussed. I hope decisions will start being made soon… Read more

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