Saudi Arabia to Become a 100% Renewable Energy Nation
Saudi Arabia, home to the world's second largest proven oil reserves, has plans to generate 100 percent of its power from renewable sources and low-carbon forms of energy, according to top spokesman Prince Turki Al Faisal Al Saud.
At the moment, nearly all of the country's energy comes from fossil fuels—two thirds from oil and the rest from natural gas. Now, the kingdom is looking into renewable energy options, particularly solar. Rather than continuing to burn its vast oil reserves, Saudi Arabia will use oil to create other products.
“Oil is more precious for us underground than as a fuel source. If we can get to the point where we can replace fossil fuels and use oil to produce other products that are useful, that would be very good for the world," the prince said. "I wish that may be in my lifetime, but I don't think it will be.”
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Although it may take decades, the move offers some insight into how other oil producing nations could continue to profit from their oil reserves by extending their lifetime, even as it fades as the dominant method of powering cars.
Drax advances biomass strategy with Pinnacle acquisition
The Group’s enlarged supply chain will have access to 4.9 million tonnes of operational capacity from 2022. Of this total, 2.9 million tonnes are available for Drax’s self-supply requirements in 2022, which will rise to 3.4 million tonnes in 2027.
The £424 million acquisition of the Canadian biomass pellet producer supports Drax' ambition to be carbon negative by 2030, using bioenergy with carbon capture and storage (BECCS) and will make a "significant contribution" in the UK cutting emissions by 78% by 2035 (click here).
This summer Drax will undertake maintenance on its CfD(2) biomass unit, including a high-pressure turbine upgrade to reduce maintenance costs and improve thermal efficiency, contributing to lower generation costs for Drax Power Station.
In March, Drax secured Capacity Market agreements for its hydro and pumped storage assets worth around £10 million for delivery October 2024-September 2025.
The limitations on BECCS are not technology but supply, with every gigatonne of CO2 stored per year requiring approximately 30-40 million hectares of BECCS feedstock, according to the Global CCS Institute. Nonetheless, BECCS should be seen as an essential complement to the required, wide-scale deployment of CCS to meet climate change targets, it concludes.