How does energy support the economy?
Saudi Arabia can help other countries wishing to go to transformation programs in the field of energy to develop their own programs
Shrouq
There are various solutions to make energy a powerful tool for economic development.
Energy sources to reach mass consumption must be economically feasible for many countries.
Transmission of energy from one country to another
During the meeting of the world at the 44th Congress of the IAEE in Riyadh, the President of the French Society of Energy Economics, Christophe Bonnery, said that "the transition of energy from one country to another has a different meaning."
He explained that, for example, France has a large portfolio of nuclear energy, and this develops the future of the French energy system.
Speaking about the different renewable energies, Boniri said that the solar photovoltaic energy is the most powerful of the energies, because if you look at the sun's radiation on Earth, it brings a lot of energy.
Transforming technology into energy
Bunri noted that technology is important, as is how it is converted into a form of energy that can be used for various consumers.
"The most important renewable energy is the hydraulic industry, which has been around for decades, if not centuries," he explained.
Wind Energy
According to Boniri, “The future also indicates that wind energy should be developed in countries where there is wind, which is not the case everywhere.”
Boniri said that nuclear power is very capital intensive so the cost of capital must be worked out upfront, because ignoring that leads to some financing issues, and then it can collapse in a few countries.
Bunri pointed out that Saudi Arabia has the opportunity to be able to finance, to afford these new technologies.
"In some developing countries, finding financing solutions is more difficult," he noted.
Energy transition
He said that the Kingdom can help other countries wishing to go to transformation programs in the field of energy to develop their own programs.
The 44th conference held at the King Abdullah Petroleum Studies and Research Center discussed seven major topics such as energy fluctuations, security and access, energy transition and paths in investment and financing.
