IRENA Chief Says Renewable Energy Offers Cheapest Way to Energy Security

Renewable energy is slowly becoming an increasingly important tool for strengthening energy security, as solar and wind power continue to offer some of the lowest-cost options for electricity generation. Speaking at the recently held WPC Energy Congress, Francesco La Camera discussed Saudi Arabia’s rapid expansion of renewable energy, describing the Kingdom as an emerging leader in the sector within the region and internationally. 

Recently published data by the Kingdom’s Petroleum Studies & Research Center shows that since 2020, the Middle Eastern Kingdom’s operating capacity for renewable energy has grown significantly, reaching 19.3 gigawatts this year. 

The expansion supports the country’s vision 2030 ambitions, which include growing renewable energy capacity to between 100 GW and 130 GW by the end of the decade. This is in addition to targeting net-zero emissions by 2060. La Camera, who is the Director General of the International Renewable Energy Agency, stated that the country was well positioned to achieve its renewable energy goals because of its abundant sunshine and competitive electricity production costs. 

He further noted that solar power generation costs approximately 1.1 cents per kilowatt-hour, which placed Saudi Arabia among the most competitive producers globally. 

Beyond environmental benefits, he explained how recent global disruptions had reinforced the importance of renewable energy in reducing countries’ exposure to energy supply uncertainties, adding that renewables were the cheapest way to produce electricity today. This comes as renewables become increasingly recognized not only as a means of cutting emissions but also as a way to improve energy security and economic competitiveness. 

Despite the accelerating transition, he stressed that oil and natural gas would remain essential to global energy supplies for years. Continued investment in conventional resources would be necessary to offset declining production from existing fields and maintain reliable supplies as renewable capacity continued to grow, he argued, emphasizing that managing the transition gradually would allow renewables to meet a growing share of electricity demand while helping countries move towards the Paris Agreement’s goal of limiting global warming to 1.5° Celsius. 

For Saudi Arabia, the shift presents an opportunity to preserve its influence in international energy markets while expanding into renewable technologies. 

In his statement, La Camera noted that the country’s energy strategy already recognized key developments, including electrification, renewable energy deployment and supply-chain challenges. His remarks highlight a growing consensus that energy security will increasingly depend on affordable domestic electricity generation and a diversified energy mix, rather than relying exclusively on conventional fuels. 

Clean energy sources such as natural hydrogen are being developed around the world by enterprises like MAX Power Mining Corp. (CSE: MAXX) (OTC: MAXXF) (FSE: 89N). This fuel is a lot cheaper to produce when compared to green hydrogen that is cost-intensive in its production. It could provide yet another option for countries seeking to diversify their energy mix. 

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