The important factors of Saudi Arabian policymaking in renewable energy resources

Abstract

There is no doubt that Saudi Arabia exports the most oil. The country has considered notable investments in Renewable Energy to diversify its economy and decrease dependence on oil export. The research aims to analyze the key factors that have influenced Saudi Arabia's renewable energy policy. The main question of our article is: What are the influential factors in Saudi Arabia's energy policy on renewable energy sources? In response, the research hypothesizes that the growing energy consumption of Saudi Arabia and its favorable geographical location for renewable energy production caused the country to invest in renewable energy for its energy mix, economy, and carbon emission reductions. To investigate the research hypothesis, we have used the theoretical framework of energy security by Benjamin Sovacool. The findings show that Saudi Arabia’s capital investments in renewable energy provide opportunities for the government to create a modern industry that creates jobs and revenue with the support of the private sector. Furthermore, industries and residences use renewable energy for electricity. Therefore, renewable energy has decreased fossil fuel dependence and diversification of the country's energy mix consumption. Data are collected through the library method. The analysis method is descriptive.