MILAN — Saudi Arabia views Italy as a strategic ally in its efforts to deliver green energy, including renewable hydrogen, to Europe, according to Saudi Investment Minister Khalid Al-Falih. The Kingdom aims to enhance its low-carbon production capabilities as part of its broader strategy to diversify its economy away from traditional oil and gas. Despite the hydrogen market still being in its early stages, Saudi Arabia is actively seeking partners to help facilitate the export of low- or zero-carbon hydrogen. "Saudi Arabia is investing in blue and green hydrogen with no guarantees that there will be buyers, and Italy is a preferred partner to bring green products to the European continent," Al-Falih stated at a business conference in Milan. Saudi Arabia is investing heavily in green hydrogen, produced using renewable energy, and blue hydrogen, derived from natural gas with carbon capture technology. Al-Falih emphasized the need for investments in ports and pipeline networks to transport green products to Europe, and noted plans to engage with other European nations, including Germany, for potential partnerships. The Italian government recently signed a cooperation agreement with Germany and Austria to develop a pipeline system to transport hydrogen from the southern Mediterranean to northern Europe. This aligns with the European Union's goal to produce and import a total of 20 million tonnes of green hydrogen by 2030 as part of its strategy to reduce greenhouse gas emissions.
