Alternatives should be done in the face of diminishing oil wealth and scientific research must be intensified in order to overcome the challenges confronting the production and storage of clean renewable energy, especially the solar energy, Prince Saud Bin Thunayan, Chairman of the Royal Commission for Jubail and Yanbu, said Tuesday in his speech at the opening of the two-day fourth forum for solar energy organized by King Abdullah City for Atomic and Renewable Energy.

He said the Arab region is located within the solar belt in which most of the sunrays accumulates, a matter that makes the region more adequate for the storage of this renewable energy for conversion into electric power.

He cited reports showing that the international investments for solar energy have tremendously increased in the past 10 years, reaching around $ 136 billion in 2011, used in producing only 65 gigawatts of electricity - small compared to the international energy need which increases at a rate of 2 percent every year.

Moreover, he said the Kingdom’s strategy for energy focuses on the development of sustainable alternative energy by encouraging and supporting the private and government sectors in research studies and projects for producing the solar energy.

He stressed that the Royal Commission for Jubail and Yanbu is working with its counterparts to support and strengthen all efforts aimed at upgrading the renewable energy industry, adding that the industrial cities which are affiliated with the commission serve as incubators to a number of industries in the sector with investments above SR4.2 billion.

Dr. Waleed Abu Al-Faraj, deputy president of King Abdullah City for Atomic and Renewable Energy, said in his speech at the same forum that the city is making all efforts to introduce a significant change in the Kingdom by transforming it into a highly-efficient country having a sustainable system for energy.

The forum’s objective is to enable the Kingdom to follow the future roadmap and strengthen its national economy. The forum discusses working papers that reflect the localization of energy in the Kingdom and introduce sustainable energy system to meet the Kingdom’s future energy requirements.

Al-Faraj also said the Kingdom will save 360,000 to 520,000 oil barrels a day by implementing its plan for the utilization of solar energy by year 2032.

King Abdullah City for Atomic and Renewable Energy has emphasized that it will implementing its strategy this year which includes goal accomplishment, timetable and revenue generation yearly.

Saudi Arabia has identified an urgent need to reduce its reliance on petroleum-generated power. Currently, 60 percent of Saudi power needs are met from petroleum. The Kingdom is focused on developing alternative energy sources and promoting energy efficiency.