Some of the participants at the event in Riyadh.

Top Saudi economic experts have expressed strong warnings against continued oil consumption for electricity generation and water desalination.

According to a statistics, about 4.2 million barrels of oil are consumed per day and the figure expected to increase to 9.5 million barrels in 2035.

The experts warned that the consequent possible loss of Saudi revenues could reach SR795 ($212 million) per day, adding that the Kingdom needs to raise the share of alternative and renewable sources in power generation to conserve energy.

Top economists, business people, academics and specialists from King Abdul Aziz City for Science and Technology, the Royal Commission for Jubail and Yanbu, Saudi Aramco, Authority for Electricity Regulation, King Abdullah of Alternative and Renewable Energy City, Saudi Standards, Metrology and Quality, and Saudi Electricity Company were among those who attended the event.

The panel discussion was a prelude to the 7th Riyadh Economic Forum this year.

The participants discussed the possibility of creating more links between private and government sectors to promote research and development in the field of alternative and renewable energy.

They also discussed the progress of a study on “Alternative and renewable energy economics in the Kingdom; challenges and prospects for the future.”

The 7th Riyadh Economic Forum will be held from Dec. 8 to Dec. 11 this year.

During their discussion, they focused on the crucial need for new technologies, global scientific innovations in solar thermal and photovoltaic energy, wind power as well as nuclear power.

They also reviewed high-profile international experiences and ways of making use of them in formulating public policy for alternative energy and the selection of appropriate projects for the sector.

The forum also focused on the formulation of initiatives and better options for the Kingdom to involve the private sector in the development of the sector for the production of alternative and renewable energy.

This will enable the Kingdom to reduce its dependence on traditional energy and save its oil wealth for future generations.

Related articles across the web

• Saudi Aramco Names Amin H. Nasser as President
• Amin H. Nasser appointed as President of Saudi Aramco
• Low Oil Hitting Saudi Arabia Hard
• Saudi Aramco says Amin Nasser appointed as CEO
• Saudi Aramco names new CEO