Switching to renewables will save Kingdom’s businesses $13bn, Saudi debt office chief claims

The transition to renewable energy will save companies $13billion, the CEO of the National Centre for Debt Management said on Monday.

Speaking at the Financial Sector Conference in Riyadh, Hani Al-Madini said many local entities are already transforming towards sustainable energy, which can decrease expenses by SR50 billion.

His comments were echoed by Mohammed Al Kuwais, chairman of the capital market authority, who said: “Companies are doing this because they recognize their responsibility, and to relate to investors’ demands.”