Saudi Arabia wants 10 percent of its electricity to come from renewable energy sources within the next six years.
Speaking at the Saudi Arabia Renewable Energy Investment Forum on Monday, the kingdom's energy minister Khaled al-Falih said that "the percentage of renewable energy by 2023 will represent 10 percent of the total electricity of the kingdom."
Earlier in the year, al-Falih had revealed plans to invest tens of billions in renewable energy sources. His latest announcement reveals details on various projects that will be covered under the announced investments.
These include thirty projects set to launch in the coming few years, Al Monitor reported.
During his address Al-Falih explained that the kingdom is seeking to "become a nation that develops, manufactures and exports the advanced technologies of renewable energy production."
Currently, less than 1 percent of Saudi Arabia's energy is renewable and nearly all of the kingdom's domestic power currently comes from crude, refined oil or natural gas.
According to Arabian Business, the new renewable energy programs will feature both solar and wind power, and come as part of an economic reform plan to wean the kingdom off oil.
The announced projects could cost between $30 billion and $50 billion.
Renewable energy is a need as oil prices plummet
As global oil prices have plummeted, Saudi Arabia has seen the need to diversify its economy and make serious reforms.
Next year, experts predict the kingdom's economy will shrink for the first time since 1999.
Deputy Crown Prince Mohamed bin Salman put forward Riyadh's ambitious Vision 2030 earlier this year. One of the plan's core goals is to diversify Saudi Arabia's economy and reduce its dependence on oil.
Under Vision 2030, it is expected that the kingdom will make strides in the field of renewable energy.
In the past year the country has launched a few promising projects in the field, including one by state-owned company Aramco.