Framework for Determining the Role of Renewable Energy in Economic Growth and Sustainability: A Saudi Arabia Perspective

Abstract

This paper proposes a framework to examine the significant role of renewable energy in promoting sustainable economic growth within the Kingdom of Saudi Arabia. The research delves into the existing energy landscape, highlighting the limitations of traditional fossil fuels and their adverse environmental effects. The need for a transformative approach, driven by renewable energy sources, underscores the current study's objective. The research thus identifies a gap in understanding the full economic impact of a renewable energy strategy, especially in a nation deeply rooted in oil dependency. The problem this study addresses is how renewable energy can serve as a catalyst for economic diversification and growth, reducing reliance on fossil fuels and fostering sustainability. The primary objectives of this research are: first, assessing the status and efficacy of Saudi Arabia's renewable energy policies, second, evaluating the impact of these policies on economic development and job creation, and last, proposing a framework for measuring renewable energy's contribution to economic sustainability. This paper's proposed framework integrates government policies, renewable energy initiatives, and economic metrics to comprehensively analyze renewable energy's role. The study concludes that renewable energy is a critical pathway for Saudi Arabia's economic future, offering sustainable solutions to resource scarcity, job creation, and environmental conservation. Future research will provide in-depth analyses of policy frameworks and technological advancements to support Saudi Arabia's economic transformation.