Imminent release of the Saudi energy strategy

Imminent release of the Saudi energy strategy
Imminent release of the Saudi energy strategy

Abdulaziz bin Salman: Its details will embody “Green Saudi Arabia” and “Green Middle East”

Prince Abdulaziz bin Salman, Minister of Energy of Saudi Arabia, revealed the imminent issuance of the country’s energy strategy, noting that the strategy will be an embodiment of the Saudi Green Initiative and the Green Middle East Initiative, pointing out that energy security is a fundamental pillar in the Kingdom, along with economic prosperity and facing the challenges of change. climatic.

And Prince Abdulaziz bin Salman, in an interview yesterday during a session on investing in the circular economy of carbon, as part of the activities of the second day of the fifth session of the Future Investment Initiative, affirmed Saudi Arabia’s commitment to “what we pledged regarding the environment.”

The Saudi Minister of Energy added that the Kingdom, the largest oil exporter in the world, may achieve carbon neutrality before its announced goal in 2060 if technology develops quickly enough, noting that new processes that enable the achievement of a “circular carbon economy” are a key factor in Saudi Arabia achieving net zero carbon emissions.

He added: “The circular economy of carbon depends first and foremost on the development of technology,” describing the year 2060 as a “dynamic baseline,” adding, “In fact, if technology develops faster, we may not have to wait until 2060. We can achieve our goal in early time”.

“The most difficult challenge we all face is climate change,” the energy minister said, ruling out any decline in oil demand, stressing that global efforts to reduce greenhouse gas emissions must avoid harming the economies of poor countries, and developing countries cannot pay the carbon cost like countries do. rich.

Prince Abdulaziz bin Salman pointed out that the financing of the circular carbon economy program could reach 10 billion dollars in 10 years, adding: “We are well aware of the value of technology and its importance in the circular economy of carbon, and we hope for an organized international cooperation for the sake of energy security.”

The session touched on multiple uses in converting carbon into products, noting that there are huge opportunities in this aspect, and thus open an aspect to investment in circular carbon, noting that a number of applications will be used in the storage and use of carbon during the coming period, which helps international efforts to reduce of carbon emissions, and contributes to a zero-economy.

For his part, Lorenz Simonelli, CEO of Baker Hughes, said that when studying the rules for collecting and storing carbon, this includes the ability to use it as well, pointing to the possibility of carbon liquefaction and its use in many ways, so cooperation in this area is important and must shift from developing and discussing plans to implementation.

He revealed three projects of the company in Saudi Arabia, in cooperation with Aramco and ACWA Power, to enhance the energy market in the Kingdom.

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