Report from Riyadh, the Saudi Arabia capital says, the country’s Energy Minister Prince Abdulaziz bin Salman, has emphasized that the climate change crisis is a reality and its addressing must be done in a constructive and extensive manner, taking into account all sectors.
Addressing a session at the first ever Saudi-European Investment Forum in Riyadh on Monday, he said that climate change is something that is already happening and that must be addressed in a combined, constructive and detailed way.
Prince Abdulaziz pointed out the importance of using all technological methods that can be applied in the major countries that are incubating hydrocarbon industry, and the possibility of applying this in other places.
“We have the most efficient programs that have been examined in Europe, America and other places,” he said, adding that price reforms must be introduced, which will also increase efficiency.
Prince Abdulaziz also said: “We are moving to adopt the 50-50 principle, which means moving away from burning liquid fuels to produce energy and relying 50 percent on burning gas, and the other 50 percent will come from renewable energy sources.”
The minister stated that it must be remembered that Europe’s goals are 45 percent renewable energy, while the Kingdom’s goal is 50 percent.
“Achieving this will not be possible without knowledge of the requirements of this transformation, and being aware of the fact that the process must be comprehensive,” he said.
Prince Abdulaziz stated that Saudi Arabia will continue to lead the global energy transition and become a centerpiece in the renewable market.
“We are focused on attending to the Paris Agreement to the letter while maintaining our commitment to the energy trilemma, which is a sustainable energy system, a sustainable economy, and maintaining our commitment to the issue of climate change,” he pointed out.
Earlier, Saudi Investment Minister Khalid Al-Falih inaugurated the first edition of the forum with the theme of “Fostering economic integration and prosperity.”
The forum is the product of a collaboration between the Saudi Ministry of Investment and the European Union and it aims to serve as a bridge, connecting business magnates, policymakers, and domain experts from both territories.
The goal is also to uncover and harness mutual investment avenues in a way further strengthening ties between Saudi Arabia and the European Union. – SG
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