Saudi Energy Minister Prince Abdulaziz bin Salman announced the imminent release of the Kingdom’s energy strategy, noting that it would be an embodiment of the Saudi Green Initiative and the Green Middle East Initiative.
Energy security is a fundamental pillar in the Kingdom, along with economic prosperity and facing the challenges of climate change, the minister said on Wednesday.
His remarks came during a session on investing in the circular carbon economy within the activities of the Future Investment Initiative.
The Saudi energy minister added that the Kingdom, the world’s largest oil exporter, could achieve carbon neutrality ahead of its stated goal of 2060 if technology developed fast enough. He explained that the new processes that enable achieving a circular carbon economy were a key factor to reach net zero carbon emissions.
“The most difficult challenge we all face is climate change,” Prince Abdulaziz bin Salman said, ruling out any decline in oil demand and stressing that global efforts to reduce greenhouse gas emissions must avoid harming the economies of poor countries.
He noted that the financing of the circular carbon economy program could reach USD 10 billion in 10 years, adding: “We are well aware of the value of technology and its importance in the circular economy of carbon, and we aspire for an organized international cooperation for the sake of energy security.”
Wednesday’s session touched on multiple procedures for converting carbon into products and highlighted huge opportunities in this regard.
For his part, Lorenzo Simonelli, CEO of Baker Hughes, said that the rules for collecting and storing carbon include as well the ability to use the material, pointing to the possibility of carbon liquefaction and its use in many ways.
He stressed the importance of cooperation in this area and the need to put the relevant plans into effect.
Simonelli also revealed three projects of the company in Saudi Arabia, in cooperation with Aramco and ACWA Power, aimed at enhancing the energy market in the Kingdom.
