The Saudi minister stressed that the energy transition requires significant investments and time to ensure market stability while promoting fairness and inclusivity….reports Asian Lite News
Saudi Arabia’s Foreign Minister, Prince Faisal, emphasized the need for a balanced and inclusive energy transition that ensures global energy security and sustainable development during a G20 session on “Sustainable Development and Energy Transition,” according to the Saudi Press Agency (SPA).
Addressing the global challenge of energy security, Prince Faisal called for energy strategies that account for individual countries’ circumstances and development needs. He outlined three essential pillars for a successful energy transition: securing energy supplies, maintaining affordability, and achieving environmental sustainability.
The minister stressed that the energy transition requires significant investments and time to ensure market stability while promoting fairness and inclusivity. He highlighted the pivotal role of technological innovation in reducing emissions and minimizing environmental impacts.
Prince Faisal noted Saudi Arabia’s leadership in adopting innovative technologies, achieving one of the world’s lowest emissions intensity rates in oil and gas operations. The Kingdom is advancing its renewable energy objectives, aiming for 50% of electricity generation from renewables by 2030. Additionally, Saudi Arabia is expanding its clean hydrogen production and implementing a circular carbon economy framework to repurpose emissions into valuable products.
He also underscored Saudi Arabia’s commitment to global sustainability through initiatives such as the Saudi Green and Middle East Green programs, tailored to align with the country’s development priorities.
Prince Faisal called for enhanced international collaboration to ensure that energy transitions are equitable, inclusive, and aligned with global development goals. He also expressed appreciation for Brazil’s leadership of the G20 in 2024 and extended best wishes to South Africa as it takes over the presidency in 2025, SPA reported.
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