Saudi Energy Minister Prince Abdulaziz bin Salman has confirmed that the total value of global oil trading is worth $2 trillion. He underscored the importance of maintaining a stable and less volatile oil market, highlighting its potential to foster global economic growth and prosperity.
Prince Abdulaziz said on Tuesday at Riyadh's flagship FII annual investment conference that recent acquisitions by major oil firms showed hydrocarbons were here to stay.
The minister emphasized that Saudi Arabia has a record it should highlight, and it is not only striving for energy transition but also aspires to serve as a model for how a hydrocarbon-based economy can be developed sustainably for many years to come.
He stressed the significance of enhancing progress in addressing a three-pronged challenge that garners universal aspirations. This challenge encompasses the domains of energy security, economic growth and prosperity through cost-efficiency, and the third facet, sustainability, with a specific focus on its relation to climate change.
Prince Abdulaziz pointed out that the Kingdom supports the new concept of a circular carbon economy.
He reminded that the idea was introduced at the Future Investment Initiative forum in 2019 and that Crown Prince Mohammed bin Salman had announced the green Saudi and Middle East initiatives.
Moreover, the minister affirmed that everyone is looking forward to the United Nations Framework Convention on Climate Change (COP 28) conference.
He noted that preparations are in full swing.
“We are collaborating with our friends in the United Arab Emirates to ensure that we are putting our best efforts forward, and they are doing the same, to ensure that COP 28 will be a successful conference,” said Prince Abdulaziz.
“I must remind people that three conferences have been held in the Middle East, starting in Marrakech, then last year in Sharm El Sheikh, Egypt, and this year in Dubai,” he further highlighted.
This, he explained, holds significant implications for the region’s commitment to addressing climate change.
“I need to remind and inform our friends of what we accomplished two weeks ago when we hosted the Middle East and North Africa Climate Week,” Prince Abdulaziz added.
“We can share the numbers we achieved; we had 9,000 participants, and the activities exceeded 145 different events.”
The minister also revealed that the recent climate week in Saudi Arabia was a helpful precursor to the UAE to gather people’s opinions and expectations in preparation for the COP 28 conference.
Regarding the global climate issue, the Saudi Energy Minister said: “Success is relative because it all depends on the perspective.”
“The climate change issue is driven by two opposing sides - the environmental enthusiasts on one side and the climate change deniers on the other,” he explained.
Around “2.2 million people do not have a clean cooking source,” reminded Prince Abdulaziz.
The minister added that the issue of energy poverty must be addressed progressively from top to bottom.
He questioned who has the capacity to gradually transition away from traditional energy sources and stated: “Those with the capability, we will give them the opportunity to explain how they can do it.”
"We hope that there will be some consideration and empathy that can surface at COP 28, or else we will return to the same old issue we discussed in Sharm El Sheikh and at every COP conference, which is an attempt to evade responsibility without fairness, trust, or sincerity,” warned the minister.
