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Abdulaziz bin Salman: Saudi Arabia Has Adopted Circular Carbon Economy Since 2019

The Saudi Minister of Energy speaking to the audience during the special meeting of the World Economic Forum in Riyadh (Asharq Al-Awsat)
The Saudi Minister of Energy speaking to the audience during the special meeting of the World Economic Forum in Riyadh (Asharq Al-Awsat)
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Abdulaziz bin Salman: Saudi Arabia Has Adopted Circular Carbon Economy Since 2019

The Saudi Minister of Energy speaking to the audience during the special meeting of the World Economic Forum in Riyadh (Asharq Al-Awsat)
The Saudi Minister of Energy speaking to the audience during the special meeting of the World Economic Forum in Riyadh (Asharq Al-Awsat)

Saudi Minister of Energy Prince Abdulaziz bin Salman said that the Kingdom was focusing on transforming energy management methods into economically valuable and environmentally beneficial systems, in line with climate change initiatives.

He added that Saudi Arabia has adopted the circular carbon economy model since 2019, a concept further endorsed during its G20 presidency in 2020.

Speaking during a session entitled, “Advancing Carbon Capture and Utilization Innovations through Global Partnerships”, on the sidelines of the special meeting of the World Economic Forum in Riyadh, the Saudi minister noted that electricity production in the Kingdom is provided at the lowest cost and at competitive prices.

He stressed that the government has a number of programs and projects that are aimed at reducing costs and maintaining competitiveness in electricity production.

This not only attracts investment but also emphasizes the Kingdom’s commitment to energy security and sustainability, he remarked.

According to Prince Abdulaziz, the Saudi government is committed to achieving energy security and sustainability. He pointed to the Energy Efficiency Program launched in 2011, highlighting its unique position in realizing the state’s targets and advancing the circular carbon economy.

The minister discussed the potential benefits of carbon dioxide sinking, which could produce more carbonates and foster recycling applications, aligning with the Saudi Green Initiative and aiding climate change mitigation efforts.

He added that maintaining competitive prices will attract more investments into electricity and energy production in the Kingdom, noting that Saudi Arabia aims to determine the pace of the energy industry’s transition based on a future system supported by renewable energy sources.

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Presidential Election: A Crucial First Step toward Saving Lebanon from Economic Crisis

The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
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Presidential Election: A Crucial First Step toward Saving Lebanon from Economic Crisis

The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)

Since 2019, Lebanon has faced one of its worst economic crises in modern history, affecting all aspects of life. The local currency has lost over 95% of its value, driving inflation to record levels and making goods and services unaffordable. Poverty and unemployment have surged.
Amid this, political divisions have paralyzed government action, preventing any effective response to the crisis.
The recent war with Israel added to the burden, causing huge human and material losses estimated by the World Bank at $8.5 billion. This has made Lebanon’s economic and social struggles even harder to resolve, with no president in place to lead the country.
The presidential post in Lebanon has been vacant since President Michel Aoun's term ended in October 2022, leaving the country without a leader to address growing economic and financial issues.
This vacancy has stalled government formation, making it difficult for Lebanon to negotiate with international donors like the International Monetary Fund (IMF), which demands major reforms in exchange for aid.
Choosing a new president is now a critical priority, not only to regain local and international confidence but also to begin the long-needed reforms.
One major challenge the new president will face is the reconstruction effort, which is estimated to cost over $6 billion. This is a huge financial burden that will require significant resources and effort to secure funding.
Reconstruction in Lebanon is not just about fixing infrastructure or repairing damage; it is a key test of the country’s ability to restore its role on the regional and international arena.
To achieve this, Lebanon needs a president with a clear vision and strong international connections, able to engage effectively with donor countries and major financial institutions.
Without credible and unified political leadership, Lebanon’s chances of gaining external support will remain limited, especially as international trust has been shaken by years of mismanagement and lack of reforms.
Keeping Lebanon’s deepening crises in mind, the people are hoping that electing a new president will offer a chance for economic and political recovery.
The new president, along with a strong government, is expected to rebuild trust both locally and internationally and restore political stability—key factors for stopping the economic decline and encouraging growth.
For instance, reviving Lebanon’s vital tourism sector will require better security and restoring confidence in the country as a safe place for investment.
This can only happen with political leadership that has a clear plan for reconstruction and necessary reforms.
Given Lebanon’s ongoing financial struggles, the new president’s ability to address these challenges will be critical to rescuing the country and guiding the economy toward recovery and sustainable growth.