Saudi Arabia will dominate the hydrogen market and has the potential to become the cheapest cost producer of gas, revealed Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz.
Speaking at a session of Davos Agenda entitled: "Navigating the Energy Transition," the Minister said the world has a generous amount of energy to exploit, whether from fossil fuels or renewable sources.
The Minister stressed the importance of ensuring that the global economy remains supplied with energy no matter what happens.
Saudi Arabia is cooperating with the world to move its markets to a larger international scale and find a market for green hydrogen and 'pink hydrogen,' which is produced using nuclear power, that may be made in the Kingdom, he added.
Prince Abdulaziz also noted that the Kingdom would have a "field day" with blue hydrogen because it has the potential to become "the cheapest cost producer of gas, we are making a huge investment on shale gas in Saudi Arabia," he explained.
During his participation in the Abu Dhabi Sustainability Week (ADSW), Prince Abdulaziz emphasized that each country should decide their own choices regarding resources of energy based on their national resources and abilities.
He reiterated the importance of the three pillars of energy security, economic growth, prosperity, and sustainability, and climate change.
The Minister noted that the Saudi Green Initiative and the Middle East Green Initiative aim to ensure that the entire region reaches its goals and reflects its commitment. The central pillar of the green initiative is the circular carbon economy.
Prince Abdulaziz said that the circular carbon economy is the central pillar of the Kingdom's green initiative, and ministers are trying to apply its 4 R's — reduce, reuse, recycle and rethink.
He also reported that SABIC and Aramco are working in the circular carbon economy to ensure that the carbon collected is put to good use.
Prince Abdulaziz also noted that carbon would be a material to be reused, not disposed of, reiterating the importance of recycling.
The Minister stated that the Kingdom's Nationally Determined Contribution announced as part of the Saudi Green initiative will reduce emissions by 278 million tons.