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Energy Minister: Saudi Arabia will Dominate Hydrogen Market

Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz at the Davos session (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz at the Davos session (Asharq Al-Awsat)
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Energy Minister: Saudi Arabia will Dominate Hydrogen Market

Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz at the Davos session (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz at the Davos session (Asharq Al-Awsat)

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.

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Gaza Faces Multi-billion-dollar Reconstruction Challenge

A drone view shows Palestinians walking past the rubble of houses and buildings destroyed in Israeli strikes during the war, following a ceasefire between Israel and Hamas, in Khan Younis in the southern Gaza Strip, January 20, 2025. REUTERS/Mohammed Salem
A drone view shows Palestinians walking past the rubble of houses and buildings destroyed in Israeli strikes during the war, following a ceasefire between Israel and Hamas, in Khan Younis in the southern Gaza Strip, January 20, 2025. REUTERS/Mohammed Salem
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Gaza Faces Multi-billion-dollar Reconstruction Challenge

A drone view shows Palestinians walking past the rubble of houses and buildings destroyed in Israeli strikes during the war, following a ceasefire between Israel and Hamas, in Khan Younis in the southern Gaza Strip, January 20, 2025. REUTERS/Mohammed Salem
A drone view shows Palestinians walking past the rubble of houses and buildings destroyed in Israeli strikes during the war, following a ceasefire between Israel and Hamas, in Khan Younis in the southern Gaza Strip, January 20, 2025. REUTERS/Mohammed Salem

Billions of dollars will be needed to rebuild Gaza after the war between Israel and the Palestinian militant group Hamas, according to assessments from the United Nations, Reuters reported. A ceasefire between Israel and Hamas took effect on Sunday, suspending a 15-month-old war that has devastated the Gaza Strip and inflamed the Middle East.
Here is a breakdown of the destruction in Gaza from the conflict prompted by the Oct. 7, 2023 attack on Israel by militants from Hamas, which at the time ruled the Palestinian enclave.
HOW MANY CASUALTIES ARE THERE? The Hamas attack on Israel killed 1,200 people, according to Israeli tallies. Israel's retaliation has killed more than 46,000 people, according to Gaza's health ministry.
HOW LONG WILL IT TAKE TO CLEAR THE RUBBLE? A UN damage assessment released this month showed that clearing over 50 million tons of rubble left in the aftermath of Israel's bombardment could take 21 years and cost up to $1.2 billion. The debris is believed to be contaminated with asbestos, with some refugee camps struck during the war known to have been built with the material. The rubble also likely holds human remains. The Palestinian Ministry of Health estimates that 10,000 bodies are missing under the debris. A United Nations Development Program official said on Sunday that development in Gaza has been set back by 69 years as a result of the conflict.
HOW MANY BUILDINGS HAVE BEEN DESTROYED?
Rebuilding Gaza's shattered homes will take at least until 2040, but could drag on for many decades, according to a UN report released last year. Two-thirds of Gaza's pre-war structures - over 170,000 buildings - have been damaged or flattened, according to U. satellite data (UNOSAT) in December. That amounts to around 69% of the total structures in the Gaza Strip.
Within the count are a total of 245,123 housing units, according to an estimate from UNOSAT. Currently, over 1.8 million people are in need of emergency shelter in Gaza, the UN humanitarian office said.
WHAT IS THE INFRASTRUCTURE DAMAGE? The estimated damage to infrastructure totaled $18.5 billion as of end-January 2024, affecting residential buildings, commerce, industry, and essential services such as education, health, and energy, a UN-World Bank report said. It has not provided a more recent estimate for that figure.
An update by the UN humanitarian office this month showed that less than a quarter of the pre-war water supplies were available, while at least 68% of the road network has been damaged.
HOW WILL GAZA FEED ITSELF? More than half of Gaza's agricultural land, crucial for feeding the war-ravaged territory's hungry population, has been degraded by conflict, satellite images analyzed by the United Nations show.
The data reveals a rise in the destruction of orchards, field crops and vegetables in the Palestinian enclave, where hunger is widespread after 15 months of Israeli bombardment.
The UN Food and Agriculture Organization said last year that 15,000 cattle, or over 95%, of the total had been slaughtered or died since the conflict began and nearly half the sheep.
WHAT ABOUT SCHOOLS, UNIVERSITIES, RELIGIOUS BUILDINGS?
Palestinian data shows that the conflict has led to the destruction of over 200 government facilities, 136 schools and universities, 823 mosques and three churches. Many hospitals have been damaged during the conflict, with only 17 out of 36 units partially functional as of January, the UN humanitarian office's report showed.
Amnesty International's Crisis Evidence Lab has highlighted the extent of destruction along Gaza's eastern boundary. As of May 2024, over 90% of the buildings in this area, including more than 3,500 structures, were either destroyed or severely damaged.