Access to clean and sustainable energy is important for Africa, announced Saudi Energy Minister Prince Abdulaziz bin Salman at the Saudi-Arab-African Economic Conference in Riyadh.
Prince Abdulaziz indicated that African economies need to grow and their people need to prosper, indicating that if these two things happen, the global economy will grow.
At the opening session on Thursday, Prince Abdulaziz stressed that climate change is crucial and essential, but it should not be "attended to by crushing the bones and the future of the less empowered people."
The Minister reported that after speaking to his African counterparts, they indicated they had not received any money from the Green Climate Fund.
Prince Abdulaziz reiterated that African people need to grow and prosper, which will help the global economy grow and prosper.
Saudi Arabia wants to pursue cooperation with all countries suffering from climate change as part of the Middle East Green Initiative, which Crown Prince Mohammed bin Salman bin Abdulaziz founded.
In 2021, the Kingdom launched the Middle East Green Initiative, a step that confirms its commitment to leading global efforts in the field of sustainability.
The initiative is a regional endeavor to mitigate the effects of climate change and work together to achieve global climate action goals.
The Minister asserted that the Kingdom focuses on efforts and actions rather than words and will continue to implement its initiatives.
Prince Abdulaziz asserted that oil demand is healthy and robust, noting that speculators are to blame for the recent drop in crude prices.
The Minister said some participants in the oil market have been misunderstanding increases in oil exports in recent months from Arab nations in OPEC and their correlation with those countries' production.
Shipments are seasonal and tend to dip in summer, then rise again in September and October, meaning they should not be viewed as reflecting fluctuations in output, he said.
"It's an abuse of numbers" to fail to distinguish between rising exports and rising production, said Prince Abdulaziz.
- Memoranda of Understanding
Prince Abdulaziz signed on Thursday five memorandums of understanding with several African countries, including Ethiopia, Senegal, Chad, Nigeria, and Rwanda.
The memorandum of understanding signed between the Kingdom and Rwanda aims to implement the initiatives of the oil demand sustainability program, raise the economic and environmental efficiency of gas and oil, and focus on innovation and environmental friendliness.
It also asserts the need to enhance integration between the petroleum and petrochemical industries, develop demand for hydrocarbon resources, and achieve the goals of the 'Middle East Green Initiative.'
The memorandum is a practical implementation of the Kingdom's 'Empowering Africa Initiative,' launched last month during the Middle East and North Africa Climate Week in Riyadh.
It aims to assist African countries in meeting the challenges of obtaining reliable and sustainable energy supplies at the most affordable costs while reducing greenhouse gas emissions and pollution and improving human health and well-being.
