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.
