Saudi Arabia is fast moving through phases of energy transformation and reaping financial benefits from this change, according to Prince Abdulaziz bin Salman, Minister of Energy. He said Saudi Arabia is living in the “energy transition” phase rather than merely discussing it during Tuesday’s conversation at the fourth Saudi Green Initiative Forum in Riyadh. “Replacing one million barrels of oil with gas and renewable energy is a remarkable achievement,” he stated.
Prince Abdulaziz opened the SGI Forum earlier in the day, as the 16th session of the Conference of the Parties to the United Nations Convention to Combat Desertification (COP16) began in Riyadh on Monday.
Prince Abdulaziz stated that Saudi Arabia achieves new heights each year and emphasized the critical role that young people have in advancing environmental and climatic efforts and creating a brighter future for everybody. “Ensuring energy security is essential to ensuring sustainability, and that the issue of energy security cannot be neglected in the transition process,” he stated.
He referred to Saudi Vision 2030’s accomplishments, saying: “We will keep working to promote the circular economy, and we have more achievements and projects. We are the only nation in the world that benefits financially from the energy transition, and we are acting by research and in collaboration with partners in a variety of industries, such as petrochemicals and renewable energy.
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