Saudi Gazette report
VIENNA — Saudi Power Minister Prince Abdulaziz bin Salman stated that oil and fuel will stay indispensable regardless of growth of renewable vitality. “Whereas renewable, nuclear energy, and hydrogen vitality sources are increasing, oil and fuel will stay indispensable, particularly in arduous to abate sectors like heavy business, transport, and in supporting economies of creating nations,” he stated whereas addressing the opening session of the 9th OPEC Worldwide Seminar in Vienna on Wednesday.
Underneath the theme “Charting pathways collectively: The way forward for international vitality”, the two-day occasion options exhibitions, ministerial periods, and high-level roundtables, with a variety of business leaders are collaborating.
Prince Abdulaziz warned towards compromising financial development or affordability within the identify of vitality transition, particularly when the worldwide inhabitants is predicted to method 10 billion by 2050, pushing vitality demand up by almost 50 p.c. He cautioned that vitality transition will come on the expense of financial development and the price of residing.
The minister expressed his happiness on the rising variety of nations adopting a extra sensible method to this transition. He additionally emphasised that this transition doesn’t symbolize a menace to grease producers, however relatively represents a path for technological innovation.
Prince Abdulaziz emphasised that Saudi Arabia is following a constant and coherent method that balances imaginative and prescient and implementation. “Sustainability should be understood extra comprehensively to incorporate financial and business dimensions, not simply environmental ones,” he stated.
The minister emphasised the significance of expertise in reaching the required steadiness, significantly carbon seize and storage applied sciences, as they may play a basic position in decreasing emissions with out harming financial competitiveness.
Prince Abdulaziz stated this section would symbolize a historic alternative to reinforce innovation, entice funding, and obtain financial growth. He additionally emphasised Saudi Arabia’s dedication to being a job mannequin for a balanced vitality transition that ensures safety of provide and promotes sustainable growth.