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Monday, Aug 08, 2022

Muhammad bin Salman warns against avoiding key energy sources

Muhammad bin Salman warns against avoiding key energy sources

Saudi Prince Mohammed bin Salman stressed that the major challenges the world is facing recently due to the “Covid-19” epidemic and geopolitical conditions require international efforts to restore the global economy and achieve food and health security.
In a speech on behalf of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud at the Jeddah Summit for Security and Development, he expressed hope that the summit would create and deepen a new era of joint cooperation. The strategic partnership between our countries and the United States to serve common interests and promote security and development in this important region for the entire world.

He explained that the environmental challenges the world is currently facing, especially climate change and the commitment of the international community to maintain the Earth’s temperature as per the Paris Agreement, must be dealt with realistically and responsibly to achieve sustainable development. , by adopting a “balanced approach” towards more sustainable energy sources through a gradual and responsible transition that takes into account the circumstances and priorities of each country.

He said: Adopting unrealistic policies to reduce emissions, bypassing key energy sources and not taking into account the impact of these policies on the social and economic pillars of sustainable development and global supply chains, will lead to unprecedented inflation in the coming years. Rising energy prices, increasing unemployment and exacerbating serious social and security problems. , including an increase in poverty and famine and an increase in crime, extremism and terrorism.

He emphasized that the growth of the global economy, benefiting from all available energy sources in the world, including hydrocarbons, and limiting their emissions through clean technologies, improves the possibility of reaching a zero neutral position by 2050 or earlier. Power supply security.

He added: The Kingdom has adopted a circular carbon economy approach in line with its development plans and adopted a balanced approach to achieve net neutrality in carbon emissions by implementing its economic diversification without affecting growth and supply chains, while developing technologies with global contributions to “Green Saudi Arabia” and “Green Middle East”. “Emissions by Initiatives. To support these efforts locally and regionally.

He stressed the importance of continuing to invest in fossil energy and its clean technologies, and promoting this over the next two decades to meet growing global demand. Their investments should avoid hesitancy to invest and ensure that there is no shortage of energy supply affecting the global economy.

Prince Mohammed bin Salman said: “The Kingdom will play its part in this sector as it announced an increase in production capacity of 13 million barrels per day,” adding, “After that, the Kingdom will have no additional capacity to increase production.”

He stressed that the future of the region that we seek must be achieved with a vision that prioritizes achieving security, stability and prosperity, mutual respect among regional countries, strengthening common cultural and social bonds and addressing security and political challenges. Towards achieving comprehensive economic growth.
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