Petrol station, Petrol pump, fuel station
Global economic growth needs to keep finding the right energy balance. Image Credit: Pixabay

Dubai: Saudi Arabia will continue to invest in clean energy as part of the Green Initiative, which targets meeting half of the country’s electricity needs from renewable energy sources by 2030 and reach zero carbon emissions by 2060. Prince Abdulaziz Bin Salman, the Minister of Energy, said any sharp decline in investment in oil and gas threatens energy security.

“The danger is that the world will not be able to produce the energy it needs to promote economic recovery,” the minister said during the inauguration of the 2022 International Petroleum Technology Conference on Sunday. A lack of investment harms the interests of energy consumers and creates challenges for policymakers through higher fuel prices and raising concerns over supply shortages.

Prince Abdulaziz indicated that the campaign against new investments in oil and gas stems from a short-term outlook, and its influence on the global economy’s recovery have started to show up. At the same time, the Kingdom seeks to ensure the immunity of the three pillars of global energy - secure necessary energy supplies, continuous economic development by providing reliable energy sources, and facing up to climate change.

“Since last summer, we have developed a careful and balanced plan to restore supplies to meet the increasing needs of the global economy,” Prince Abdulaziz said.

On the Kingdom’s sustainability drive, the minister said it is a natural result of the circular carbon economy framework that the Kingdom advocates and has the backing of the G20 nations. While energy transition is accelerating, it is focusing on only certain elements of this transformation such as renewable energy. But that would be another fatal mistake.

“Energy security requires the world continue to use all energy options, including hydrocarbon, but at the heart of this strategy lies a challenge related to how to supply hydrocarbon fuels and at the same time reduce greenhouse gas emissions,” the minister noted.