Saudi energy minister: oil and gas will remain indispensable despite expansion of renewable energy
VIENNA — Saudi Energy Minister Prince Abdulaziz bin Salman said that oil and gas will remain indispensable despite expansion of renewable energy. "While renewable, nuclear power, and hydrogen energy sources are expanding, oil and gas will remain indispensable, especially in hard to abate sectors like heavy industry, transport, and in supporting economies of developing countries," he said while addressing the opening session of the 9th OPEC International Seminar in Vienna on Wednesday.
Under the theme "Charting pathways together: The future of global energy", the two-day event features exhibitions, ministerial sessions, and high-level roundtables, with a wide range of industry leaders are participating.
Prince Abdulaziz warned against compromising economic growth or affordability in the name of energy transition, especially when the global population is expected to approach 10 billion by 2050, pushing energy demand up by nearly 50 percent. He cautioned that energy transition will come at the expense of economic growth and the cost of living.
The minister expressed his happiness at the increasing number of countries adopting a more realistic approach to this transition. He also emphasized that this transition does not represent a threat to oil producers, but rather represents a path for technological innovation.
Prince Abdulaziz emphasized that Saudi Arabia is following a consistent and coherent approach that balances vision and implementation. "Sustainability must be understood more comprehensively to include economic and commercial dimensions, not just environmental ones," he said.
The minister emphasized the importance of technology in achieving the required balance, particularly carbon capture and storage technologies, as they will play a fundamental role in reducing emissions without harming economic competitiveness.
Prince Abdulaziz said this phase would represent a historic opportunity to enhance innovation, attract investment, and achieve economic development. He also emphasized Saudi Arabia's commitment to being a role model for a balanced energy transition that ensures security of supply and promotes sustainable development.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Saudi Gazette
7 hours ago
- Saudi Gazette
Saudi banking sector assets hit $1.2 trillion in 2024
Saudi Gazette report RIYADH — Saudi Arabia's financial sector exceeded key Vision 2030 benchmarks in 2024, with total banking sector assets reaching SR4.49 trillion, or 131% of the program's target of SR3.43 trillion, according to the annual report released Sunday by the Financial Sector Development Program (FSDP). The report highlights the sector's achievements in supporting economic growth and outlines strategic goals for the coming years. Among the key indicators, the Tadawul All Share Index (TASI), excluding Aramco, reached a market capitalization of 86.7% of GDP, while private credit accounted for 69% of GDP. Insurance premiums reached 2.59% of non-oil GDP, surpassing the 2024 target by 9%. Small and medium enterprise (SME) loans made up 9.4% of total lending, hitting 94% of the annual goal. Assets under management stood at 26.3% of GDP, reaching 89% of the target. Finance Minister Mohammed Al-Jadaan, who chairs the FSDP committee, said the report reflects the Kingdom's continued success in bolstering financial resilience and enabling broader economic transformation. He noted that fintech continues to play a vital role in sector growth, with 261 licensed fintech firms operating by the end of 2024. In parallel, the Saudi Central Bank (SAMA) approved the launch of D360 Bank, a digital-only financial institution, as part of the Kingdom's push toward a cashless economy. Digital payments surged to 79% of total consumer transactions last year, underscoring the sector's digital maturity. Al-Jadaan also noted continued momentum in the capital markets, with 44 new company listings in 2024 bringing the total number of listed firms to 353. The report, Al-Jadaan said, showcases the scale of reform and growth across all sectors of the Kingdom in this transformative era under the leadership of King Salman and Crown Prince Mohammed bin Salman. The Financial Sector Development Program is one of the key Vision 2030 initiatives, aimed at building a diversified, resilient economy and strengthening Saudi Arabia's regional and global standing in financial services.
Arab News
9 hours ago
- Arab News
Deputy minister receives Ukraine's ambassador to Saudi Arabia
RIYADH: Abdulrahman Al-Rassi, the Saudi deputy minister for international multilateral affairs, received Anatolii Petrenko, Ukriane's ambassador to the Kingdom, in Riyadh on Sunday. During the meeting, the two sides discussed bilateral relations as well as prominent developments in regional and international arenas, the foreign ministry wrote in a post on X. Meanwhile, Saudi Ambassador to Greece Ali Al-Yousef recently presented his credentials to the country's president, Constantine Tassoulas.
Leaders
9 hours ago
- Leaders
Saudi Artisanal Company Partners with From AlUla to Elevate Handicrafts Sector
Saudi Artisanal Company has signed a strategic cooperation agreement with From AlUla to support creative industries and foster the handicrafts sector across the Kingdom, according to the Saudi Press Agency. The new deal will further empower Saudi artisans and unleash new local and international markets for their creative products. The agreement aligns with the Kingdom's ongoing efforts to elevate the status of handicrafts sector and solidify its position as a sustainable pillar of the national economy. Interestingly, Saudi Artisanal Company will market From AlUla's products across all its retail outlets and digital platforms and organize specialized workshops to facilitate knowledge exchange among artisans. According to the agreement, both entities will also launch cultural and awareness initiatives to highlight AlUla's rich heritage and the role of handcrafted products as deep expressions of cultural creativity and reflections of national identity. In the light of this, the deal stands out as a significant milestone in leading the Kingdom's handicraft sector by unleashing new avenues for artisans to showcase their products through professional marketing channels. Therefore, artisans can have sustainable business opportunities that help improve production quality and craftsmanship. The agreement perfectly aligns with Saudi Arabia's year-long celebration of the 'Year of Handicrafts' in 2025. Through a long series of dialogues and educational workshops, the initiative seeks to modernize traditional handicrafts and offer a special blend between design and technologies. It also aims to strengthen cooperation among institutions and the local community and crystalize the pivotal role of traditional arts in preserving cultural identity. Related Topics: Beit Hail Festival Supports Handicrafts Sector, Local Economy Cultural Fund Brings Saudi Handicrafts to Selfridges in London Year of Handicrafts: Saudi Arabia Honors Rich Heritage in 2025 Short link : Post Views: 7
