[M017-01] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:00:00 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
We stood within our own constituents, are we?M017 · 2020-06-16 · تفريغ نصي لمشاركة إعلامية لسمو وزير الطاقة
للاستشهاد: اذكر معرّف المقطع (مثل M017-01) واسم المناسبة والتاريخ والتوقيت ورابط التسجيل. المقاطع المعلَّمة «سمو وزير الطاقة» فقط هي ما نُسب إلى سموه في التفريغ؛ ما سواها لمتحدثين آخرين. التوقيتات تقريبية حسب التفريغ.
To cite: give the segment ID (e.g. M017-01), event, date, timestamp and recording link. Only segments marked “HRH the Minister of Energy” are attributed to the Minister in the transcript. Timestamps are approximate.
[M017-01] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:00:00 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
We stood within our own constituents, are we?[M017-02] · متحدث آخر: آدم (other speaker — not the Minister) · التوقيت 00:00:05 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
Rright now We are live.[M017-03] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:00:08 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
Okay, We do proceed Adam, or we went with saleh.[M017-04] · متحدث آخر: آدم (other speaker — not the Minister) · التوقيت — · T20 · 2020-06-16
Saleh El-Muhanna" over to you.[M017-05] · متحدث آخر: صالح المهنا (other speaker — not the Minister) · التوقيت 00:00:25 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
بسم الله الرحمن الرحيم، عليه توكلنا وبه نستعين، السلام عليكم ورحمة الله وبركاته[M017-06] · متحدث آخر: صالح المهنا (other speaker — not the Minister) · التوقيت 00:00:34 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
Distinguished guests, ladies and gentlemen, hello, and good morning, good afternoon, or good evening wherever you may be in the world, and welcome to the T20 Policy Recommendations for a Post-Covid 19 World Conference. My name is Saleh El-Muhanna, and I am a researcher associate at KAPSARC, and a member of the T20 secretaries, and I will be facilitating the conference's procedures too. This will be Insha'Allah a three day conference with today and day three consisting of keynote speeches and panel sessions. The second day of the conference, tomorrow, will consist of taskforce breakout sessions held for task force members. Please, remember to use the hashtag ''T20 Virtual" for social media conversations.[M017-07] · متحدث آخر: صالح المهنا (other speaker — not the Minister) · التوقيت 00:01:28 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
The global spread of Covid 19, and its implications have been felt by each and every one of us both economically on a global scale and intimately on individual levels. We are all attempting to adjust and respond to these conditions in our own ways, but this global effort requires the care and participation of all of us within the T20 community. On behalf of the ''T20'' Secretariat, I would like to emphasize our ambition and assisting the global community towards emerging from this pandemic resilient. Please, allow me to remind everyone of this year's G20 theme under the kingdom's presidency of realizing opportunities of the 21th century for all this pandemic has gravely threatened economic opportunities, but just as we hve seen the sheer will and determination from all the corners of the world in combating this virus.[M017-08] · متحدث آخر: صالح المهنا (other speaker — not the Minister) · التوقيت 00:02:22 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
I am confident that we soon shall see the same will and determination in creating a better post pandemic world, with the T20 acting as the ideas banks for the G20 the emerging policy prescriptions from this engagement group that will be crucial towards achieving that goal. As uncertain as these difficult times are there is no mistaking the challenge of this moment while we all have been affected that effect that may be felt by some more than others.[M017-09] · متحدث آخر: صالح المهنا (other speaker — not the Minister) · التوقيت 00:02:52 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
This pandemic has shed light on the social and economic inequalities that exist in our world and the urgent need to solve them. Our collective vulnerability has now been exposed with the health of the global community proving crucial towards the health of our individual selves now more than ever without further ado for the opening address. Please, allow me to welcome his Royal Highness, prince Abdel-Aziz Bin Salman, the kingdom's minister of Energy in a conversation with Adam Sieminski, the president of KAPSARC.[M017-10] · متحدث آخر: آدم (other speaker — not the Minister) · التوقيت 00:03:28 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
Your Royal Highness before I turn the floor over to you, I would just like to remind all of our attendees today that in addition to your post as the minister of energy for the kingdom of Saudi Arabia you are also the chairman of KAPSARC, and I would like to thank you on behalf of everybody at KAPSARC for your support for our organization, and for the T20. your all Highness over to you, please. You may be on mute, your Royal Highness.[M017-11] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:04:02 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
بسم الله الرحمن الرحيم[M017-12] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:04:03 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
It goes without saying, first of all, thank you Adam for the introduction. I do take a great deal of pleasure and honor for finally being the Chairman of KAPSARC. It is a life dream that I have always aspired to receive in existence in Saudi Arabia, and one of the collateral damages of Covid-19 is KAPSARC; because we were in the midst of transformative program, and it is been quite challenging for us to continue attending to the functions and activities that capture would continue to do, and along with going through that transformative mode of the question.[M017-13] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:04:52 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
We are up to the challenge, and I would start with women and men of KAPSRC competent to undergo any challenges that we are faced with as well as every Saudi citizen, and I am sure that what we are discussing now is more in tune with the idea of having to continue addressing international challenges with the spirit of the collaborative and international efforts, and the T20 is one aspecet of many.[M017-14] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:05:38 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
Without much ado, again, I would welcome all of thee attendance and those who are subscribing to this effort. It is my great pleasure to welcome you to all to the T20 web conference, and this crucial subject of policy recommendation for post COVID-19. I would like to thank the T20 code agent institution, KAPSRC, and King Faisal Center for Research and Islamic Studies for giving me the opportunity to share with you some thoughts on the themes of this web conference.[M017-15] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:06:21 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
In these unparalleled times, we need experts from all around the world to work together in cooperative efforts to overcome this unprecedented global crisis. The T20 vision of striving for our future, prosperity, sustainability, and inclusion is important, and its independent status and bottom- up approach, and the pinned effort is to support the G20 policy-making process informing the public on the policy issues that the G20 that could use to address the global challenges, and that facilitate policy advocacy through concentrating the implementable policy recommendations.[M017-16] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:07:16 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
I would just like to give a bit of a background for the T20 engagement group bringing global policy expert together for more than 500 institutions, which is amazing, to help both leader address global problems give you that sense of independence and ability to take, and to carve some more ideas that are not necessarily institutional or governmental in nature.[M017-17] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:07:50 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
There are overseas 700 researchers and experts representing 677 countries, and contributing to more than 150 policies briefs which come under the five themes of the T20 in Saudi Arabia, which tells you a lot of how much it is an opening and welcoming society to every possible thought and idea, which may emerge, and which is bring substantive, and is attending to this endeavor.[M017-18] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:08:30 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
The five topics are more to do with climate and environment, and there are endeavors that we were undertaking the couple of days ago in addressing this issue whereby we will be more focused on developing the idea of circular carbon economy to support emission reductions.[M017-19] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:08:49 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
We believe as Saudi Arabia that we are going to be in the forefront, and we would aspire to take the lead to demonstrate to the world that all of this can be done, by using ultimately sustaining growth development energy consumption yet mitigating these environmental concerns as well. Indeed, this subject is important for me because I have simply a wife, a daughter, a sister, woman and youth, taking into account empowerment of women in Saudi Arabia and fostering a more inclusive society for youth.[M017-20] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:09:35 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
It just goes without saying by virtue of statistics and looking how much is education we all have in these countries and specifically Saudi Arabia upward, I can see in front of me quite a few examples of Saudi ladies, and there are quite a few of them in every department, every ministry, every agency, every university and every research center you could go. We have a proud story that we do not mind and, in fact, we would be prouder of demonstrating for all. We also have a youthful generation, and it goes without saying that we all aspire to have a better life for our children, and the children of the others too.[M017-21] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:10:30 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
Multilateralism economic development, and finance promoting prosperity through the international cooperation, the economic development and the financial sustainability, all these are the enablers that without which I do not think we will be really realistic in time to achieve our global or even national objectives and goals, sustainable resources security, securing, sustaining, and enhancing the global supply and availability of energy, of food, and of water, out of paramount interest and paramount importance. Leveraging technology and digitalization to help address global issues. Here we go, we are working virtually, and without the digital visualization or variability, I do not think we will be able to congregate with this respectable and sizable gather.[M017-22] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:11:36 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
One of the best examples for the T20 holistic approach is the recent formation where standard on task force of Covid-19 is multi-disciplinary approach to combat complex problems.[M017-23] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:11:52 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
The 12 webinars, held by the 320, have made an important contribution to the global dialogue of COVID-19. I have no doubt that the T20 task force policy brief webinar, and this conference will positively contribute to the policy discussion during Saudi Arabia current presidency of G20, the extraordinary G20 Leaders' Summit, held virtually in March, is just another testament of how the technology can be supportive and helpful in enabling us to do the right thing, regardless of the impediments which we were faced with the pandemic voices sustainability crisis that interlinked across the development billars the economics, social, energy, and environment which are intertwining together.[M017-24] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:13:00 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
It is of the total paramount importance that people cannot work in silos being a country or being a subject matter. The comprehensiveness of the impact is of paramount that we need to work holistically, and of course, internationally. But to name a few in the economic front impact of the pandemic is unprecedented in scope and intensity, and it has resulted in a business closure, travel restriction, supply chain disruption. It has also especially hit at the retailer transport trouble, and hospitality sector.[M017-25] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:13:56 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
You know people talk about these sectoral Impediments and disruptions, but I still believe that it is my duty and everybody duty that we need to remember that this pandemic attaches the human lives and societies. We must not forget that there is a humanistic element that has been disrupted and impacted, and the fact that people have lost and continued to lose the loved ones, that are not something that we should just take it as a statistical issue.[M017-26] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:14:48 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
It is first and foremost a humanistic issue, and also we have to fulfill a prerequisites for providing a medical services without which I do not think the economy or any other components should take any lead behind before attending to the humanistic issue and the health care issue without which I do not think we would not be exercising our humanity in the best way that we could do, but be it as it made, it has a especially at the many sectors, as I said, beside the drop in domestic and external demand, and the pandemic has also an added impact through the reduction of energy trade and production, and the resulting oil price collapse, which has weakened the physical position of oil exporting countries of the region.[M017-27] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:15:45 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
This would have a spillover effect on the other countries via a lower limit remittance, cross-border trade, tourism and development. The World Bank forecasts that the global economy will shrink by about 5.2% this year, and it is the most significant recession since the World War Two. Again, people need to accommodate themselves with these unforeseen realities in which we were in any way trying to bring scary stories, but really put things in perspective, this is the situation that has not been seen anywhere before.[M017-28] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:16:38 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
I might add even during the Spanish flu, I do not think the world economy was even integrated as much as it is today for being not impacted as it is today nor even the Great Recession. All this is because I want to make my intervention as much shorter had led to reduction of the economic activities which, as I said, unprecedented. On the social aspect, as I said earlier, the epidemic is affecting the whole segments of society with the particular severe impact and vulnerabilities social grouping, including those living in poverty from youth and minorities. These groups tend to disproportionately bear the burden of health risks, unemployment, and access to childcare.[M017-29] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:17:44 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
The pandemic has made all of these pressing issues more acute than ever before. Some of the social impacts could be addressed by ensuring access for affordable, reliable, sustainable, and modern energy, as called for in the United Nation Sustainable Development Goals. Such access is crucial to deal with poverty, health, education, water issues, and industrialization, and would provide a sustainable path for mitigating the climate change. On the environmental aspect or the environment regard pandemic has had a range of the impact. Some have short-term positive implication for the environment when being separated from the interlinked economic contraction, and hardships. Perhaps the biggest headline has been the impact of Covid-19 on the global emissions, daily global CO2 emission fell by approximately 70%.[M017-30] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:18:53 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
Again, the jurors are still out, in air its converted into the level of 12% in 2009 due to the drop in mobility, and the economic activity, while the overall impact on this year emission will depend on how long the lockdown measures last estimates for the annual decrease ranging from 4% to 5.7%. The recent study projected that the world will use something within the neighborhood of 6% less than energy this year. The equivalence of losing the entire energy demand for India, I Just give you a perspective where we are, and however; emission reduction on this scale is likely to be temporary, but it is clear that the country recovering path will influence a rebound in emissions.[M017-31] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:19:51 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
So, we are celebrating the reduction of emission in the short term, I do not think we should be festive in looking at it from the long-term perspective, and that is why I would emphasize that we must maintain our course fashion.[M017-32] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:20:08 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
We must focus more on Circular Carbon Economy, we must continue working on our renewable programs and we must also continue working in our efficiency program, without which, I think we will lose the story because eventually the world economy will recover, but we do not want to recover with greater losses in which we lost our track, our future and our sustainable development of our economies.[M017-33] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:20:42 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
We must continue to be mindful of the interchangeability of the reality, and we must continue counting for the day to come that we will go way back in the course for an additional economic growth, more prosperity, more job creation programs, better healthcare programs, better healthy and educational programs and better services, for which, then, we would have to meet also these challenges with a more sustainable energy.[M017-34] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:21:20 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
I will be commensurate with the notion that we attend to all of our energy prerequisites when we are a more sustainable or a more environmentally safe, at some way or another, that would be the ideal case. Without that, we would be cheating ourselves, more importantly, if we cheat ourselves, and that is not our endeavor, we cannot cheat the coming generations.[M017-35] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:21:53 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
So, just to give you headlines, we are talking about huge losses of investment as we speak. I am just quoting the numbers, I do not know how accurate they are, but I have seen a reduction of $400 billions of reduction investment on energy, some say $700 billions, mostly they are going to come either in exploitation of oil and gas and what-have-you, but the good chunk of it is going to come from renewable efficiency programs and mitigation programs, without which we cannot continue to provide the energy which this world would need in the future to come.[M017-36] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:22:45 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
Again, investment in efficiency and genuineness application are expected just to see to fall between 10 to 15%. The Saudi- led effort on the circular carbon economy extended a way of approaching the climate goals that are implicitly valued all options, and encourage all efforts to mitigate carbon accumulation on the atmosphere. A bit more than happy to receive your questions on that if you want that, and if you find me agreeable with what your taste, but I will leave that for you to assert that. What we have done in the energy sphere is that we, as Saudi Arabia, and as many of our friends and colleagues in OPEC Plus, and also within the G20, it is very important to take exception to this situation.[M017-37] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:23:49 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
I have never had with all the turbidition in the oil market and energy market in general, I never thought I would say they see a day when energy consumption, and oil consumption, specifically, will be reduced about 30% in one month. I could never imagine that one day we would have a situation where this volatility at prices of both oil and gas, and all sorts of energy will go through the same turbidition and fluctuations.[M017-38] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:24:29 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
But yet we have managed this, and this is an explanation for why we have to look at the international solution for the international problem, and lets me give you that example where I was so close, up close, and personal about it, that we had to go and create an environment for people to meet and discuss these matters really and collaboratively, and we showed some serious accommodation to those who would not like to be participant in the so-called OPEC Plus arrangement.[M017-39] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:25:07 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
So, we have looked at other option of having an extraordinary energy ministers meeting with the G20, and we have made these two meetings back-to-back. So we ended up with the rest of the two worlds, a reduction of production commensurate with what we thought it would be required, besides a flexible approach to enable the other producing countries to act responsively, and attend to their part or faire share of the stabilization effort in an accommodative way, whereby they could elect the approach they deemed reasonably possible to achieve that participation, and with that we were able to bring stability to the oil market and the energy market.[M017-40] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:26:13 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
Yet that effort is still continuous, and we are not into as the comfort zone as you call it, and we are still in the so-called crisis mode, and that is why within the G20 ministerial meeting, we created a focus group just to make sure that we continue attending to the situation and to look for the ways and means of attending to what may come our way as the way that we might find it challenging again.[M017-41] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:27:00 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
We are still working with the modest of run-day or that is an unfolding crisis, and we are not yet out of the woods, I will do it the British would say, and since we are not out of the woods, we just have to built in within our system that we should continue to be vigilant and flexible, and as long as we have the world with us, and the linkages required with visualization we could be proactively engaged, and preemptively take measures to ensure that we are still attending to our prosperity and our growth.[M017-42] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:28:02 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
Again, I would have to remind everybody that could be touched upon the very nerve of the very humanistic issue, and we should not be that, as you know, we try to relate to the problems with the metal of steel or steel metal in trying to overcome these problems, but we really have to also preserve our humanity. Thank you very much.[M017-43] · متحدث آخر: آدم (other speaker — not the Minister) · التوقيت 00:28:38 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
Your Royal Highness, thank you so very much for that. We do have about 5 minutes before we turn things over to His Excellency, Dr. Fahd. One question is from Al-Shurq, on Sat newspapers, and the question for you, your Royal Highness, is "How do you see the Corona pandemic affecting the energy prices?'', and ''can we expect fuel demand to return in the future?''.[M017-44] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:29:18 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
Well, you know me Adam, I have said it once again and again, I do not talk about the oil prices. I still keep telling people, my Motto, and my hero is Alan Greenspan who does not talk about the interest rate, so, it is not my job to try to bring stability to the oil market like the finance ministers. They think stability to their sustainable physical situation like the central bankers who bring stability to the financial markets.[M017-45] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:29:56 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
My job with the others is to bring stability to the energy market and oil market particularly, and so, I do not usually take questions on what prices would be, and how much fuel the world will consumer energy annually, and this depends on what Dr. Tawfiq Al-Rabiah, and how successful is the international health systems to overcome this situation in which we are.[M017-46] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:30:32 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
I will tell you, and I will give you an example, although I am taking much of the time and I hope that if you can find me a few minutes after Dr. Tawfiq finished, I have been more than happy to continue with you, because it is very crucial, and another part of the story is o talk to you know here you go. Dr. Tawfiq and I spend more time together, mitigating not only health care we just found out that our supply chains could be well served, and the health care program in Saudi Arabia could be well served just by tweaking.[M017-47] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:31:09 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
So, we realized all of a sudden that we have an exposure on some of these medical equipment, and gadgets that are used, and in two months we will show the world the story how we were able to overcome masks N95, sanitizers and PPS. It is a story to be told. So, you know, I work now under his Excellency, I am his humble servant, and but I do it with a great deal of pride along with the rest of the sector, because again, you know, when we attended, he's asking us to do more, and telling us to do in order that we are overcoming the humanistic problem.[M017-48] · متحدث آخر: آدم (other speaker — not the Minister) · التوقيت 00:32:05 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
I think that it is an excellent point. I know you are Royal Highness that you've said at other at G20 meetings with the G20 oil ministers that advancing measures for both consumers and producers to stabilize the energy markets is really important, and I can really understand your point that the price will be there, but stabilizing these markets to make investment possible so that both consumers and producers can plan on their future is very important. Your royal Highness, I am afraid we have run out of time and it is and I do hope you will stay with us because there is going to be some time for Q&A. In just a little while. I would like to now turn this back to Saleh Muhanna, to introduce our keynote speaker.[M017-49] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:33:07 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
you're right. He is my new boss. I'm Proud to have a minister like his. Truly proud of him.[M017-50] · متحدث آخر: آدم (other speaker — not the Minister) · التوقيت 00:33:20 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
Saleh, over to you.[M017-51] · متحدث آخر: المقدم (other speaker — not the Minister) · التوقيت 00:33:23 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
Thank you your Royal Highness, and thank you Adam. We will now move on to today's keynote speech given by His Excellency, the Saudi Minister of Health.[M017-52] · متحدث آخر: المقدم (other speaker — not the Minister) · التوقيت 00:49:19 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
Thank you, Doctor Fahd. We will now open the floor to questions for his Royal Highness, the Minister of Energy, to be moderated by Adam Siminski, the president of KAPSARC.[M017-53] · متحدث آخر: آدم (other speaker — not the Minister) · التوقيت 00:49:33 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
Your Royal Highness, I understand that you are out there, and I can now see your picture is coming through. We have a number of people on Q&A who have said: ''Thank you very much for your excellent discussion, and thank you for making yourself available for public questioning''. One of the themes which has been emerging, and, of course, this is interesting for the Minister of Energy. "Could you please talk about the work that the Kingdom has done in energy efficiency and green energy?'' and ''How that flies to power generation and do you think that the efficiency and green energy programs will be affected by quarantine?[M017-54] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:50:30 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
Just to answer the latter part, we are still proceeding with our programs. First of all, the reason why we have changed the old ecosystem four years or five years so ago, to move it from oil and gas ministry to our energy ministry was quite an enabler because to bring every aspect of energy is one ecosystem which would enable us to optimize and look at the holistic picture of this system and see what can we do to overcome the challenges that we have.[M017-55] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:51:22 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
I must be honest, candid, and frank that we had legacies that we are trying to overcome, and will continue to overcome, these things that can happen over 30 or 40 years. You cannot, unfortunately switch on and switch off. I wish I have as you know, a magical stick that can do all these things spontaneously, but it does not happen, but what we have now, and the drive for us, is that our economics does not only give you a sense that I am excited, but actually motivated us even more than any other country that there is a big time winning and goodies that would come out of this program, and why? the answer is simple, when we transformed our sector for being more efficient, but when we convert our inefficient economy into efficient one in terms of energy, we will be saving lots of molecules of energy, and these molecules would find its way to do the international markets.[M017-56] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:52:45 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
So, because of that, we were engaged and are still engaged, and we will continue to endeavor to our efficiency program, because it became self-evident that it brings you a reduction of your consumption, and some of that reduction is now out in the market, and that will also be supported now recently by the price reform program. So, you have got the two elements that would enable you to go through that transformation over more efficiency of energy system.[M017-57] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:53:28 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
Now, we are moving into a more efficient, sustainable, optimal energy system. So, what we know now that with regard to power sector, we are using lots of liquids, we are using a lot of money how to use it, and we lose a lot of efficiency of using it. So, what we have now is the program that would be executed within the next 10 years Where we would be converting all of our entire sector to more or less gas and renewables, both solar and wind.[M017-58] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:54:12 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
I think that the right divide so far is approximately 50/50. So, what we have now is that we focus more on discovering gas, and that is why we have this mammoth field called ''Al-Jafor'' which, by the way, would give with brining us better storage, not only methane, but also a quite liquid field, and therefore, we will have more Ethene even more liquid gases and associated gases, and therefore, as an additional goodie, we will be able to expand more chemical industries and other industries that use these degrees.[M017-59] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:55:00 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
So, I say that there are the so-called cascading effects. As a result of that, we will also be enhancing the presence and the local content over a very extremely ambitious program on renewable to the extent that we are even hoping that when they see it here first Saudi Arabia exporting electricity to neighboring countries.[M017-60] · متحدث آخر: آدم (other speaker — not the Minister) · التوقيت 00:55:37 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
Please, one of the other questions that has come and related to the program in which I know you have taken a personal interest in the energy efficiency area, and has identified air conditioning needs around the world that are growing very rapidly, and will be using a lot of electricity. Could you give us just a minute or two minutes on how the Kingdom has approached the area of air conditioning?[M017-61] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:56:05 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
It is simple where we work as one government, so, we use every tool in the kit; ministries from custom ministry, industry then, and commerce, we worked on a specification and made sure that none of these cheap, ugly and inefficient air conditioners should ever get into the country. We incentivize people to move to change their air conditioning, and we incentivized the local and international industry not only to move, but actually also to create a clean market for the good quality products to be sold. The incentive to the consumer is very simple. It was quite easily domesticable for every consumer that for getting rid of his old, shabby, and inefficient air conditioning unit, and buying a new one, the payback period is less than three years.[M017-62] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:57:08 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
So, there was an inefficiency and I do not know who is listening to us, but I will argue that the best way to move efficiency programs, is to make sure that whatever you suggest is viable for the consumer, because you will be assured that the consumer would be self-incentivized to change. Prices may support that change, but enforcing change actually, and making the story and the awareness of the consumer that he is.s better off changing his equipment to more efficient because it would save him a lot of money, as you go on, and that this example provides you with some cases for them, and this is exactly what happens, but we also run, and I know Dr. Abdel- Rahman El-Harbi with us on line, and he knows, and everybody knows that every 3-4 months, our friends from the Commerce department would go, and literally, inspect the markets just to ensure that the market is key.[M017-63] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:58:32 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
So, we have a local manufacturers that are better off, and we have the good quality producers who are exporting to Saudi Arabia who are better off, and we have the consumer who is better off, and you know what it is happening now that everybody is buying them because they are convinced that it is better off, and this is the most fundamental element, and we are saving energy[M017-64] · متحدث آخر: آدم (other speaker — not the Minister) · التوقيت 00:58:59 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
Your Royal Highness, I would like to personally thank you for your comments, very open and transparent. We are really delighted that you were able to join us today, and we look forward to the opportunity to do this again. So, thank you very much on behalf of all 390 attendees who are logged in right now. So, ''Saleh El-Muhanna'', back to you.[M017-65] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:59:29 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
please, just give me one second to thank the 395 attendees for attending. It is always a pleasure that you are working, and are engaged with KAPSARC activities. We want to maintain the connection, and link, and also, we want to make sure even after the G20. We still aspired that we continue that the so-called web of relationship with everybody, because we want you also to be engaged with us as KAPSARC, and we have a commitment that we will impress you as we move on with our new, and unimproved way forward with KAPSARC. Thank you.[M017-66] · متحدث آخر: المقدم (other speaker — not the Minister) · التوقيت 01:00:30 · T20 · 2020-06-16 · مشاهدة عند هذا التوقيت
Thank you very much, your Royal Highness, and thank you, Adam.