CEM-MI-Saudi 2020: Key Financing Principles for CCUS

[M020-01] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:00:00 · CEM-MI-Saudi 2020: Key Financing Principles for CCUS · 2020-09-15 · مشاهدة عند هذا التوقيت

Well, good afternoon from Saudi Arabia, and good evening or good morning wherever you are. It is always good to be out of the norm and talk about the long term. It seems to be that everybody in the whole world is totally occupied with the short term, COVID-19 and what have you, but to maintain and keep an eye on the future is also equally important, because, without which I do not think, we will be doing our jobs in trying to address the more important issue: "what sort of future the world would have", and to take our eyes from that is probably going to be the most tragic thing is what we should, and what we do.

[M020-02] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:00:50 · CEM-MI-Saudi 2020: Key Financing Principles for CCUS · 2020-09-15 · مشاهدة عند هذا التوقيت

Without more ado, excellences, ladies and gentlemen, Saudi Arabia is proud of hosting the 20th Clean Energy Ministerial CEM meeting, which brings together a community of the world leading countries, companies, and international experts to achieve one mission to accelerate the development of energy systems, that are affordable, reliable, and sustainable. This is the week of the events that looks at many clean energy themes in depth ahead of the ministerial meeting which will be held next week, on Tuesday, 22th of September. The ministerial meeting and the pre-events are all a virtual, live and open to all viewers. You all are welcomed to join the leaders, experts and talented women and men who will share their experiences in the pursuit of economic recovery and shaping the future.

[M020-03] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:02:12 · CEM-MI-Saudi 2020: Key Financing Principles for CCUS · 2020-09-15 · مشاهدة عند هذا التوقيت

Under the G20 Presidency of Saudi Arabia, our country is pursuing the aim of safeguarding the planet. With this aim in mind, we present the Circle Carbon Economy (CCE) as a flagship framework that reconciled the sustainability need of both energy and climate. It closes the loop of the ''GHG'' emissions while advancing the economic growth and development. CCE is based on 4 pillars that are reduce, reuse, recycle, and remove. Together, they formed the so-called 4Rs. One of the critical initiatives to enable (CCUS) the carbon capture, utilization and storage, it is indispensable for the reused and removed pills in managing emissions

[M020-04] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:03:25 · CEM-MI-Saudi 2020: Key Financing Principles for CCUS · 2020-09-15 · مشاهدة عند هذا التوقيت

To this end, Saudi Arabia participates in several work streams, including the ''CCUS'' initiative under the CEM, where we are one of the 4 core leaders together with Norway, UK, and the US. The initiative brings together the 12 CEM governments and our shared objective is to accelerate carbon capture together, and we do this because we believe that the CCUS has a role to play as a part of the clean energy portfolio, and because now is the time to accelerate this transition.

[M020-05] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:04:12 · CEM-MI-Saudi 2020: Key Financing Principles for CCUS · 2020-09-15 · مشاهدة عند هذا التوقيت

The CCUS is a proven technology with the twenty large-scale commercial projects in operation today, however, mainly due to the lack of viable business model, the CCUS development is far from where it needs to be. Thus, we are not able to scale up development, and bring calls down to make these critical technologies available at a low cost for all applications and countries. It is a challenging time; however, I would like to be clear that technology itself is not the issue alone, and has not been for a long time, the challenge, and that my judgment, really comes down to policies and incentives, regulatory frameworks, and the availability of infrastructure too.

[M020-06] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:05:16 · CEM-MI-Saudi 2020: Key Financing Principles for CCUS · 2020-09-15 · مشاهدة عند هذا التوقيت

A keyword is collaboration; CCUS required joint action between industry government, the financial sector, and financial community. We believe that the CCUS initiative under the CEM can contribute to accelerate development, and facilitate action among these key stakeholders. I would like to stress the word “action”, our group is not tasked with analysis, instead of that, it is geared to fostering action and implement practical solutions.

[M020-07] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:05:58 · CEM-MI-Saudi 2020: Key Financing Principles for CCUS · 2020-09-15 · مشاهدة عند هذا التوقيت

One of the key stakeholders is the financial community, we want to work with the determination of the best options for the CCUS to become an attractive investment, not an impediment or an enforced project by a regulatory framework for the very purpose of only to bring additional costs to the infrastructure in particular, and to energy in general. During the past 12 months, we have made our concentrated efforts to reach out to the financial sector and financial community, and several institutions have agreed to collaborate with us. This is why we are staging this pre-event entitled, ''Key Financial principle for the CCUS''; the financial community has participated in formulating the key financial financing principles of the CCUS, which will be launched at this event.

[M020-08] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:07:17 · CEM-MI-Saudi 2020: Key Financing Principles for CCUS · 2020-09-15 · مشاهدة عند هذا التوقيت

The objective is to make the necessary business case for the carbon capture project and this is a vital contribution, and I would like to thank all the financial sector organizations involved in this work for their efforts. I would also like to urge broader financial sector organizations such as multilateral development banks, commercial banks and also institution and private sector to join us in this journey. It is a long challenging journey, and one we have to embark on together if we are to resolve some of the most pressing issues facing the world. Let us resolve to reach out to our destination in the same spirit of unity and agreement that we have today.

[M020-09] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:08:26 · CEM-MI-Saudi 2020: Key Financing Principles for CCUS · 2020-09-15 · مشاهدة عند هذا التوقيت

I am very grateful and thankful for you all, and I am looking forward to a full fruitful discussion in this pre-event. Thank you.