ADIPEC 2021 Ministerial Session

[M075-02] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:00:32 · ADIPEC 2021 Ministerial Session · 2021-11-15 · مشاهدة عند هذا التوقيت

Always, people would question a big producer of energy, and let it be, in this case, Saudi Arabia, which is a major producer of both oil and gas, and I can understand the skepticism, but I also would refer those skeptics to what we have agreed just two days ago. The new agreement talks about committing countries to come out every year, reporting on what they have accomplished, and what they would be achieving.

[M075-05] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:01:22 · ADIPEC 2021 Ministerial Session · 2021-11-15 · مشاهدة عند هذا التوقيت

We, as Saudi Arabia, in the name of Highness Crown Prince, put together two initiatives: Saudi Green Initiative, and the Middle East Green initiatives, His Highness put together now a foundation, which means these two events will be held yearly, whereby we will bring our own efforts along with other countries' efforts not only to relating to what we will do as Saudi Arabia, but also what we will do jointly with our friends. UAE, I know, it is part of that, Kuwait is part of that, many other regional countries, and even international participation will be working together to make sure that this region in its entirety, would become a raw model for what we mean by sustainable development where we will meet the three pillars or the three principles that have been sharing with everybody.

[M075-06] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:02:26 · ADIPEC 2021 Ministerial Session · 2021-11-15 · مشاهدة عند هذا التوقيت

We continuously refer to energy security as the profound and most important element that we need to watch out for, case in point is what is happening in Europe, case in point what is happening to LNG prices, and permit me, John, if I can take the time, I cannot think of any place on the planet of Earth, today that we should celebrate the cohesion of the OPEC Plus, than this event in this country. So, let's share.

[M075-07] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:03:10 · ADIPEC 2021 Ministerial Session · 2021-11-15 · مشاهدة عند هذا التوقيت

The responsible twenty three countries had delivered, and we delivered more remarkable than any other group, show me anywhere in planet of Earth, including central bankers, that delivered more sustainability, more stability, more predictability, more transparency, more forthcoming with the ahead plans - a year and a half ahead- and more deliberate, cautious approach in the name of compensation, and in the name of the monthly meeting whereby we tweak, and these tweaks are well announced in advance, and we, by that, had delivered, stable and less volatile oil market, show me anywhere else.

[M075-08] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:04:05 · ADIPEC 2021 Ministerial Session · 2021-11-15 · مشاهدة عند هذا التوقيت

You know, Muhammad Erian, was talking about the three components, and permit me to remember two, but I lost the third because I was focused on the other analogy that he used as the economist, which is a word of uncertainty, and word of unevenness and I lost the third, but I cannot my cynical mind has to push me say another thing about that analogy about the microwave. Let's not forget where is that microwave is going to be electricized from, where is the source of electricity?

[M075-09] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:04:52 · ADIPEC 2021 Ministerial Session · 2021-11-15 · مشاهدة عند هذا التوقيت

In some countries, they were thinking only renewable, but the very same countries are burning more coal today than where they were burning two months ago, and in fact they have committed two days ago to, well, we did advance as some of the media try to put us in a place where we are blocking, but, actually, the very language that was changed an hour before the conclusion and before the Javelin, came down, it was the language that Saudi Arabia did propose, not for the COP26, but, actually, 2009 in the G20.

[M075-11] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:05:45 · ADIPEC 2021 Ministerial Session · 2021-11-15 · مشاهدة عند هذا التوقيت

With the wording of the unabated call was also introduced by us in the G20 in Rome. So, that language was introduced by us, and indeed, we are much focused on the emission reductions, we, as a country, and I guess many of our colleagues here, do believe on the idea that in order for everybody to be inclusive, you have to look first, at the missions, not at the resources, and two, it must be all of the Greenhouse gases, it must be all the sectors if we are to be inclusive,

[M075-12] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:06:35 · ADIPEC 2021 Ministerial Session · 2021-11-15 · مشاهدة عند هذا التوقيت

we have to be mindful of natural circumstances, and we have to be also mindful of the fact that things are not even there are some categories of the so-called less developed countries, but there are countries that are developing such as us, such as the UAE, such as India, such as Russia, and such as Egypt. We have to have our aspiration being met on the sustainable development issues, yet again, we have to focus on energy security, on sustainable growth and diversity of economies and also, we have to be mindful of climate change and these three things and these three pairs will have to be attended to equally.