HRH Energy Minister at ADSW 2022

[M083-02] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:00:49 · HRH Energy Minister at ADSW 2022 · 2022-01-17 · مشاهدة عند هذا التوقيت

Well, it is a first of all, it is a pleasure to be in UAE and in Dubai., it is a place that I have been visiting regularly now, and I cannot wait for any occasion to arise that I would jump on a plane and come, I feel I am within the contours of extended family, Athena too, you have been a part of our family as OPEC and OPEC Plus, We hold your professionalism with great deal of regard and appreciation. You have been part of us and our fabric.

[M083-03] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:01:33 · HRH Energy Minister at ADSW 2022 · 2022-01-17 · مشاهدة عند هذا التوقيت

Energy security is a concerning topic, we believe we as, OPEC Plus and I have a great partner here, have done a lot in bringing about stability, there is nothing more profound, more important for energy security than having to have a stable market, those who are not copying us as OPEC Plus need to copy us, I have quite a few statistics to share with you at a later point, which makes me, as the chair of OPEC Plus a very proud person, which make all of us as OPEC Plus countries, proud people and proud countries, because we are demonstrating a great deal of seriousness and attentiveness to what it takes to energize an economy, and how much others are lagging when it comes to that.

[M083-04] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:02:37 · HRH Energy Minister at ADSW 2022 · 2022-01-17 · مشاهدة عند هذا التوقيت

But we (applause) of energy when it comes to attend to energy security, you have to use every source of energy, and you have to be profoundly caring about which countries should choose what type of energy, it is should be the prerogative of that country to depending on its endowments. I think tabooing as a source of energy or being too selective would be damaging, and would not be recognizing the economics of what you need to do.

[M083-05] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:03:21 · HRH Energy Minister at ADSW 2022 · 2022-01-17 · مشاهدة عند هذا التوقيت

Profoundly energy security that does not lead to maintaining a sustainable economic prosperity, economic growth, and in our case, as Saudi Arabia.(applause) our economies would not continue growing, I Mean for generations now, and generations to come, we would like to do that, also cognizant of the issue of climate change, none of us as Saudi Arabia or many of our OPEC Plus countries are not worried concern but.

[M083-09] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:08:06 · HRH Energy Minister at ADSW 2022 · 2022-01-17 · مشاهدة عند هذا التوقيت

I honestly do not see ourselves doing anything then being an exemplary for so many countries. We are at ease with what we are doing, as Suhail was saying, we as well as UAE, actually, we will be saving a lot of billions even after spending of doing exactly what we are saying, which is in our case, for example, power sector would move from liquids to 50% gas and 50% renewable, it would save us money actually, and it would enable us actually to push that saved money into something else.

[M083-10] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:08:50 · HRH Energy Minister at ADSW 2022 · 2022-01-17 · مشاهدة عند هذا التوقيت

The Green Initiative or the Middle East Initiative are ideas that the Crown Prince himself Crown Prince Mohammed Bin Salman put together, NEOM and everything else, It was not you know, it is not trying to take Saudi Arabia to a beauty shop, it is more to do with a conviction that we need to do all of the above because there is a solid economic case for all of us, we cannot have a place like the Red Sea Project or NEOM without being too careful about what you do to the environment.

[M083-11] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:09:26 · HRH Energy Minister at ADSW 2022 · 2022-01-17 · مشاهدة عند هذا التوقيت

There are cheap solutions and least cost solutions such as greening, and that is why we have a good chunk of the Middle East initiative and the Green Initiative, it is about greening, it is about adapting. The circular carbon economy that we are have been advocating, and also will be demonstrating, in fact, we are demonstrating so many of these things already, I will give you an example, we are running the most successful efficiency program that is “reduce”, we are talking as Aramco today, It stands either rank number 1 or 2 in the world in terms of reduction of methane emissions.

[M083-12] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:10:14 · HRH Energy Minister at ADSW 2022 · 2022-01-17 · مشاهدة عند هذا التوقيت

But we want the ecosystem and the enablers and the focus, people are not focusing about emission reduction, people are focusing about picking and choosing a source of energy, now for people to be included, and for inclusiveness and incomprehensiveness has to be there, this is what we are been advocating, that is we should focus on emission reduction of all greenhouse gases, and we should use technology because technology will drive both, it will become much more efficient, and much more cost effective, and also pioneering to create these technologies.

[M083-13] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:11:04 · HRH Energy Minister at ADSW 2022 · 2022-01-17 · مشاهدة عند هذا التوقيت

That is why we are doing the circular carbon economy, and the component of the carbon sequestration and capture, and so many of these things, it just so happened also in the circular carbon economy, there will be money that will be made because in the concept of reusing or recycling, carbon and gases will be utilized, they would become a material to be monetized as opposed to be something that the world would not, we are running out of solutions. Look at what is happening in the so-called transitioning that is happening elsewhere, it is disruptive, and if it is disruptive to the economy, if it is disruptive to sustainability, if it is disruptive to the well-being of the citizen here and there and elsewhere, it should be reconsidered.

[M083-15] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:14:02 · HRH Energy Minister at ADSW 2022 · 2022-01-17 · مشاهدة عند هذا التوقيت

It is part of it, it is as Suhail was saying, it is saving money, it is creating jobs, I see it in the energy ecosystem, more and more enthusiastic young ladies and gentlemen joining the sector because of its excitement, the excitement that it is drawing of being adventurous, of being technologically drawn into these activities, some of it are these challenges, these technologies are challenging, and they will continue to be challenging, but with challenge and creativity, you will see serious women and serious men are approaching this sector with excitement because to them it is making them look as if they are modern and they will be engaged in modern activities and also they will be engaged in their own ambition, which is having to have economic prosperity, and monetizing our natural resources, including wind and sun, which is a natural resource, by the way, and also advancing the diversity of the economy.

[M083-16] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:15:21 · HRH Energy Minister at ADSW 2022 · 2022-01-17 · مشاهدة عند هذا التوقيت

We have to do the whole thing, mindful of the fact that actually if there is something to talk about in this event, look at what we are doing, the two of us, we are taking a proactive role, we are engaging in events, we are in, as for us, we have engaged in the Net Zero Forum that the US has created, we are engaged now on the Methane Initiative. In both we want to showcase what we are doing as exemplary so as the UAE, we have nothing to hide with. We are not, actually, we are proud of what we are doing as opposed to being shy from what we are doing.

[M083-17] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت — · HRH Energy Minister at ADSW 2022 · 2022-01-17

Look at our NDC, we issued it before the Last COP by the book and by the Paris Agreement, we do not have to issue it. however, we elected to issue it because we feel strongly that we could achieve 278 million tons of reduction of emissions, that 278 is almost equivalent to the entire emissions, and I am not joking Kuwait, Bahrain, Qatar and Oman, almost 97% of that, the 278 is almost equal to today's emission of the UAE. If we are not proud and willing to show that, I do not know what else we would show.

[M083-19] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:19:01 · HRH Energy Minister at ADSW 2022 · 2022-01-17 · مشاهدة عند هذا التوقيت

No, I will make in this event using this platform, this event, just to make a simple calling for the whole world, let us focus, let us concentrate on emission reduction of all greenhouse emissions, let us not be picky and choosy about what solution or what energy source. If you want inclusiveness, you have to be comprehensive, what matters the most is the reduction of emissions by all subject to natural consideration, natural conditions taking into account the situation of all countries, which is profound in that Paris agreement.

[M083-20] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:19:50 · HRH Energy Minister at ADSW 2022 · 2022-01-17 · مشاهدة عند هذا التوقيت

It is common, but differentiated responsibility, and each and every one should intend to his own share of that responsibility, we owed it to ourselves to see it as Saudi Arabia, I owed it to our friends in UAE that actually, if you look at our commitments when it comes to emission reduction, we are doing way and beyond what is our share is.