#وزير_الطاقة يشارك في جلسة حوارية بعنوان: "عناصر منظومة الطاقة" في #مبادرة_مستقبل_الاستثمار.

[M127-02] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:26:00 · #وزير_الطاقة يشارك في جلسة حوارية بعنوان: "عناصر منظومة الطاقة" في #مبادرة_مستقبل_الاستثمار. · 2023-10-24 · مشاهدة عند هذا التوقيت

If you just give me a second to transition my chair this way, I could see all the audience, trying to make sure that I'm respectful of everybody. Well, I just finished an hour ago a small-group talk on transitioning. I believe, we have a record to show that not only we are transitioning, but actually we want to make sure that we become a model for how a Hydrocarbon Economy, based on hydrocarbon for so many years that can manage to transition, yet to ensure that transition will happen, to ensure that we are improving our achievements when it comes to the trilemma that everybody is aspiring for which is very simple. You're talking about energy security, you're talking about affordability, economic growth economic prosperity, and of course sustainability, and certainly a good element of that has to do with climate change, if we can prove it to everybody, and if we can prove to everybody that we are a still-committed partner in Paris Agreement.

[M127-03] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:02:01 · #وزير_الطاقة يشارك في جلسة حوارية بعنوان: "عناصر منظومة الطاقة" في #مبادرة_مستقبل_الاستثمار. · 2023-10-24 · مشاهدة عند هذا التوقيت

After all, we were not only a signee of that agreement, but if you talk to my friend John Kerry and the rest, they will tell you that the Saudi team then and I was part of that team, we negotiated all the letter and dot and comma and we felt satisfied with what we have achieved. And I think it goes without saying we have to execute what we have willingly committed ourself to.

[M127-05] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:02:56 · #وزير_الطاقة يشارك في جلسة حوارية بعنوان: "عناصر منظومة الطاقة" في #مبادرة_مستقبل_الاستثمار. · 2023-10-24 · مشاهدة عند هذا التوقيت

Well, we're all of course looking forward for COP 28, and certainly we are all willing and working actually with our friends from the UAE to make sure that we do at our utmost, as well as their utmost to ensure that COP 28 is a successful COP. I have to remind people that there were three COPs, this is going to be the Third COP in the Middle East, started in Marrakech and just last year it was in Sharm El-Sheikh. and this year is in Dubai. And that tells you a lot of how much we're committed as a region to the issue of attending to Climate Change. I have to also remind or inform our friends who are not aware of what we have done two weeks ago. We hosted the Middle East Climate Week, and we can share with everybody the numbers we had we had 9,000 participants. The activities within that week I think it went as high as 245 different activities. I think there is nothing that could be discussed that was not discussed. And it actually was helpful for our friends from the UAE to try to take the input for what people expectations are. Now, success is a relative thing, because it all depends on the eyes of the beholder. Unfortunately, this issue of climate change has been driven by two extremes. you know, I call them I don't care it's a free country, we call them, you know the Environmental Hooliganism and the Climate Change Denial Hooliganism.

[M127-07] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:05:03 · #وزير_الطاقة يشارك في جلسة حوارية بعنوان: "عناصر منظومة الطاقة" في #مبادرة_مستقبل_الاستثمار. · 2023-10-24 · مشاهدة عند هذا التوقيت

And we feel that if the debate is going to be a hostage between the two extremes, I think sensibility. Well, I do love reading Jane Austen novels, so we're moving to you know Sense and Sensibility. I think we are on stage now where Pride and Prejudice is taking over.

[M127-08] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:05:38 · #وزير_الطاقة يشارك في جلسة حوارية بعنوان: "عناصر منظومة الطاقة" في #مبادرة_مستقبل_الاستثمار. · 2023-10-24 · مشاهدة عند هذا التوقيت

It's coming okay the reality check will make sure that persuasion, although I don't like the ending of persuasion it was. You see that's exactly what we are trying to avoid. Thank you for bringing persuasion. Persuasion as a novel ended up badly and it was persuasion ended up badly, because it was the calamitous end of it. And this is what we are trying to do, which is to avoid being persuaded to do the right thing, after the fact. When we have an energy crisis, when we have lack of economic growth, when we in the most arrogant condescending way forfeit the idea that there is at least and I keep challenging people of whom how this number was put together, but for the sake of lack of any clear data there still 800 million people with suffering from energy poverty. 2.2 million they don't have even clean source of energy to cook, the number of death and the number of illnesses is beyond anybody's imagination. We're living still in a world that a good chunk of the world population is still chopping trees, which means that they're getting rid of sinks which is so crucial in the removing side, but they have to make a living so they burn it and sell it as charcoal. And it's all hands-to-mouth situation. This is the kind of condescending anomaly, that is governing today which is a top-bottom approach.

[M127-09] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:07:30 · #وزير_الطاقة يشارك في جلسة حوارية بعنوان: "عناصر منظومة الطاقة" في #مبادرة_مستقبل_الاستثمار. · 2023-10-24 · مشاهدة عند هذا التوقيت

And it's either if you want to go with us, you are a believer and you're a good boy. If you don't do what we tell you to do, you're not a believer and you're not a good boy. That debate has to end. How to end it? I think we are advocating as Saudi Arabia. We coined something here. I actually announced it in 2019, in this chamber, in this place, in this event which is the Circular Carbon Framework. Since we have announced it, and since we announced the green initiative, and since His Royal Highness the Crown Prince announced the green initiative and also they announced the Middle East Green initiative. I think it goes without saying that if we want to convince the world that there is the other way around to do it, we have to be there doing, it executing it. Unfortunately, today and you were part of a discussion just a while ago, there is a lot of talk about doing things, but there is not that much of an execution happening. What we want to do is focus zoom and do the right thing.

[M127-11] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:10:24 · #وزير_الطاقة يشارك في جلسة حوارية بعنوان: "عناصر منظومة الطاقة" في #مبادرة_مستقبل_الاستثمار. · 2023-10-24 · مشاهدة عند هذا التوقيت

Well, just to put the disclaimer that neither myself nor Amin is aware of this acquisitions, we here did second hand like what the media has put it, but it could not have come in a better time honestly. I know the two companies as you know Chevron was the very first company to operate in Saudi Arabia, so is Exxon. Even as they merged as Chevron Texico and ExxonMobil, and now Exxon, this industry goes through these changes, but I take it that the two CEOs of these two good company, sizable company, probably the most sizable companies whom I with honor and pleasure I would tell you the both of them are personal friend of mine. I know them, I know what kind of professionalism that they master, not only them as CEOs, but even their boards, the company, the two companies I don't think that they would, you know Exxon would merge with Pioneer for charity purpose, or for that matter Chevron would do that without having a reason. And the reason is very simple, it's actually a testament of the fact that if they didn't think that hydrocarbons are here to stay, and they are buying assets to be later on not utilized, you know, I don't think there is anybody who would buy an asset that he will have to freeze it and don't make use of it. So, it is a testament, by it its own virtue that hydrocarbon are here to stay. You will see numbers shared by anybody.

[M127-12] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:12:31 · #وزير_الطاقة يشارك في جلسة حوارية بعنوان: "عناصر منظومة الطاقة" في #مبادرة_مستقبل_الاستثمار. · 2023-10-24 · مشاهدة عند هذا التوقيت

That actually in transitioning, you will use a lot of petrochemicals. And that's a fact. You will use a lot of polymer and that's a fact. Even in wiring and transmission line, you will use a lot of petrochemicals. Now, we don't want to talk about mining, because the mining story is a very scary story. I was in a four-group, with group I mean just a while ago, and we shared numbers and many of them shared their numbers. I don't think the word is there to develop these materials and raw materials that are required. Remains a challenge, but being the Minister of Energy in Saudi Arabia, I know the limitation of being convincing people that the transition that everybody's talking about cannot happen. I think people need to go for that reality check. And again out of sheer sense of responsibility, I will tell everybody we have stopped talking about it, we're not going to be preachers, we're going to execute and showcase what we could do.

[M127-14] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:15:17 · #وزير_الطاقة يشارك في جلسة حوارية بعنوان: "عناصر منظومة الطاقة" في #مبادرة_مستقبل_الاستثمار. · 2023-10-24 · مشاهدة عند هذا التوقيت

Again, but you have two question in one. I would have to remind answer you on the redundancies that we have. Again, Exxon Mobil and Chevron they didn't buy, because they want to have stranded assets. We are investing certainly not because to create a stranded asset. Why would we go to 13 million, if we know that there is no demand for it. Yes, good.. a chunk of that will have to be maintained as a strategic capacity, if you call it. Our own well-utilized SPR, and we have a record, Haleema you can testify for that. But, if we did not see the merit for it, why should we continue with it. Now, if people believe that we need to phase out and phase down, be it fossil fuel, or hydrocarbon, I honestly believe it is upon them to take the highest moral ground and take a decision, and effective January next year, they should disallow investments in increasing production or increasing capacity. I'd love to see anybody who preach on the idea that we should phase out or phase down hydrocarbon or fossil fuel. Take a lead and lead by example and I'd love to see who would come vouching out, effective this evening to say I would like to be the first to do that. And you will find out that none of them would do that. Now, you would also would not find a lot of people really putting their money where their mouths are, when it comes loss and damage.

[M127-15] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:17:13 · #وزير_الطاقة يشارك في جلسة حوارية بعنوان: "عناصر منظومة الطاقة" في #مبادرة_مستقبل_الاستثمار. · 2023-10-24 · مشاهدة عند هذا التوقيت

We just had a meeting just last week, and everybody is trying to throw the whole thing on somebody else, simply because they know it is extremely expensive and they would like to dilute their commitment, first and foremost because 80% of the responsibility and what has been emitted into atmosphere is a good chunk of that 80%, or it is 80% actually of it is done by somebody else. Why people bear a responsibility on something they have not caused? That's why they called it, you give it that name to start with, but again let's hope that some sensibility can come in COP 28, because again we will be drifting back to the old thing, the same thing that we had in Sharm El-Sheikh, the same thing we had in all these COPs which is trying to juggle responsibility, without being fair and I would have to say honest.

[M127-17] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:18:49 · #وزير_الطاقة يشارك في جلسة حوارية بعنوان: "عناصر منظومة الطاقة" في #مبادرة_مستقبل_الاستثمار. · 2023-10-24 · مشاهدة عند هذا التوقيت

But, it works..

[M127-18] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:18:53 · #وزير_الطاقة يشارك في جلسة حوارية بعنوان: "عناصر منظومة الطاقة" في #مبادرة_مستقبل_الاستثمار. · 2023-10-24 · مشاهدة عند هذا التوقيت

Fantastic

[M127-19] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:18:56 · #وزير_الطاقة يشارك في جلسة حوارية بعنوان: "عناصر منظومة الطاقة" في #مبادرة_مستقبل_الاستثمار. · 2023-10-24 · مشاهدة عند هذا التوقيت

The minute is over.

[M127-20] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:19:05 · #وزير_الطاقة يشارك في جلسة حوارية بعنوان: "عناصر منظومة الطاقة" في #مبادرة_مستقبل_الاستثمار. · 2023-10-24 · مشاهدة عند هذا التوقيت

I have to prove it to everybody, you know, let's talk numbers, you know it better than. Oil trade is a 2 trillion Dollars, just in case people don't know that. All commodity trades is 300 Billion Dollars. So, you're talking about almost 7 to 1. So, you have oil and everything else trail way back there. If this trade is not managed, I don't know what else any energy ministry in planet earth should do? And if it is acceptable, for the dollar, the Euro and other commodities, other currencies to be attended to. I think a commodity as important as relevant as this, and as you see, it is unfolding before everybody's eye. I think it goes without saying we don't need to be permitted by anybody to ensure that we have a less volatile all market that will help the world economy to grow and prosper. Thank you!