People, Policy, Finance: Realizing an Equitable Energy Transition

[M142-02] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:48:18 · People, Policy, Finance: Realizing an Equitable Energy Transition · 2024-04-28 · مشاهدة عند هذا التوقيت

No. No, I thought you were going to ask me.

[M142-04] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:48:23 · People, Policy, Finance: Realizing an Equitable Energy Transition · 2024-04-28 · مشاهدة عند هذا التوقيت

I like this!

[M142-06] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:48:50 · People, Policy, Finance: Realizing an Equitable Energy Transition · 2024-04-28 · مشاهدة عند هذا التوقيت

You can move the questions to.. to Darren and Saad, and then I will, I'm enjoying the somebody's doing the homework on my behalf

[M142-07] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:55:01 · People, Policy, Finance: Realizing an Equitable Energy Transition · 2024-04-28 · مشاهدة عند هذا التوقيت

But I thought the original question was … has to do with how can we energize the world economy now and in the future.

[M142-09] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:55:11 · People, Policy, Finance: Realizing an Equitable Energy Transition · 2024-04-28 · مشاهدة عند هذا التوقيت

So, if I may, just be, I have no understanding of how elephant culture is. So, I'm going to be the Camels in the room. Camels, I understand and I can cope with that. But I'll be the camel in the room. And the camel in the room will tell you, uh.. you know, again we should not be in all of these events declaring our Puritans, the nasty people that do something wrong to the environment, and not being monolithic in our choices, we stand the risk of being accused of being acting irresponsibly or in an irresponsible way. I think the bigger question that people need to devote a lot of time, and they would realize that there are so many elephants to attend to, there you mentioned cost, you mentioned technology. Others will tell you a bigger evolving camel. Now, I mean elephant is trade barriers. Where people are now? They're giving it a softer name, which is fragmentation. I call it silos. So, if you have silos, if you have. Again, we keep people forget that climate change issue and sustainability is a global issue. It cannot be attended to in regional scopes or, you know, a smaller territorial thing it has to be global. To make it global, I think we have to be conscious of the fact that we here in this room, and many others here in the room, have choices that at least 60%, 70% of the world population do not have that choice. Those who are suffering from energy poverty, those who cannot make ends meet, those who are still burning trees, converting them to charcoal and making ends meet through selling that charcoal and buying food for themselves. We see them ourselves in Saudi Arabia, because we have our sustainability program, and we work with so many countries in Africa and Southeast Asia, and we have people underground that see the.. the misery that people are going through. In fact, I talked to Darren and Vicky in sometimes on issues of how we can help and support so I guess the best thing we do is that we should realize that, and again we go like an .. like Economist, we go from Macro to Micro. We have to assess what would be the world energy demand will be in the future, take into account, trying as much faithfully and honestly to bring people up the economic Leather.

[M142-10] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:58:23 · People, Policy, Finance: Realizing an Equitable Energy Transition · 2024-04-28 · مشاهدة عند هذا التوقيت

And there are 6 billion people that needs to go higher. And look at what will happen to the world economy, as a lollipop and what happened to energy consumption will be if these 6 Billion go up the economic ladder, and higher. Let's not forget as Saad was saying, that there is Two Billion more people to come to planet Earth, and they need to be, and they need to have jobs, education and civil ability to live and coexist with others. And again, that will add more need energy needs, but also it will burble the economy, because otherwise, we will be condescending on the quality of the people and the humans that exist today, and will exist in the future. More important, also we should be cognizant of the fact that technologies are evolving, and there will be lots of centers that seek, you know, you know. We talk about AI, we talk about all of these huge requirements for energy.

[M142-11] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:59:43 · People, Policy, Finance: Realizing an Equitable Energy Transition · 2024-04-28 · مشاهدة عند هذا التوقيت

And I ask you how are we going to deliver the hundreds and hundreds of gas that would be required for these technologies? We also need to be cognizant to the fact that oil and gas is moving. We move and we will, we continue to move on oil to chemicals. And by the way, it's not an arithma, because even in the process of electrification, people would need plastics, people would need polymers, people would need things to move the cars. You know, the car is a car, be it IIC, or electrified, or in whatever form of engine that operates it, 50% of that car will come from plastics. And as people income improves, as people in Africa and Southeast Asia, in all of the other parts of the world, their wellbeing enhanced. They will be buying cars, be it electrical, or be it ISE, or whatever it is, where is going to, who is going to produce the components. So, it is in components, it is in the amount of electricity and amount of energy that is required. People tend to avoid looking at the bigger picture, and focus more on the narrow narrative, either am I going to appear to the public domain as being clean or cleansed, or cleansing, or am I going to be accused of being part of the problem. I think a serious, more attentative approach would be congregating people, and say we all need every type of energy, and every type of energy will be used in the future. Our main concern is how to make that amount energy going to be consistent with mitigating to attend to the issue that we should not forfeit and ignore which is again faithfully attending to the issue of climate change, if we can all congregate around that and fix it ourselves about what to do collectively. Regionally it would not work; country by country it would not work, eliminating choice, while others can, you know. I was happy to see Kadri saying we have allowed the members state to have their own Energy Mix, am I right? Well, Yeah. So, let people have their own Energy Mix, let people make the choice. You know, this morning we had a session, Brazil can deliver so many things on Methanol and Bio-methanol. Others have different choices, let people do the choices. Again, let make… let us make the principle is has to do with emission, and not to forfeit the idea of reducing emissions. If we can congregate around that. And by the way, this is what we have agreed in Dubai, because I believe that what we have agreed in Article 28 in Dubai is a recipe, is a menu, as they call it "French Menu", which is Al Carte talks about. Yes, and that's the distinction I mentioned, just as I tried to interfere, you know in that article it talks about unabated, fossil fu… unabated coal nobody would like to see. unabated coal being utilized.

[M142-12] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 01:03:36 · People, Policy, Finance: Realizing an Equitable Energy Transition · 2024-04-28 · مشاهدة عند هذا التوقيت

But then, there are other elements, there are eight other elements, including renewable, including Carbon Capture and Sequestrization, including transitioning away from hydrocarbon. But look at the distinction in that item, we use the word phasing out "Unabated Coal". When it comes to hydrocarbon, we said transitioning from. And there are eight choices, so pick and choose what is your choice, as long as you can showcase that you are mitigating, and you're reducing your emissions. I think we're doing well and will the whole world, will be doing a great job not only for this generation, but for the generations to come. If we don't do that, and we don't act as international citizen, responsible citizens, I think we'll end up with so many other, we just remunerated four elephants. There will become six, seven, eight, and you know what will happen? All of the whole thing will not be attended to. So, even if Europe succeed wholeheartedly to achieve all of its goals, emissions will come to Europe from different directions, and nothing will..will.. will survive the day, if we don't, again, work holistically. Sorry for taking much of the time.

[M142-13] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 01:08:28 · People, Policy, Finance: Realizing an Equitable Energy Transition · 2024-04-28 · مشاهدة عند هذا التوقيت

But you see, we are very civilized with our friends from the EU, contrary to the media.