Advancing Carbon Capture and Utilization Innovations through Global Partnerships. WEF. Apr 29, 2024

[M144-02] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت — · Advancing Carbon Capture and Utilization Innovations through Global Partnerships. WEF. Apr 29, 2024 · 2024-04-29

I couldn't lose this opportunity who brought the One cent is Saudi Arabia because. We still hold the record for producing the cheapest will be producing the cheapest, electricity are coming from solar in Shoiaba, that was a tender that we had issued, and it's been now being built, but the commitment is to have it as 1.03 cents or 1.04 cents, so we are the ones who brought that and we're still exerting every pressure to ensure that our renewable program will be the best setter for the whole industry. It is challenging now with the what is going on, what had gone, what had happened to the world with COVID, and what happened to the supply chain, and what have you. But it's remarkably, even with that we're still relatively speaking, we are still holding the record, and it's our continuous endeavor to keep up with that. I think the business model that we're following, although we do have a national champion which is AQUA, which is partially owned by PIF is doing a good chunk of the work. However, we have subjugated it to an arrangement which would continue to put pressure on the cost curve, and ensure that we maintain our competitiveness, when it comes to producing electricity generally be it from gas, or renewable.

[M144-03] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت — · Advancing Carbon Capture and Utilization Innovations through Global Partnerships. WEF. Apr 29, 2024 · 2024-04-29

And the whole system integrity is based on the idea that we maintain a competitive pricing and competitive cost of producing electricity. This is going to be one of our means to induce more investments in Saudi Arabia. Now, with all what is happening in cloud and what have you, and I'm coming to our subject in a reversal approach Cloud data centers and what have you and the amount of electricity would require hard-to-abate sectors, such as steel and all metals. I would even mention refineries, as hard-to-abate sector. All of that is enabling us to get people to see the Merit. Now, I'm going to go back to the past, what we have in this very building 2019, I have mentioned the concept that we have adapted which is the Circular Carbon Economy, and it was vague to many people, it was not here to many people. However, it took us few months, and particularly during our us hosting the G20 that the Circular Carbon Economy actually was globally endorsed when it was endorsed by the G20, which added, if I can use the British proverb as Thatcher used, added a bit of an oomph to what we've been saying.

[M144-04] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت — · Advancing Carbon Capture and Utilization Innovations through Global Partnerships. WEF. Apr 29, 2024 · 2024-04-29

It goes without saying that we had to also elaborate on what we mean by the circular carbon economy. It's a nuance to the old concept that was known to everybody, which is the circular economy, the addition of carbon emphasized that it's much more focused on energy and how you can run an energy system that can monetize everything in an economical way, yet you are to demonstrate that this monetization process will be graceful enough to the environment and will be consistent with the notion that in doing all of the above, we should be, and we will be mindful of what happened to climate change. And therefore, the addition of carbon emphasize what we intend to do with that carbon, the CO2 component. In our endeavor, we made it also our way forward is subjugated that is our energy strategy, that is what we will do with sustainability, and that is what we will also continue preaching in our climate change discussion and negotiation. It became a way also for us to see how we can KPI ourselves on how much do we live, it is also cognizant of our commitment to the Trilemma, Energy Trilemma, which is energy security, energy affordability and energy availability. So, it helps us also to focus on a way forward that we can KPI and ensure that we have all of the above delivered.

[M144-05] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت — · Advancing Carbon Capture and Utilization Innovations through Global Partnerships. WEF. Apr 29, 2024 · 2024-04-29

But this word is becoming more complex and because of the complexity of the word, you need to introduce a complex system, with its own detailed deliverables and way forward. So, actually, we have now built the entire Energy System to operate within that as an integral part, it's no longer a concept. It is actually the DNA of the energy system and the associate bodies in the energy sector. Now, we operate not only as an energy Ministry or an Energy Regulatory body we actually the way when we talk about energy ecosystem it really encompasses everything and everyone, so, have yet to see anything that we have done in the ministry alone, we work with collaboratively with everybody, including our friends from the Ministry of Economy and Planning, including the Ministry of Finance, including Ministry of Industry, to name few, it all depends on what is the subject. So, we will plug in any relevant institution that can add value, or can benefit from. And this is has been the Artic, this is a system that I have the honor to say that back in 2011, 2012 I started it with our efficiency system, Efficiency Center, sorry, because we realize then that for efficiency to succeed, you have to incubate everybody that has any meaningful contribution to

[M144-06] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت — · Advancing Carbon Capture and Utilization Innovations through Global Partnerships. WEF. Apr 29, 2024 · 2024-04-29

It's a system that we tested it, we operated it, and it became one of our kind, so if you have a system that succeeded and worked and delivered which is I'm happy to say that from then until today we have saved approximately half a million barrels of consumption. Had we did not have that Efficiency Center I don't think we would have saved that half a million. So, in seeing that system, we plugged in with everybody, and we went further to detail what is the component of the Circular Carbon Economy. It's very basic thing it is it is reduce which is you have to instigate programs that reduce as much as possible your consumption of energy. I think primarily we're talking about efficiency, and I think we are also, that's why we've induced renewable, because it would reduce our consumption of hydrocarbons, and many other bits and pieces, the other component has to do with Recycling and reusing, and both it talks about the essence of it is that CO2 is a molecule. You can use it and you can recycle it, and continuing recycling it gives you additional benefit I I'll give you an example of reusing which is to dump or pump CO2 that would help you to produce more hydrocarbons. Recycling you could use it and actually use it to bring new products, so to name one, you know, all these bottled water and fizzy water, and what have you.

[M144-08] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت — · Advancing Carbon Capture and Utilization Innovations through Global Partnerships. WEF. Apr 29, 2024 · 2024-04-29

Yesterday and many sessions people need to congregate that , if we really are faithful I think the debate about climate change whether it exist or not being a climate change denier is abusive to the debate and being a condescender top-bottom approacher which is I will only, you know the Pharonic Concept: "I let you know you believe what I make you believe and you don't believe what I don't make you believe" is gone forever there are people would need to be and we spent a good morning this morning about the differences of national circumstances between countries you really without being demeaning in any way. You can't ask a country like Madagascar to behave and operate like Sweden or Norway, because the priorities the priorities of people in Madagascar is are completely different than the priorities of the people of Sweden or Denmark or Saudi Arabia for that matter. So, incubating the modesty of accepting that others have different set of priorities emanating from their own endowments is a natural thing to be, and therefore we would like to people to accommodate to the idea that we. the whole world will do better and accepting the notion of bottom up approaches and letting people congregate toward achieving the very essence of the Paris Agreement, which is reducing all greenhouse gases from all sources subject to nationally-determined plans, with a consideration to national circumstances. This is the very pillars of the Paris agreement, and we believe that we are in this endeavor and others are faithfully discharging our commitment.

[M144-10] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت — · Advancing Carbon Capture and Utilization Innovations through Global Partnerships. WEF. Apr 29, 2024 · 2024-04-29

I'm sure critic will use this, as say, you see it's still challenging it's not pipe dream this and that those I will tell you few things. When it comes to Carbon Capture and Storage, we have it in Uthmania, so it is it's there up and running and by the way I heard it from an elderly people, it Carbon Capture and Storage. I think it existed in the US from the 50s, if not the 60s, if not the 50s, then it must be the 60s. So, it's is the Carbon Capture and Storage. What people are doing is trying to improve the technology, when it comes to Carbon Capture and Storage. Carbon Capture and Utilization. Again, to those of you or whoever is watching, if you want to see it come over, we will take you to Jubail. It's been up and running since 2015. In fact, we're doing a half a Million Ton, where we use it to produce methanol and Glycone, I think. And again, interchangeably some one of them is reuse, and one of them is recycling, so but what we want is more in terms of what products that can CO2 can be utilized and recycled, or reused. What we want to do more is how can we bring more efficient technology, more cost reduction and what have you, so it's not a pip dream or a pie in the sky as the British would say. It is there it's been practiced and we're preaching what we are executing which is different than others. There are people who will tell you a lot of things that they intend to do, but then you ask them do you have it? And the answer is: No, have you conceived it? From what source you know a late night sleep that got you to wake up in the morning with that idea? I don't know what kind of inducement you had that night before to make you come up with that idea. Is it there? it is it has to do with being a believer. If you are a Believer, you practice. If you are not a Believer, you will not practice. So, what we are saying to everybody here, not only we are believers but we are practicing Believers. And we want people to see the Merit of what we are doing and support us and help us, because it is a win-win thing I would call it Triple win thing because you're monetizing instead of CO2 being and it could be a CO2 being material that could be used. It's a choice, we elected the better choice, which is monetizing every molecule that's our theme. The world would require every molecule of, and every electron of energy, if we want to be faithful to the trajectory that we are all aspiring for which we will have the cloud, the data center, the AI and what have you. Can you please tell me how much electricity this world would require? My God, I don't want to be the energy Minister. So it should be multi-story.