Transition presentation at FII8

[M152-001] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:02:00 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

Good morning, everybody

[M152-002] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:04:00 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

glad to be here again

[M152-003] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:06:00 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

and not only I’m glad to be here again I’ll be more than proud to be here next year and the year after

[M152-004] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:20:00 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

not necessarily as the energy minister of Saudi Arabia, but as a citizen of Saudi Arabia

[M152-005] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:28:00 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

because what we have been doing so far and what we will be doing in the future is something worthy for everybody to see and something we will be proud to share, to share it with our friends who took the trouble of joining us and understanding what we have been doing , but more important and more relevant what we shall be doing

[M152-006] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:01:06 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

without much ado I did deliberately choose the title of my speech in this so called elusive black box transition

[M152-007] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:01:20 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

and I was trying to create a bit of glimpse of suspense on what is this all about and it will be easy

[M152-008] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:01:32 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

so this is an short effort of trying to figure out what we have done as a country over the last six, seven years

[M152-009] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:01:46 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

and the dotted spaces is more to say that there is was a lot that had been done, it had been done over six to seven years period .

[M152-010] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:02:01 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

I don’t have to talk about how much transformations we have been underwent over the last few years, but it is prelude for what I want to introduce for you in terms of what we will be doing, have been doing, continue to do when it comes to our energy transition

[M152-011] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:02:29 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

but the base case if we this country and the people of this country and our partners were capable to do this Mammoth historical transformation which in my judgment and I hope I’m not wrong and I’ll leave it for you and I’ll leave it for history to come up with the conclusion and the verdict

[M152-012] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:02:55 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

but show me any country in planet Earth that had underwent this transformation in such short period

[M152-013] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:03:03 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

I just yet to see somebody who could confirm to me that there was something some country that had done so

[M152-014] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:03:14 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

so if I am correct I must be also hopefully correct that when I describe our energy transition I think you will concur with me that this country does not know the word impossible .

[M152-015] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:03:43 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

We are transitioning with a purpose and that purpose you could see in front of me, but we are trying to export all forms of of energy

[M152-016] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:03:56 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

And we are trying to use circular carpon economy as an approach to give us guidance of where we are going to go

[M152-017] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:04:06 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

and we are also leaping into manufacturing of exporting manufactured and engineered products

[M152-018] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:04:15 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

why? very simple .

[M152-019] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:04:17 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

we want to enhance our economic diversification by value creation, supply chain resilience and job creation, which is a fundamental and important thing for all of us

[M152-020] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:04:32 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

that journey had started way before and we had a good glimpse of what it could achieve to us

[M152-021] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:04:40 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

in the 70s, when we had put together our first five years plan, second five years plan the concept of capturing was created and you could see and people had seen the result and the achievement we have secured by capturing

[M152-022] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:05:02 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

and by capturing gas, two industries cities were created an entire industry in this name of chemicals was created

[M152-023] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:05:13 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

we have moved from transition from using liquid to gas in the form of Methan in not only in creating Electricity, but also in producing water

[M152-024] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:05:28 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

and as a result you have a company called Sabic today and you see how Sabic had evolved and will be evolving

[M152-025] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:05:38 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

so, as Aramco in the chemical sector and the entire sector, an entire sector actually was created in the 70s,

[M152-026] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:05:46 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

now we have something that also we are proud of and I will go through it with you quickly I know Yaser is here, I know Rechard is in backstage, I hope that platform does not have any ejector for me to get me out but I will try to do it as fast as I can.

[M152-027] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:06:08 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

Energy Efficiency this is what we have done. We started that program 2012, we Kickstart some of these programs some of it 2013, 14 and 16.

[M152-028] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:06:23 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

We worked as a Government not as a Ministry. In fact, efficiency if you look at how many were involved in it I think there about probably about 20 some between Government, institution, companies and what (….)

[M152-029] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:06:42 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

I will give you an example what we have achieved efficiency that was led by the IA in the mid-70s as a result of higher oil prices

[M152-030] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:06:56 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

I think it commenced somewhere about 75, 76 so the OECD countries had that experience for probably the best part of 50 years

[M152-031] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:07:09 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

Look at what we have achieved in less than 60 years, six years or in less than eleven years when it comes to efficiency and of air conditioning

[M152-032] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:07:24 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

we are almost at bar with the US little short of the EU but certainly we will continue trying to catch up look at the fleet average standard we are at bar with the US almost and with the infant of electricity car, electrical cars and what have you and hoping to go for even hydrogen ourself in in these cars we will be at bar with everybody but look at the time we spent the cars is 6 years or 8 years program

[M152-033] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:08:06 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

so, if the OECD achieved all of these number in almost 50 years and we have achieving similar conclusions or results in a lesser probably when 20% of time that was spent on these programs.

[M152-034] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:08:29 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

Again, I will ask you what is it that we would not be able to do .

[M152-035] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:08:35 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

Energy makes transformation and I will go about that very quickly because some of you have seen it

[M152-036] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:08:40 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

but I wanted to make sure that everybody go through the experience of investigting and activating a program, a holistic program and it has to be holistic,

[M152-037] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:09:05 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

and it has to work like as I keep saying it just a week ago this things has to operate again I am not advertising Swiss clocks or watches but indeed it has to work like a Swiss watch

[M152-038] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:09:16 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

I will give you a glimpse of what we have been doing we have been quite boys but and girls, but this is what we have been tendered we have tendered as a new jobs projects, we can’t hide that it is all in the public domain 44 gas of renewables is exactly about 50 % of installed capacity of the UK, 90 % of installed capacity of the Sweden, 100 % of installed capacity of both combined Switzerland ad Austria and 100 % of what Malaysia capacity is.

[M152-039] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:10:09 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

Now, when it comes to growth comparing what the US had installed last year 44 Giga, Germany 18 Giga Watt. Ourself this year we will be doing the 20 Giga; I didn’t want to compare with China because we will all look small comparatively .

[M152-040] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:10:41 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

How we are going to be doing the 20 Giga in every year? we have our just embarked in a program which is the first in as an experience had never and I am sure of that no country had underwent this exercise that I am going to explain to you which is we took as sizeable as 850,000 kilometer equivalent to the size combined size of the UK and France or Spain and Germany

[M152-041] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:11:15 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

And we are doing surveys in advance to ensure that we will have a bankable data on these sites, selected sites just to ensure that we will have a backlog of lands that would expedite our process. When it comes to commissioning new projects, it would reduce cost to the developer.

[M152-042] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:11:44 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

It would allow banks to lend with Certainty by just putting meters and calculating data and continue calculating data to make sure that this information will be virtually on the dot and therefore it send a better chance for having to avoid spending a year or two years depending what you are doing in terms of renewable whether will be wind or solar

[M152-043] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:12:22 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

Prices, again we started with Sakaka and look at the price, Shaybah is under construction look at the price, people talk and complain about cost of producing renewable, so we are just about to close that hopefully the next couple of weeks When it comes to wind again we still hold the again we still hold the records .

[M152-044] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:12:49 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

the very country that started late and this is the holder of the record of both solar and wind what we're doing in both transitioning away from liquids to gas.

[M152-045] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:13:07 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

and I'll tell you a story about the gas, this is what we're doing we're converting 23 gigas that we're uh using liquids we're moving them to gas

[M152-046] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:13:22 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

we've already signed up to a lot of gas turbine units and the best part about it we have already committed ourself to carbon capture

[M152-047] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:13:39 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

so whoever question our commitment that we will use gas unabated gas and unattended to gas is wrong because each and every contract that we have signed over the last 2 years had that commitment of making sure that capture and storage Readiness will be there

[M152-048] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:14:06 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

look at the size of our system not a lot of people think of how much and how big that system probably it's I didn't have the time to compare it with Europe but look at what it is, I even think that many of our friends many our colleagues and well citizens Saudi Arabia don't know that today it's ... you know the just the transmission line just to give you a glimpse of how Mammoth the job is 95,000 kilometer of transmission line being spread in Saudi Arabia we will move it to 160,000 kilometer

[M152-049] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:14:48 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

and that those 95,000 are old unattended to and lacked maintenance so we are overhauling them and building the new ones to ensure that that grid will be commensurate with the bigger ask which is when we move more to renewable when we have the issue of intermittence that you will have the grid to attend to that because otherwise you will have a serious energy security and energy reliability issue

[M152-050] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:15:22 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

so as in distribution 827,000 kilometers and we're moving it to 100 to a million 1.5, 1.1 million

[M152-051] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:15:38 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

now when it comes to other things whichis the substations both look at where we are and look at what we're going for look at what we are when it comes to the substations for Transformers for the distribution side

[M152-052] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:15:57 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

the bigger issues were linking every region in Saudi Arabia to ensure that no place in Saudi Arabia that does not have at least two sources of electricity coming and therefore a huge transmission lines will be dedicated to to serve that

[M152-053] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:16:19 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

we have already signed 26 giga of batteries and by that by 2030 we will be doing a 48

[M152-054] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:16:31 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

the seven distribution control centers is again to ensure, today there are two there will be nine which is again taking into account the transformation will go into the power sector

[M152-055] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:16:48 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

this country I can vouch here in front of you not a single consumer that does not have, you know, Smart Meters I don't want to compare because it will be an embarrassment for so many countries amongst the top G20 they don't have it

[M152-056] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:17:14 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

hydrogen again thanks to Neom and thanks to the vision of his Royal highest Crown Prince Prince Muhammad look at how much we're compared with the others we're actually the biggest producer of hydrogen people talk about hydrogen people talk a lot about green hydrogen show me who has that capacity being already executed show me who is willing to say we're ready, we're ready to export clean hydrogen greenhydrogen have people here in Aramco in Sabic they're touring everywhere in planet Earth marketing hydrogen still have some capacity to sell

[M152-057] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:18:01 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

we also are marketing and that's why we got engaged into the corridor arrangements just to ensure and make sure that the world understand that we're ready to export green electricity, a green hydrogen at any sizeable, trust us and test us if you want

[M152-058] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:18:22 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

but, we also want to make sure that hydrogen can be used and available in Saudi Arabia for those who wants to come and invest here in those hard-to-abate sectors and for the purpose of time I'm sure you know it better than me

[M152-059] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:18:41 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

we are also committed to maintaining 12.3 million of crude capacity we're proud of that but look at what it takes to maintain that capacity

[M152-060] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:18:53 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

and there are so many people who claims to be understanding oil if Saudi Arabia has to go through these Investments to maintain potential I would tell some of the, -well-, for the purpose of respect I will tell those people who talk about this country is going to increase this, this country is going to increase that and the total number is 7 million -well- there is something called natural declines and if you don't attend to that you lose over time and if you continue don't continue spending 60% of an upstream company on maintaining potential you lose that potential however, there are good people that take these things slightly but anyway only as (...) saying once in one of his Noble only time and patience will prove the contrary

[M152-061] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:19:58 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

look at our gas unleashing this is a country that actually will make money out of transitioning probably the only country in planet Earth that would make real money out of transitioning because we're building the gas pipelines we now are monetizing untapped resources in in the name of Jafura and the rest

[M152-062] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:20:22 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

and we're extending huge amount of pipelines with the shrubs going all over the countries to ensure that these industrial cities will be supplied with gas but here is comes the biggest price look at this amount of pipelines and we're not talking about daydreaming, contracts have been signed execution is being executed by the, by Aramco, the ownership of it will be to the state and the government, the government is attended to make sure that Aramco would notz lose money out of this thing but will be an operator but more important it is our gateway to monetize our gas

[M152-063] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:21:18 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

and again, look at how many countries can stretch 4,000 square meter, 4,000 kilometers of gas pipelines all over the world

[M152-064] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:21:29 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

a lot of people would have songs about it, look at what we would will help us because that gas if produced will give us also more liquids and more ethane

[M152-065] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:21:44 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

and look at the multipliers and we know for certain and actually we are conservative with these numbers that in basic chemical, we -will have- will double at least double and when it comes to Downstream chemicals it will be tripped.

[M152-066] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:22:06 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

Emission management, and by the way the thing that I talked about in doing all of that energy mix, it's been there for a while I know a lot of you people have heard of it, we will be saving a million Barrel which we would be able to export it and by the way we are engaging in most of these chemical things, we will be using oil to chemicals domestically and abroad and that's why you see us or you see Aramco investing a lot in China and we'll be investing a lot everywhere else and planet Earth, because we would like to continue monetizing our hydrocarbons

[M152-067] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:22:52 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

In this room 2019 I did say we will monetize every molecule of energy this land has, period.

[M152-068] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:23:08 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

Now, we're not ashamed of our record when it comes to emissions we're actually proud of it, but the pondent try to create the smoke screen not to allow us to be in the so-called higher moral ground if you want to, look at our the Methane intensity and by the way Aramco did work on it even since the 80s look at where we are we're second to Norway and I did tell my friend in Brazil just two months ago that watch out we're going to catch up with you very soon

[M152-069] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:23:54 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

Flaring intensity, with a production as big as Saudi Arabia look who who is ahead of us and look how much we are so close to Canada, so I'll tell our friend my friend in Canada watch out we're coming, and I wouldn't be surprised that within the next few years that you will see us and because we are engaged in in so many initiatives that will allow us and actually ensure that we we will deliver that

[M152-070] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:24:22 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

but more important look at our carbon intensity when it comes to production and ask yourself why people would come to us, lecturing us on acting as, decent Global Citizens when we have a record that make a lot of people wonder if this speeches are to be rendered for us, or rendered for their ownselves

[M152-071] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:24:55 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

these are the initiatives that we are plugged in so we're not shy actually from from being involved in these initiatives because it first it helps us to give us guidance, and help us to help others to achieve what we are achieving, and ensure that people understand what steps that we have taken to continue being taking a leading role in these things because it helps our narrative our narrative, is we use circular carbon economy to ensure that we monetize every resource of energy this country has, and we can win the race of monetizing your energy resources yet, attend to climate change

[M152-072] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:25:52 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

and by the way this routine missions we've done that a long time ago actually 2018 I think Ahmed if you remind I think it was 2018 that we've already achieved that

[M152-073] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:26:09 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

this is what we're doing in term again we're putting our money where our mouths are this is what we are trying to achieve Aramco and Sabic are want to achieve when it comes to carbon capture the future is very simple we need work on creating one of the world's largest CC with carbon capture and use basically in Yanbu, we have one we're working with some companies on that

[M152-074] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:26:50 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

we are also decarbonizing through our the gas turbine units as that I talked about which is about 42 giga where we are committed as I said to ensure that the CO2 will be captured, by the way we are we did and we reached out to our friends from the EU that we're willing to make avail some of our, again we're lucky we have so much empty Aquafers and we're willing to make others make use of it if they select to store their own CO2 in Kingdom

[M152-075] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:27:42 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

we have our commitment to create at some point a carbon market, look at that how much and we've been staging it and the reason we've been staging it is again we want to ensure credibility and reliability

[M152-076] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:28:02 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

we did start with a voluntary carbon market for the kingdom and we work hand in hand with PIF in all of these steps

[M152-077] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:28:12 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

we did launch an October last year when we had the Mina week we did launch that avail renewable energy certificate Aramco and others NPIF along with the principal buyer that the one that company that do all the tendering will own 50% of that

[M152-078] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:28:33 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

Assistive visibility of an emission compliance system tailor to be to the kingdom

[M152-079] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:28:42 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

we learned from everybody's problems and mistakes I will give it to the EU that they were they had the start but they had a very tough start so learning from what everybody under went we wanted to take our our time to ensure that whatever regulation and structures and what have you should be first commensurate with our own needs, pertinent to our own economy which makes it somewhat different from one country and one to the other

[M152-080] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:29:17 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

but and that's why we're targeting that, we will pilot for the next two three years just to ensure that that Readinessis there again it is for the purpose of enhancing reliability of the system

[M152-081] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:29:32 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

I think today we will be signing something with PIF as a prelude for the announcement of the exchange platform that we would like to do it in Baku, I think it's it goes well that we tell our friends who are engaged in climate change negotiation, that we're taking also a lead among so many countries that keep talking about it but they don't have it

[M152-082] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:30:03 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

PIF had already launched one of the largest if not probably the largest voluntary carbon credit auction as a way to ensure that the their own company has this Readiness and availability

[M152-083] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:30:25 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

I also we are engaged in all of these activities that again we ensure that we will have a refreshed NDC next year and I can guarantee you out of knowing that the number will be higher and it will give us a pleasure to make it higher and higher as we go

[M152-084] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:30:49 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

but we know that this approach of us will deliver us better in this ease as we go

[M152-085] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:31:00 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

Nobody in planet Earth created something uh similar as to the Saudi Middle East Saudi green initiative and the Middle East initiative

[M152-086] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:31:11 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

this is a country that decided that it want to be accountable and it want to be monitored and created these two initiative to help the country fostering what it takes to do good things in Kingdom to ensure that people understand that we're dead serious about what we're doing

[M152-087] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:31:36 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

not only that we're offering to help other countries to try to achieve lower emissions in our endeavor to be a global citizen attending to countries in the context of South to South

[M152-088] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:31:54 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

localization, just last week we have celebrated with Aramco, Sabic, SEC I keep repeating it I will give it to Aramco and Sabic they launched their own local content programs way back way back so as SEC later on

[M152-089] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:32:18 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

but then the whole country went through a like everybody went through the experience of covid which really triggered a bigger question for the country on do we sit on our hands or do we figure out what is happening to the supply chain and chain and the resilience of that supply chain

[M152-090] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:32:41 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

in a short think we did review and we found that probably the best sector that did not suffer the most as others was the energy sector thanks to iktva and nusaned and Bena

[M152-091] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:32:58 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

however the Direction Changed for too many purposes especially supply chain resilience and especially also to try to monetize more of our own resources in mins and what have you and we honestly going through the transitioning that we are going through we do identify with the rest of the world that energy security definition will be changed to one that encompass materials and raw materials and those who will capture it first will have the ability to say I do have an energy security those who are going to miss I think they will miss forever so be careful the world has transitioned in the definition of what we call it energy security

[M152-092] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:33:55 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

so to do that that we had to congregate as an ecosystem including every part of the government that can be part of this and that's why we are also working with the ministry of industry and ma'aden which is a company owned by PIF in fact they've created another subsidiary just to make sure that whatever we cannot have here we will go and hunt for it anywhere just to make sure that we have our own minerals and materials requirements are sealed and secured

[M152-093] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:34:37 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

In our endeavor we are as I said addressing energy Supply security of the other things that we're doing there is an economic value for these programs it create jobs it creates it helps in diversifying the economy it and and and and but now as I announced last week who said we will be be confined to to secure our own needs no we honestly believe learning from our experience learning from the partners that we have that actually this country can become a local content or you know a hub for supplying all of the region and Beyond the region

[M152-094] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:35:36 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

we're honest we're telling you what we have achieved so far look at how much we achieved when it comes to hydrocarbon or conventional power and we have already identified we've already committed to these things that we'll be doing now and we will have more to need to deliver to give us that 75%

[M152-095] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:36:04 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

look at what we have achieved on the renewable and this is in the glimpse of the last two years by the way and I'll have to give it to PF and I think they would probably tell you that we did alot of work with them Yasir went to China last month he can testify of how much work we have done with PIF to secure these things

[M152-096] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:36:29 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

so we're not trying to say we are not we are 21% but comes next year we will show you where we what did we hit and the years to come the one thing I'm sure of that the jack box which is 75% will be hit by 2030

[M152-097] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:36:53 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

human capital because it's part of the the whole thing I take a lot of time but trust me I have a team working with so many organization looking at every possibility of what kind of jobs beat that require any type of education including vocational programs using every institution existent in Saudi Arabia using even institutions within the companies such as Aramco, Sabic and SEC to ensure that we overhaul the educating education and training programs and enhance them and enlarge them including working with universities to put so many items in their curricula just to ensure that we will have a matching think between the jobs that will be created as a result of our transformation and the kind of cadets that will come and try to fill these jobs I have a very capable team it is not the ministry it is the entire ecosystem working on that because it would be shameful that we create the jobs but we don't have the right people to fill these jobs

[M152-098] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:38:21 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

in all of this we still remain faithful to the so-called energy trilemma we want to make sure that we don't lose sight of energy security we want to make sure that we don't lose sight of energy access and affordability and certainly if we do all of the above we will not lose sight of our sustainability goal and climate action

[M152-099] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:38:55 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

last but not least, this is our commitment transforming, transitioning is definitely a part of our DNA that's why I started telling you in the beginning of my speech show me again I will repeat it show me any again any country and planet Earth even historically that had achieved this transformation in the last six, seven years I have yet to see somebody with a straight face who can come and say I have a better example than this country

[M152-100] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:39:41 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

so it goes without saying that transitioning is part of our DNA and will continue to be part of an our DNA and actually we will set the example for everybody to follow

[M152-101] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:40:00 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

Youth and that's the gift that we have with all due respect we're not this is a young country this is not an old country like others and the youth that we work with and the youth that you will see in every street in Saudi Arabia in every place in Saudi Arabia is demanding and they will continue, and they will really deliver what we are

[M152-102] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:40:41 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

I am an elderly person yes still is very young person and so as others but trust me we don't gamble but we know for certain and we have the feel and we know the energy there these guys in the plural sense women and men have the ambition the talent and the stamina to get away with what they want so we're here to help

[M152-103] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:41:16 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

last of which I hope I made a case not only for the energy sector but I hope I made a case for the entire country and the people of this country, and if I did make that case for you we still want you to be part of our journey, we still want you to be part of our story, and we still as we have done 50 years ago, we welcome the idea of joint venturing, and we succeeded in mastering the art of joint venturing and we want you to be our partners so if you do

[M152-104] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:42:15 · Transition presentation at FII8 · 2024-10-29 · مشاهدة عند هذا التوقيت

just sweep the barcode, I have a team dedicated team will send you everything we'll send you the presentation we'll talk to you, we'll reach out to you we'll make sure that you understand what we want and what we want to do if you want to be part of our story scan the code.