KSA unveils investments to develop clean energy sector
The Kingdom is launching new investments for the development, innovation and implementation of new energy-efficient technologies, particularly in the clear energy sector, to overcome challenges associated with environmental changes.
Minister of Petroleum and Mineral Resources Ali Al-Naimi, who headed the Kingdom’s delegation to the 21st Conference of Parties of the United Nations Framework Convention on Climate Change, said greater investments in research and innovation in clean fossil fuel technologies and alternative energy sources is “critical” and “should considered a priority.”
During his statement at the conference, Al-Naimi said Riyadh is focusing on research and innovation in clean energy sources, and has developed a long-term work plan for researching carbon management from all stationary and mobile sources, and its use in improving industrial and oil recovery efforts.
“The Kingdom is investing in developing and implementing new energy efficient technologies and renewable energy programs, such as solar and wind energy,” he said. “The Kingdom has established the King Abdullah Center for Petroleum Research and the King Abdullah University for Science and Technology, and other research cities and centers in coordination with international universities in order to boost innovation and efforts in this field.”
Al-Naimi said the Kingdom is well aware of the challenges and threats of climate change, noting that each challenge presents an opportunity for innovation and development.
“Among our priorities is ensuring all countries are able to obtain all types of energy in a trusted and environmentally friendly way,” said the minister.
“Fossil fuel technologies have played a key role in bolstering development, allowing many developing countries to achieve economic advancements rapidly, but 20 percent of the global population still cannot access energy technologies.”
The minister stressed the need for increased support for investments in research and development, and greater collaborative efforts between the public and private sectors to “realize common goals of combating climate change and allowing for greater advancements in sustainable economic development,” noting that the Kingdom is “optimistic about the prospects of this initiative as a step toward the realization of our shared ambitions.”