RIYADH, Oct 29 - Saudi Arabia's Energy Minister Prince Abulaziz bin Salman confirmed the nation's commitment to maintaining its crude oil production capacity at 12.3 million barrels per day during the Future Investment Initiative (FII) conference in Riyadh. He emphasized that the kingdom will continue to pursue its climate objectives alongside its oil production targets.
Prince Abdulaziz stated, "We will monetize every molecule of energy this land has, period," highlighting the dual approach of enhancing energy production while addressing emission reduction. He noted that Saudi Arabia would soon announce a carbon credit exchange involving its sovereign wealth fund.
The minister also mentioned the kingdom's support for a flexible approach to energy transitions, following a deal at last year's U.N. climate conference, COP28, which allowed countries to choose their pathways toward cleaner energy. While over 100 countries advocated for a phased reduction of fossil fuels, Saudi Arabia, as part of OPEC, maintained that emissions can be reduced without abandoning specific energy sources.
In addition, Prince Abdulaziz indicated that Saudi Arabia would update its climate pledge under the Paris Agreement, promising a higher Nationally Determined Contribution (NDC) next year.