November 20, 2024, Saudi Arabia – During a G20 session on "Sustainable Development and Energy Transition," Saudi Foreign Minister Prince Faisal emphasized the necessity for a balanced energy transition to ensure global energy security and sustainable development.
He outlined three essential pillars for this transition: securing energy supplies, maintaining affordability, and achieving environmental sustainability. Prince Faisal highlighted that significant investments and time are required to ensure market stability while fostering fairness and inclusivity.
Technological innovation plays a pivotal role in reducing emissions and minimizing environmental impacts, according to the minister. Saudi Arabia has achieved one of the world's lowest emissions intensity rates in oil and gas operations and aims for 50% of its electricity generation from renewables by 2030.
The Kingdom is also expanding its clean hydrogen production and implementing a circular carbon economy framework to convert emissions into valuable products. Prince Faisal reiterated Saudi Arabia's commitment to global sustainability through initiatives like the Saudi Green and Middle East Green programs.
He called for enhanced international collaboration to ensure equitable and inclusive energy transitions aligned with global development goals.