Saudi Gazette report

RIO DE JANEIRO — Minister of Foreign Affairs Prince Faisal bin Farhan said that Saudi Arabia’s investments in innovative technologies have enabled it to achieve one of the lowest emission intensity rates from oil and gas operations in the world.

He said this while addressing the third session of the G20 Summit titled “Sustainable development and energy transition,” in Rio De Janeiro, Brazil on Tuesday. On behalf of Crown Prince and Prime Minister Mohammed bin Salman, Prince Faisal is leading the Saudi delegation attending the summit.

Prince Faisal said that Saudi Arabia is investing in increasing the share of renewable energy sources in electricity production to reach 50 percent of energy generation by 2030, in addition to investing in the production of clean hydrogen, and applying the framework of the circular carbon economy, where emissions are converted into high-value industrial and commercial products.

He referred to the Kingdom's initiatives in this regard, including the "Green Saudi Arabia" and "Green Middle East" initiatives, stressing that the success of the Kingdom's model for energy transformation paths is linked to its national circumstances and development plans.

The Saudi minister stressed the importance of the G20’s role as an effective forum to enhance coordination and collective action to confront the challenges facing sustainable development. “Energy security represents a global challenge and an obstacle to development and poverty eradication,” he said while stressing the importance of taking into account the special circumstances of each country and the different development needs when developing energy sector transformation plans.

Prince Faisal called for adopting a balanced and comprehensive approach based on three main pillars: energy security, access to affordable energy, and environmental sustainability. “Energy transformations require time and significant investments to ensure that they are achieved in a fair and comprehensive manner, and that maintain market stability and energy security,” he said while noting that the use of all energy sources without exception, including hydrocarbons and their clean applications, in addition to focusing on technological innovation, will contribute to the process of managing emissions and environmental impacts. “Enhancing international cooperation is important to ensure that energy transformation paths are fair and comprehensive, and support development efforts around the world, which will lead to balanced and sustainable development for future generations,” he pointed out.

Prince Faisal praised the efforts of the Brazilian presidency to push towards achieving development goals and reducing economic gaps. He appreciated Brazil's distinguished efforts during its G20 presidency for the year 2024, and expressed the Kingdom's wishes for South Africa to succeed during its upcoming leadership of the group.

The Saudi delegation attending the summit session included Minister of Finance Mohammed Al-Jadaan, Deputy Minister of Finance and Saudi Sherpa for the G20 countries Abdulmohsen Al-Khalaf, and Saudi Ambassador to Brazil Dr. Faisal Ghulam.