RIYADH – On Tuesday, at the Future Investment Initiative (FII) conference in Riyadh, Energy Minister Prince Abulaziz bin Salman stated that Saudi Arabia is committed to maintaining crude capacity at 12.3 million barrels per day. This reaffirms the kingdom’s position as the world’s largest oil exporter.
The Prince emphasized that this commitment to maintaining crude capacity is not at odds with the country’s efforts to address climate change. In fact, Saudi Arabia is determined to monetize every molecule of energy it has, while also pursuing its climate goals. This shows a balanced approach towards both economic and environmental sustainability.
“We will monetize every molecule of energy this land has, period,” Prince Abdulaziz said. He also added that this policy will go hand in hand with other goals, such as reducing emissions. This highlights the kingdom’s determination to not only preserve its position as a top oil producer, but also to contribute to global efforts in mitigating climate change.
The Prince also announced that the kingdom’s sovereign wealth fund will be involved in a carbon credit exchange, which is expected to be announced later on Tuesday. This highlights Saudi Arabia’s commitment to finding innovative solutions to address climate change.
Last year, at the U.N. climate conference, COP28, Saudi Arabia backed a deal that gave countries more flexibility in choosing their own pathways towards cleaner sources of energy. This was in line with the country’s belief that emissions can be reduced without completely abandoning fossil fuels.
It is worth noting that at the summit, more than 100 countries pushed for a “phase out” of fossil fuels, but faced resistance from the Saudi-led oil producer group OPEC. The Prince addressed this, saying “We are not ashamed of our record when it comes to emissions. We are proud of it, but the pundits try to create a smoke screen not to allow us to be on the so-called higher moral ground.” This statement shows the kingdom’s transparency and willingness to engage in constructive dialogue on this issue.
Moreover, Prince Abdulaziz announced that Saudi Arabia will update its national climate pledge under the Paris Agreement to raise its target. He stated, “We ensure we will have a refreshed NDC [Nationally Determined Contribution] next year, and I can guarantee you out of knowing the number will be higher.” This demonstrates the country’s commitment to continuously improve and contribute more towards global efforts to combat climate change.
In conclusion, Saudi Arabia’s commitment to maintaining its crude capacity at 12.3 million barrels per day, while also pursuing its climate aims, shows a responsible and sustainable approach towards energy production. The kingdom’s efforts to find innovative solutions and continuously raise its target under the Paris Agreement highlight its dedication to addressing the global challenge of climate change. This sends a positive message to the world, encouraging other countries to follow a similar path in achieving a balance between economic growth and environmental sustainability.
