RIYADH NOVEMBER 1st: The G20 Summit under Italian Presidency confirmed its intention to build on the breakthrough initiatives adopted during the Kingdom’s Presidency of the G20 in 2020, HRH Prince Abdulaziz bin Salman, Minister of Energy, said.
In particular, the group is enhancing energy-related efforts such as adopting the Circular Carbon Economy, stressing the importance of energy security for economic growth, committing to collective action in combating climate change and to providing facilities to the least developed countries to be able to use cleaner cooking fuels.
On the occasion of the Kingdom’s participation in the G20 in Italy, HRH said in a statement to the Saudi Press Agency that the energy ministers’ discussions focused on three key topics: smart, flexible and sustainable cities; recovery and the opportunities offered by innovative, technological energy solutions; and financial commitments compatible with the Paris Agreement.
This round of G20 meetings, HRH added, emphasized the importance of adopting a collective approach towards addressing climate change and through promoting full and effective implementation of the Paris Agreement by all Parties.
It also highlighted the importance of committing to the deployment and implementation of nature-based solutions or an ecosystem-based approach in and around cities. It stressed the importance of providing affordable energy for all, based on the initiative of the G20 and what had been agreed upon during the Kingdom’s Presidency of the group in 2020.
It is imperative that everybody is aware that the world needs all sources of energy, HRH stressed. There are three main pillars, HRH explained, on which the energy sector relies and which everyone involved in the sector is aware of.
These pillars are: Energy security; economic development which guarantees the well-being of people; and climate change. All three pillars must be attended to without compromising one for the sake of another whatsoever.
Prince Abdulaziz pointed out that the Kingdom’s Nationally Determined Contributions took a comprehensive approach to emissions reduction, as expressed in the Saudi Green Initiative (SGI) and Middle East Initiative (MGI), both announced by HRH Crown Prince Mohammed bin Salman recently.
The initiatives, HRH added, attest to the Kingdom’s ongoing commitment to environmental protection as a pillar of Saudi Vision 2030. MGI included setting up a cooperation platform for the implementation of CCE, establishing an investment fund for CCE technological solutions in the region, and an international initiative to provide cleaner cooking fuel for the 750 million people deprived of it.
SGI raised the voluntary contribution of CO2 reduction from 130 million to 278 million tons by 2030, and replacing liquid fuel with gas and renewables through an energy mix initiative, producing 4 million tons of green and blue hydrogen, and establishing a CCUS complex.
HRH Prince Abdulaziz concluded by stressing that the Kingdom is playing a crucial role under the framework of the G20 in energy, climate change and other areas. The effort of the Kingdom is being appreciated by the G20 countries, HRH said, as they see what the Kingdom is constantly doing on the ground to achieve sustainable, comprehensive development initiated by Saudi Vision 2030, and the Kingdom’s stated determination to achieve all its objectives for the betterment of its nation, the G20 countries and the whole world.
