Saudi Arabia transforms into diversified energy producer, aims for global leadership

Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman, declared that the nation has evolved beyond being exclusively an oil producer to becoming a hub for diverse energy sources.

Addressing the audience at the third edition of the Future Minerals Forum, themed “Energy Transitions in the Kingdom,” in Riyadh on Wednesday, the minister emphasized Saudi Arabia’s ambition to be recognized as a comprehensive energy producer.

Prince Abdulaziz underscored the nation’s commitment to transitioning from its conventional role as a major oil exporter to a leader in exporting various forms of energy. He articulated, “Our tag now is that we would like to be an energy-producing country of all sorts of energy, and hence our task is to prove it.” The minister highlighted ongoing investments in initiatives aimed at facilitating a smooth transition to green energy within the Kingdom.

During his keynote speech, Prince Abdulaziz accentuated Saudi Arabia’s responsible approach to energy production, drawing attention to the nation’s dedication to addressing climate change issues. He expressed optimism about the establishment of a regional market for carbon, underlining the commitment to environmentally conscious practices. The minister asserted that Saudi Arabia, along with the UAE, is adopting energy production methods aligned with global sustainability goals.

In projecting the future, Prince Abdulaziz confidently stated, “According to my estimates, we are not far behind the United States and the European Union in terms of energy efficiency standards, perhaps with a difference of only three or four years, and a maximum of five years.”

He asserted that by 2030, Saudi Arabia aims to meet or exceed energy efficiency standards set by the United States and other leading nations. This proactive approach positions the Kingdom as a formidable player in the global energy landscape, ready to embrace and lead in the evolving energy transitions.