Saudi Arabian Minister of Energy Prince Abdulaziz bin Salman Al Saud graces the inauguration of the 44th International Conference of the International Association for Energy Economics (IAEE) in Riyadh, Saudi Arabia on Feb 4, 2023. The IAEE is being held for the first time in the Middle East and North Africa (MENA) region from Feb 4 to 9. (LIU XIAOHAN/ CHINA DAILY)
Saudi Arabia is moving to become a major exporter of green electricity to the world amid global risks to energy security and access, an international energy forum heard in Riyadh on Feb 4.
Speaking at the inauguration of the 44th International Conference of the International Association for Energy Economics (IAEE) in his fireside chat with Daniel Yergin, vice-chairman at S&P Global, Prince Abdulaziz bin Salman Al Saud, Saudi Arabia’s minister of energy, also warned that sanctions against Russia could result in a “lack of energy supplies when needed”.
The six-day conference, hosted by the King Abdullah Petroleum Studies and Research Center (KAPSARC) and Saudi Association for Energy Economics (SAEE), is being held for the first time in the Middle East and North Africa region
“Be it as it may, in all what goes on and had gone in the past…all of these so-called sanctions, embargoes, self-lack of investments, they all will convolute into one thing and to one thing only – lack of energy supplies of all kind when they are most needed,” said the prince, adding that the “whole trajectory of the future might be lost by virtue of ignorance”.
The six-day conference, hosted by the King Abdullah Petroleum Studies and Research Center (KAPSARC) and the Saudi Association for Energy Economics (SAEE), is being held for the first time in the Middle East and North Africa region.
ALSO READ: Joint efforts 'the only right choice'
Lamenting what he described as the “cocoon approach,” the Saudi energy minister said countries were turning to “a bit of protectionism” with their policies and subsidies, adding that “gone are the days of free markets and globalization”.
For Saudi Arabia, the prince said they are gearing to be “not an oil country, but (an) energy producing country”.
“We believe that in scoring or comparing our ability, we can become the exporter of green electricity to the world. We can become all of the above: Green hydrogen, blue, purple whatever but we’re working hard to make it clean hydrogen,” said the prince.
In his remarks at the inauguration, Fahad Alajlan, president of KAPSARC, said the forum will discuss means to meet the triple challenge of energy security, energy affordability and climate change.
“That is why the theme of this year’s conference is ‘Pathways to a clean, stable and sustainable energy future’. The emphasis on pathways. We need to be clear. There is no one path to net zero,” said Alajlan.
ALSO READ: Saudi Arabia's bold plan to rule the US$700b hydrogen market
“Instead, there are many pathways that gets us there. Pathways that take into account national circumstances, economic development and solutions that are local, national, regional and global, not the other way round. And here in Saudi Arabia, we aim to lead by example,” he added.
He also said over the next four days, the conference will discuss many of the challenges that the energy sector face and will try to find solutions for them.
“We encourage you to talk, to discuss, to network, to learn, to collaborate together. That’s the theme of the conference and that’s the place that KAPSARC stands for,” said the Riyadh-based think tank’s president.
As the Russia-Ukraine crisis escalated last year, the West imposed harsh sanctions on Russia, a major energy producer and exporter, distorting energy supplies and hiking prices. In 2021, the European Union imported more than 40 percent of its total gas consumption from Russia, 27 percent of its oil and 46 percent of its coal. But last year, EU energy imports from the United States soared with price hikes while those from Russia dived.
READ MORE: S. Arabia sends world's 1st blue ammonia shipment to Japan
Coal imports into India hit a record high while some economies moved to reconsider nuclear power use. Emerging and less developed economies relying on imported energy have struggled to compete with developed economies for energy at high prices.
Meanwhile, US energy exporters have gained huge profits, and regions with high natural gas reserves, such as North Africa, are trying to increase exports, Xinhua News Agency reported.
jan@chinadailyapac.com