Energy Minister Prince Abdulaziz bin Salman stressed that energy security is the only thing that should not be optional in the energy transition, as sustainability will not be achieved without energy security. He pointed out that Saudi Arabia is the only country on the planet that achieves a financial return from the transition, because it is committed to honesty in its transitions and studies every step economically, including the choice of partners.

During the launch today (Tuesday) of the fourth edition of the Saudi Green Initiative Forum under the slogan “We take the initiative with our nature,” coinciding with the 16th session of the Conference of the Parties to the United Nations Convention to Combat Desertification (COP16), which Riyadh is hosting under the slogan “Our land, our future,” he explained that three months ago a contract worth $70 billion was signed for the giant gas system.

Prince Abdulaziz bin Salman highlighted the scale of renewable energy projects being implemented by the Kingdom, saying: “The Kingdom is living through an energy transformation phase instead of just talking about it, as one million barrels of oil have been replaced with gas and renewable energy, which is a great achievement.” He praised the ongoing efforts made by Saudi Arabia to achieve the goals of Vision 2030 and build a prosperous future for future generations.

The Minister of Energy stressed the importance of enhancing energy security as the most important pillar for achieving sustainability in various fields, pointing to the wide range of environmental and climate initiatives underway in the Kingdom, and its keenness to enhance prospects for cooperation with global partners in order to ensure the highest levels of impact of these initiatives worldwide, praising the pivotal role of youth in promoting the progress of environmental and climate initiatives and building a better future for all.

Saudi success in converting raw materials

For his part, Minister of Industry and Mineral Resources Bandar Al-Khorayef affirmed that the Kingdom is one of the largest exporters of fertilizers and soil conditioners. During his participation in the forum, he stated that the Kingdom has successfully transformed raw materials, such as bauxite, into high-value products that can be used in industries like aviation and automobiles. He pointed out that investment in mining is a means of social development, and that the phosphate mine in Waad Al-Shamal has contributed to serving the community through education, transforming the region into an attractive investment destination, and achieving significant success in converting raw materials into high-value products.

10 billion euros investment with France

For his part, Investment Minister Khalid Al-Falih revealed that the value of the Kingdom’s trade relations with France exceeded 10 billion euros last year, and with the influx of investments worth 3 billion euros into the Kingdom in 2023, the total French direct investments amounted to more than 17 billion euros, making it the second largest investor among the countries.

Al-Falih said during his session at the forum: “We are proud to host nearly 500 leading French companies registered with the Ministry of Investment, and most importantly, 30 of them have established their regional headquarters in Riyadh.” He added: “The Kingdom has the capabilities to meet the challenges of the Green Initiative.”.

He confirmed that funding is available, but the work is simply about integrating or linking the fields, noting that green industry will help create an international shift from the Kingdom.

In a dialogue session with Aramco CEO Amin Nasser, he said: “We have 100 million tons of oil that are equivalent to 30 years of production.” He pointed out that the company’s venture capital investments are essential to supporting the energy transition, noting that the main problem with hydrogen is its high cost compared to other energy sources. He added: “We have invested a lot to make the Kingdom one of the least carbon-emitting countries.”.

The President of the Islamic Development Bank, Dr. Muhammad Al-Jasser, pointed out that one billion dollars has been provided to combat desertification, with the aim of achieving sustainability and growth globally and enhancing the impact of Vision 2030.

The forum will witness the participation of experts, policymakers, business leaders, specialists and experts from around the world to discuss land rehabilitation, harnessing the latest innovations to reduce carbon emissions, financing the green transition journey to support sustainable livelihoods, the role of nature-based solutions in enabling communities to adapt to climate change, in addition to enhancing efforts to preserve the Kingdom’s rich biodiversity.

3 goals include reducing emissions

The forum will review the progress made towards achieving climate and environmental goals, within the framework of the Saudi Green Initiative, action plans to combat desertification, and accelerate land rehabilitation efforts, with a focus on the most important trends in sustainability and the latest environmental innovations that contribute to building a more sustainable future.

During the COP16 conference, the Saudi Green Initiative Exhibition will be held, offering visitors an exceptional journey highlighting the Kingdom’s vision for building a sustainable future, along with a range of interactive experiences showcasing more than 80 initiatives being worked on within the framework of climate and environmental action efforts. The Saudi Green Initiative Dialogue Series is scheduled to take place daily during the period from December 5-13 at the Saudi Green Initiative Exhibition.

The Saudi Green Initiative focuses on achieving three ambitious goals, including reducing emissions by 278 million tons annually by 2030, afforesting the Kingdom by planting 10 billion trees, and protecting 30% of land and marine areas by 2030, with a focus on reintroducing endangered wildlife.