Saudi Arabia is investing in circular carbon economy to support growth: Energy Minister

Sustainable growth is needed to counter possible issue of hydrocarbons but also to support the future of Saudi Arabia, the Kingdom’s Minister of Energy, Industry and Mineral Resources Prince Abdulaziz bin Salman said in his speech on the second day of the Future Investment Initiative (FII) 2019.

“A circular carbon economy is needed – remove, recycle and reuse. Saudi Arabia is putting all its resources behind the circular carbon economy by investing in new technology and efficient solutions,” Prince Abdulaziz said.

“There needs to be a holistic approach to counter the effects globally and remove hydrocarbons such as heat,” he further added.

The energy minister also stated that Saudi Arabia has been successful in reducing energy intensity by 8 percent in residential, 3 percent in petrochemicals, and 2 percent in industrial sectors.

“We have formed a new energy service company which has been overseeing efficiency in retrofitting of buildings and over 2 million street lights,” Prince Abdulaziz said.

He also stressed on the fact that with the achievement of a circular carbon economy, it presents a challenge with unprecedented opportunities. “Development of a clean energy system will lead to achieving global development and climate growth,” the minister concluded.

According to Cyril Widdershoven, director at Verocy, renewables is needed to counter growing financial and social pressure on hydrocarbons.

“Renewables is needed to counter possible loss of income or stranded assets. Saudi Arabia will use oil and gas judiciously as liquids are meant to be exported where revenues and profits are higher,” he said.