HRH Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, affirmed that the Kingdom of Saudi Arabia aspires to be a global leader in the production of clean energy through the framework of the circular carbon economy, due to the shift the world is witnessing towards sustainability, especially in the energy and mining sectors.
HRH said during a Keynote Address in the “International Mining Conference” currently held at the King Abdulaziz International Conference Center in Riyadh, ” Saudi Arabia is a leader in the global oil industry. And our crude oil is already among the least carbon-intensive in the world, and we have invested significantly in projects for Carbon Capture Utilization and Storage.”
He added, “The Kingdom is on the way to becoming a global leader in all forms of clean energy, encompassing hydrocarbons, renewable and clean hydrogen, to complement our traditional skills in oil and gas.”
HRH Minister of Energy stressed that the sustainable production of minerals requires clean and efficient use of energy sources across the industrial process, indicating that the Kingdom is working to develop new and alternative energy sources, such as renewables, clean hydrogen, and a civilian nuclear program.
HRH went on to say, “The Kingdom’s renewables program is among the most ambitious in the world, with milestone developments in wind and solar power, in the Kingdom, as it set ambitious targets for its energy mix as well as power export opportunities.”
HRH addressed the Kingdom’s approach with regard to clean technologies to manage GHG emissions, indicating that all gas power plants will be carbon-capture enabled. and clean hydrogen is a focus of our investment, and the Kingdom is working to establish the largest clean hydrogen hub in the world in the Kingdom. Indicating that these ambitious programs will make the Kingdom a clean energy and industrial destination, with reduced footprint, by enabling the companies to meet their sustainability objectives, and develop their supply chains, notably in the minerals, mining, and metals sectors, and in the expanding area of sustainable materials – where our chemicals skills are put to good use.
HRH Minister of Energy also addressed the efforts of localization in the energy sector, and said: “The Kingdom has an abundance of the metals and minerals now greatly in demand in the world, and is developing the structures and partnerships that can exploit them to best advantage.” Stressing that the Kingdom is committed to developing and securing the key metals and minerals needed for localizing supply chains and to pursue the goal of cleaner energy. This presents a clear opportunity to localize our supply chains.
He added, “The Kingdom plans not only to exploit minerals domestically but also to hedge globally to ensure the availability of strategic metals. The Ministry of Energy is collaborating with the Ministry of Industry & Mineral Resources, the Public Investment Fund, and Ma’aden to secure strategic supply chain of metals, critical and rare earth elements, indicating that these efforts will require large-scale deployment of solar, wind, and battery storage projects across the Kingdom. And manufacturing these components will also create a demand surge for minerals like Copper, Aluminum, Zinc, Nickel, lithium, and Silicon.
HRH continued, ” let us not forget that Saudi Arabia will soon be home to electric and other fuel-efficient vehicle manufacturers, which will depend on minerals and rare earth metals for many of their components.”