Saudi Arabia has important role in protecting global economy: energy minister

RIYADH: Saudi Arabia has important roles in establishing the rules of international cooperation, Saudi Energy Minister Prince Abdul Aziz bin Salman said on Friday in a statement to the Saudi Press Agency.
On the occasion of the Kingdom’s presidency and hosting of the G20 leaders’ summit, the minister said that Riyadh played a key role in protecting the global economy in many of the crises it has gone through.
He said: “The Kingdom assumed the G20 presidency in 2020 and showed exceptional leadership as it tackled – with the G20 member states and countries of the world – the unprecedented crisis of the novel coronavirus (COVID-19) pandemic and the consequent economic, social, and health crises from which the world continues to suffer to this day.”
The minister highlighted the Kingdom’s success in fighting the pandemic inside the country as well as its role in addressing it and its consequences at a global level. He pointed out that Saudi Arabia has put forward substantial initiatives based on the slogan: “Let us inspire the world with our vision.”
Prince Abdul Aziz said that the G20 energy ministers’ meetings generally focus on enhancing cooperation in the field of global energy market stability and the security of its supplies, in addition to relevant core issues, such as controlling greenhouse gas emissions and air pollution to achieve sustainable development and improve global access to cleaner, more sustainable, and more affordable energy.
He added: “The G20 Energy Ministerial Meeting, held under the Saudi G20 Presidency on Sep. 27-28, 2020 against the backdrop of COVID-19’s unprecedented repercussions on the global economy, was decisive and influential. It conveyed the ministers’ awareness that the current crisis, along with its direct health, economic, and social repercussions, has contributed to destabilizing global energy markets through its significant impact on supply and demand and on consumers’ access to energy.”
The Saudi minister also said that the G20 energy ministers stressed during their meetings that energy security is one of the main enablers of global economic activity and a necessary element for energy access, in addition to being a fundamental pillar for the stability of energy markets.
“The ministers discussed enhancing the move toward establishing and adopting sustainable energy systems and pursuing initiatives to provide clean energy sources for all,” he said, adding that the ministers pointed out that the current efforts to address climate change are insufficient, and that the G20 member states have an opportunity to employ more comprehensive and effective methods.
Prince Abdul Aziz said that the G20 ministers of energy believe that access to cleaner, more sustainable, and more affordable energy is essential to reducing global poverty and promoting economic growth, and this can be achieved through the diversification of energy sources and the employment of innovative technologies.
He said that the G20 energy ministers, during the Kingdom’s presidency, endorsed the Circular Carbon Economy (CCE) approach, which is a comprehensive, integrated, inclusive, and realistic approach that includes a diverse package of energy solutions and technologies based on research, development, and innovation to ensure access to cleaner, more sustainable, and more affordable energy systems. The CCE approach encompasses the four Rs – reduce, reuse, recycle, and remove carbon emissions.