RIYADH: Middle Eastern oil companies cannot be the only ones to invest in the transition to clean energy, a leading Saudi Arabia minister has said.
Speaking at the Future Investment Initiative Forum in Riyadh, minister of investment Khalid Al Falih called for more money to be spent to ensure a “balanced energy portfolio”.
He said: “Saudi Aramco and ADNOC and others need to invest in the transition, (but) if we leave them in the corner to pay all of the capital for fossil fuel, we are depriving them and the region from investing in a more balanced energy portfolio.”
The UK’s minister of investment, Lord Gerry Grimstone, said he expected to see closer working between governments and the private sector.
“Over the next few years we will see the most private public partnerships we have ever seen,” he said, adding: “The partnership between the public and private sectors in the world has deepened during the pandemic, and we hope to double it in the future.”
