RIYADH: Saudi Arabia has inked five memorandums of understanding with African nations focusing on collaborative efforts in the energy sector as the Kingdom continues its sustainability drive.
Minister of Energy Prince Abdulaziz bin Salman signed agreements with Ethiopia, Chad, and Senegal, as well as Nigeria and Rwanda during the Saudi-Arab-African Economic Conference, pledging cooperation in various parts of the sector.
The MoU signed with Rwanda aims to establish initiatives targeting the oil demand sustainability program, raise the economic and environmental efficiency of gas and oil, and focus on innovation and sustainability.
Speaking during the forum, the minister said: “We have asked many of our colleagues in Africa if they have received any of the climate fund. I have yet to hear any who have.”
He added: “Economies of Africa need to grow, the people of Africa need to prosper, if these two things happen the world economy will grow and there will be a rippling effect.”
This step reaffirms the minister’s ongoing call to combat energy poverty and ensure energy sustainability in Africa.
Speaking during the conference, South Africa’s Minister of Trade Ebrahim Patel outlined that out of the 10 most significant renewable energy players last year in the African market, the top five were from Saudi Arabia and the UAE, with ACWA Power in first place.
“The African continent has an enormous stock of the critical minerals that will be driving the Green Revolution. The single biggest magnet for international investment is indeed green energy,” he said.
In October, the Saudi energy minister unveiled his “Empowering Africa Initiative” during the Middle East and North Africa Climate Week, which is a project that aims to promote energy equity and bring connectivity to Africa.
Speaking at the time, he noted that by bridging the energy gap, the global economy will benefit as it will bring many untapped contributors to the stage. He further noted the importance of “south-south” collaboration in the energy sector.
Speaking at the Future Investments Initiative in October, the minister also said: “Let’s not forget that a third of the world’s population is suffering energy poverty. I am approaching so many companies to have that reality check and more importantly have that moral commitment, we cannot leave the 2.2 million people behind.”
