RIO DE JANEIRO: Saudi Arabia's foreign minister highlighted the importance of a balanced, inclusive approach to energy transition while ensuring global energy security and sustainable development at a Group of 20 session on Tuesday, Saudi Press Agency reported.
Prince Faisal was leading the Kingdom's delegation during a session titled "Sustainable Development and Energy Transition," SPA added.
Energy security represented a global challenge and an obstacle to development and poverty eradication, the minister said, calling for energy plans that consider each country’s unique circumstances and development needs.
Prince Faisal outlined three pillars for effective energy transition: ensuring energy security, maintaining access to affordable energy, and achieving environmental sustainability.
He stressed that the transition required significant investment and time to maintain market stability while ensuring fairness and inclusivity.
Prince Faisal also highlighted the role of technological innovation in managing emissions and environmental impacts.
He noted Saudi Arabia’s investments in innovative technologies had resulted in one of the world’s lowest emissions intensity rates in oil and gas operations, adding that the Kingdom was also advancing its renewable energy goals, aiming for 50 percent of electricity generation from renewables by 2030.
He added that the Kingdom was also expanding its clean hydrogen production and implementing the circular carbon economy framework to repurpose emissions into valuable products.
During his address, the prince also outlined Saudi Arabia’s commitment to global sustainability through its flagship initiatives, the Saudi Green and Middle East Green programs, which are tailored to the country’s development needs.
He called for enhanced international cooperation to ensure energy transitions are equitable, inclusive, and supportive of global development goals.
Prince Faisal expressed Saudi Arabia’s appreciation for Brazil’s leadership of the G20 in 2024 and extended well wishes to South Africa as it assumes the presidency in 2025, SPA reported.
