Prince Abdulaziz highlights Saudi Arabia’s role in circular carbon economy and energy transition

Saudi Gazette report

RIYADH — Saudi Arabia’s Minister of Energy Prince Abdulaziz Bin Salman emphasized the Kingdom’s focus on transforming energy management systems into economically valuable and environmentally beneficial systems, in line with climate change initiatives.

Speaking during the World Economic Forum’s special meeting in Riyadh, the minister detailed Saudi Arabia’s adoption of the circular carbon economy model since 2010, a concept further endorsed during its G20 presidency in 2020.

He was speaking at a session titled “Advancing Carbon Capture and Utilization Innovations through Global Partnerships”.

Prince Abdulaziz highlighted that Saudi Arabia’s approach to electricity production offers competitive, cost-effective solutions, attracting more investments to the Kingdom.

He pointed out that government initiatives are geared towards reducing costs and maintaining competitiveness in electricity production.

This not only attracts investment but also emphasizes the Kingdom’s commitment to energy security and sustainability.

Further elaborating on the collaboration with various ministries such as the Ministry of Economy and Planning and the Ministry of Industry and Mineral Resources, the minister underscored the holistic approach to achieving the Kingdom’s energy goals.

He stressed the open collaboration with any institution that adds value to the energy sector.

Additionally, Prince Abdulaziz mentioned the Energy Efficiency Program launched in 2011, highlighting its unique position in achieving the state’s targets and advancing the circular carbon economy.

He concluded by discussing the potential benefits of carbon dioxide sinking, which could produce more carbonates and foster recycling applications, aligning with the Saudi Green Initiative and aiding climate change mitigation efforts.