Saudi Energy Minister: Balancing Climate Action and Energy Security
Saudi Arabia's Energy Minister, Prince Abdulaziz bin Salman, emphasized that energy security does not have to be compromised to address climate concerns.
He made these remarks during a dialogue session at the 2024 IsDB Group Annual Meetings in Riyadh.
Prince Abdulaziz acknowledged the reality of the climate crisis but emphasized the importance of dealing with it according to each country's priorities.
He emphasized the need for a fair and direct approach that takes into account the differences in national circumstances.
The minister's comments come as climate change discussions increasingly focus on innovative solutions like renewables and advanced technologies while ensuring energy security and economic growth.
The Saudi Arabian Minister of Energy emphasized the need for international collaboration and collective action on climate change.
He highlighted Saudi Arabia's low carbon emissions and urged lagging countries to adopt similar approaches.
The minister called for a realistic and logical approach to climate change discussions to enable cooperation.
The energy sector is facing trade-offs between energy security and climate concerns, with some leaders, including the President and CEO of Aramco, calling for a new approach that incorporates oil and gas in the energy transition.
Muhammad Al-Jasser, president of the Islamic Development Bank, spoke at the same event as Prince Abdulaziz in Riyadh about the bank's commitment to green projects.
He explained that the bank uses innovative financing mechanisms, such as green sukuk, to fund sustainable projects.
This year, the bank plans to issue $6 billion in sukuk, some of which will be green.
Al-Jasser emphasized the bank's proactive approach to catalyzing change and increasing funding for sustainable projects, rather than waiting for it to happen.
The text describes the commitment of Arab lending institutions, including the one being spoken for, to provide financing for economic projects in a coordinated manner.
They have previously financed projects like hydro dams together through the Arab Coordination Group.
However, the speaker acknowledges the financial constraints and emphasizes the need for a realistic and inclusive transition, acknowledging that they will never have enough money to fully fund the transition.
Prince Abdulaziz acknowledged the reality of the climate crisis but emphasized the importance of dealing with it according to each country's priorities.
He emphasized the need for a fair and direct approach that takes into account the differences in national circumstances.
The minister's comments come as climate change discussions increasingly focus on innovative solutions like renewables and advanced technologies while ensuring energy security and economic growth.
The Saudi Arabian Minister of Energy emphasized the need for international collaboration and collective action on climate change.
He highlighted Saudi Arabia's low carbon emissions and urged lagging countries to adopt similar approaches.
The minister called for a realistic and logical approach to climate change discussions to enable cooperation.
The energy sector is facing trade-offs between energy security and climate concerns, with some leaders, including the President and CEO of Aramco, calling for a new approach that incorporates oil and gas in the energy transition.
Muhammad Al-Jasser, president of the Islamic Development Bank, spoke at the same event as Prince Abdulaziz in Riyadh about the bank's commitment to green projects.
He explained that the bank uses innovative financing mechanisms, such as green sukuk, to fund sustainable projects.
This year, the bank plans to issue $6 billion in sukuk, some of which will be green.
Al-Jasser emphasized the bank's proactive approach to catalyzing change and increasing funding for sustainable projects, rather than waiting for it to happen.
The text describes the commitment of Arab lending institutions, including the one being spoken for, to provide financing for economic projects in a coordinated manner.
They have previously financed projects like hydro dams together through the Arab Coordination Group.
However, the speaker acknowledges the financial constraints and emphasizes the need for a realistic and inclusive transition, acknowledging that they will never have enough money to fully fund the transition.
Translation:
Translated by AI
