Saudi Arabia is working hard, within its energy strategy, to ensure the stability and balance of global oil markets, as petroleum is an important element in supporting the growth of the global economy, King Salman bin Abdulaziz Al Saud has said.
Delivering the annual Royal speech on the work of the third year of the eighth session of the Shura Council, King Salman said Saudi Arabia is striving to ensure the immunity of the three pillars of the energy world: securing necessary energy supplies, continuous economic development by providing reliable energy sources and facing climate change, said a report.
Its pivotal role is evident in establishing and maintaining the Opec+ agreement as a result of its initiatives to accelerate the stability of markets and the sustainability of its supplies as well as the Kingdom's keenness to develop and invest all its energy resources, HRH King Salman said.
The discovery of a number of natural gas fields in some regions of the the kingdom, including (Shadoun field in the central region, Shehab and Al-Shorfa fields in Al-Ruba Al-Khali -the Empty Quarter, Umm Khanasser and Samna fields for unconventional natural gas in the northern and eastern border regions), has added a blessing to this country, and it enhances the stock of wealth and resources, which supports the leading position of Saudi Arabia in the global energy sector, contributing to economic diversification and a positive financial impact in the long term, he said.
"Our country is moving at an accelerated pace towards facing environmental challenges, foremost of which is climate change, targeting zero emissions neutrality, launching and adopting a package of initiatives that will contribute to reducing carbon emissions by 278 million tons annually, by 2030," he said.
King Salman also highlighted plans for renewable energy to take 50% share of the electricity mix, the initiative of the Saudi Energy Efficiency Program, construction of one of the world’s largest green hydrogen plants in NEOM, and investments worth SR 700 billion to contribute to the development of the green economy, creating quality and investment opportunities for the private sector.
Consolidating the kingdom's leading role globally in the field of sustainability, “Green Saudi Arabia” and “Green Middle East” initiatives have been launched, thus supporting national and regional efforts in this regard. It has also put forward qualitative initiatives to protect the environment and promote sustainable afforestation, in recognition of the importance of dealing with the challenges of climate change and the necessity of addressing its negative effects, said King Salman.