Saudi Arabia produces the least harmful barrel of oil in the world

The Minister of Investment, Khalid Al-Falih, said that the Kingdom has built a large complex for the first time in Saudi Arabia for transportation and fully electric vehicles.

Electric vehicles

  The Kingdom has committed over time to spend millions of dollars on the part of the government and investors to convert vehicles in the Saudi market into electric vehicles, which requires building an integrated network for charging vehicles. All of this is a major project that represents responsibility towards the environment and is part of the Saudi Green Initiative launched by the Crown Prince and Prime Minister Prince Mohammed bin Salman.

Al-Falih added, as part of the activities of the Saudi Green Initiative Forum 2023, that the Kingdom has made it abundantly clear that its energy sources are either coal or liquefied gas. The Kingdom has been able to diversify its sources of energy production to make 50% of it from renewable sources and 50% from liquefied gas.

lowest emissions

He continued: “We have set policies with strict standards from the Ministry of Energy, which always tries to apply these standards to Aramco so that it has the lowest emissions around the world and has the lowest emissions, and therefore we produce the cleanest and least harmful barrel of oil in the world. It is not the only goal, but also Achieving the lowest percentage of carbon, the lowest percentage of accidents and injuries, and the lowest cost, and therefore we have a number of standards that we aspire in the field of energy production to achieve and make them a reality.”

He added: “We now have the lowest level of carbon emissions. Governments provide infrastructure, including transportation networks and ports, and the presence of digital technology in which the Kingdom is witnessing progress. We look at sustainability as an opportunity in the Kingdom of Saudi Arabia. We look at the energy sources we have, such as oil and gas, as sources of energy.

Investments in renewable energy

The Minister of Energy added: “We have investments in renewable energy outside the Kingdom, as it has the largest investments abroad from Aqua Power, which has investments estimated at 20 billion dollars in Uzbekistan in the field of renewable energy.”

Al-Falih noted that the Kingdom is working to build the most ambitious projects and the largest green hydrogen project in the world in NEOM for renewable energy for green hydrogen energy, the city of the future, which will attract investors, partners and consumers, and has been able to secure the investment required for it.

He added: “Reality necessitates the continuation of oil consumption, and what we are doing is providing the best solutions. There are 8 billion people in the world, and there must be social justice and justice in sustainability. Economic sustainability is an important matter, and here comes the role of investment to reduce the effects of climate change.” “By providing financing and sustainable investment to it.”

The Saudi Minister of Energy stressed that conditions must be set for investors to enter projects that guarantee a return on investment while at the same time preserving the climate and reducing carbon emissions.