The dialogue on climate change should focus on bringing stability to the energy market, emissions reduction, and circular carbon economy, Saudi Arabia’s Minister of Energy said.

Speaking at the Abu Dhabi Sustainability week (ASDW) on Monday, Prince Abdulaziz bin Salman said there is “nothing more important for energy security than having a stable market.”

He said countries should have the prerogative to choose the type of energy to achieve their goals as being selective about the source of energy could affect sustainable economic prosperity and economic growth.

The focus should be on emission reduction of all greenhouse gases and “we should use technology to become more efficient and cost effective,” the minister said.

“We are engaged now on the methane (reduction) initiative and are running a successful efficiency program”.

He said the Middle East Initiative’s focus on greening and adopting a circular carbon economy are cheap solutions and “there will be money to made” because recycled carbon and gases can be monetised.

Saudi Arabia’s target to move from liquids to a mix of 50 percent gas and 50 percent renewables would save money for the country as “it would enable us to push that saved money into something else. There is a solid economic case for us,” he said.

(Reporting by Sowmya Sundar; Editing by Anoop Menon)

(anoop.menon@lseg.com)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2022