10 / 44
OAPEC Member Countries
10
Volume 42 Issue 10
Al Falih:
4 pillars for energy
transition success
HE Eng Khalid A. Al Falih, Saudi Arabia’s
Energy and Industry Minister, said that future
transitions and challenges in the energy sector are
not easy. They vastly outgo past challenges. This
calls for serious endeavours that are based on clear
and ambitious plans to guarantee a secure and
sustainable future.
In his speech at the World Energy Congress
entitled “Energy: new horizons” held recently
in Istanbul, Turkey, HE Al Falih mentioned four
key factors for the success of energy transition.
First: climate change, by moving from the
discussion level to the implementation stage to
sustain the future of energy security. Second:
securing the provision of steady energy supplies.
Third: boosting research and creativity efforts.
Fourth: realizing policy and system harmony
between countries and markets, as well as,
striking a balance between society’s economic
and environmental goals. He clarified that the
sustainable development goals adopted by the
UN in 2015, encourage fighting energy poverty
and inequality to guarantee prosperity for all
societies. Also he added that the issue needs the
collaboration of international institutions, policy
makers, producers, and consumers.
HE Al Falih reiterated that KSA continued to
invest in the oil industry in order to keep in pace
with future increasing demand. KSA has also
taken measures to boost the efficiency of energy
consumption including boosting its solar energy
capacities, which it initially targets to use in
generating 10 gigawatts of electrical power by 2020.
These measures come under the umbrella of KSA’s
commitment at the COP21 held in Paris in 2015.
In his speech, the Minister also reviewed the
“Saudi Arabia’s Vision 2030” explaining that the
vision aims at making the Saudi economy stronger,
more sustainable, and more capable of global
competition through adopting comprehensive
economic reforms. He said that the Kingdom will
activate various energy-related aspects in line with
the “2030 Vision” building up on its current three
economic pillars, which are; oil, gas and chemicals,
and mining sectors.
HE Al Falih mentioned that KSA will increase
its conventional and unconventional gas production
by about 50% to reach 18 billion scf/d by 2020.
Clean gas will claim more than 70% of the fuels’
mix used in the Saudi energy sector; making it the
highest across the world.
KSA