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The UAE highly praises the leadership and people of Saudi Arabia, especially the young people, for this landmark, bold and long-term strategic move
The UAE on Saturday welcomed the Kingdom of Saudi Arabia’s announcement of achieving the goal of achieving net zero emissions by 2060, and praised the progress made by its leadership and people.
The UAE also appreciates the Saudi Green Initiative (SGI) and provides a rationale for practical solutions to climate change.
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Special Envoy for Climate Change, delivered a speech at a panel meeting entitled “Countdown to COP26-State before the Key Summit” at a one-day forum in Riyadh, saying that the UAE highly praised Saudi Arabia The Arab leadership and people, especially the youth, proposed such a landmark, bold and long-term strategic move.
“It represents a paradigm shift in the region’s ambitions; it emphasizes the important role that the region can and should play in providing practical climate solutions; it represents another example of how the region can help meet global challenges,” Al Jaber said.
“As a region, we have always had to endure harsh climatic conditions, and we will have to continue to innovate in mitigation and adaptation. I firmly believe that an inclusive, partnership-based approach to the energy transition as an economic opportunity is to achieve real The best way for sustainable global progress,” he said.
Dr. Al Jaber stated that the UAE’s Net Zero Strategic Initiative publicly invites the world to “cooperate with us to develop this new economic model to make progress”.
The minister pointed out that although investment in renewable energy has increased and the world needs practical solutions that are commercial and scalable, political climate action has slowed down. He expressed optimism about the United Nations Climate Conference (COP28) to be held in Glasgow from November 1 to 12, 2021, and provided insights on the UAE’s proposal to host COP28.
“After the Paris high, political climate action has slowed down. Even with increased investment in renewable energy, the world has experienced a series of climate-related weather events. Therefore, it is clear that COP26 needs to start to shift its goals to action-oriented. Oriented approach,” the minister said.
Dr. Al Jaber said that the world needs commercial and scalable practical solutions, and COP26 provides a timely shift platform. “I firmly believe this will be an important step in the right direction,” he said.
“It is in this way that the world can truly seize the opportunity of the energy transition, that is, to use the wave of investment in low-carbon solutions to promote economic prosperity for all. To do this, it is clear that developing countries must obtain all The financial and technical support needed to reconnect its energy system and implement climate mitigation measures.
“We need an effective Article 6 to establish a carbon market, which will help guide the flow of funds to low-carbon solutions. We need to have greater ambitions on emission targets to reduce the current nationally determined contribution and the Paris target. Gap, we need a strategic roadmap to ensure that ambitions become a reality,” the minister said.
“It is vital that the world needs a flexible umbrella approach under which each country can have its own way of reducing emissions,” said Dr. Al Jaber, because he explained that this There are some reasons why the UAE is keen to host COP28.
Speaking with Prince Abdulaziz bin Salman Al Saud, Minister of Energy of the Kingdom of Saudi Arabia (KSA); Marco Alverà, CEO of Snam; and Patricia Espinosa, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC) ; Dr. Al Jaber added that the UAE will seek close cooperation with the United Kingdom (UK) as the host country of COP26, Egypt, COP27 and UNFCCC.
“The progress of COP26, COP27, and COP28 will lie entirely in adopting an inclusive approach, bringing together all sectors-public, private, academic, and civil society. This approach must include those with major hydrocarbon resources Countries, because these countries play a vital role in the energy transition.”
In response to a question from Fred Kempe, President, CEO and meeting host of the Atlantic Council about the UAE’s Net Zero Strategic Initiative by 2050, Dr. Al Jaber explained that the strategic initiative is closely related to the development path that the UAE has already embarked on. Diversity.
“This initiative is indeed a comprehensive economic plan, inspired by our leadership’s 50-year vision of our country’s progress. We fundamentally believe that the path to net zero is a powerful tool for obtaining economic opportunities, and we will use This opportunity to develop new industries, new skills and new jobs.”
“In fact, it has achieved results,” Dr. Al Jaber said, emphasizing that combating climate change is a good business.
“To give just one example, the UAE operates three of the world’s largest and lowest-cost solar power plants. We are investing to quadruple the UAE’s renewable energy capacity to approximately 9 GW by the end of 2025. This investment is in progress. Develop personnel and provide employment opportunities.”
Regarding the energy transition, Dr. Al Jaber emphasized that it will take time and a diversified energy mix.
“Today, more than 80% of the global energy system is fossil fuels and about 55% is oil and natural gas, so it is clear that oil and natural gas will continue to play an important role in meeting the world’s energy needs. Renewable energy is the fastest growing energy sector , But they can still only meet about 7% of global energy demand. Renewable energy will increase its market share, but it will take time.”
When sharing his views on the current global energy supply tightening, Dr. Al Jaber pointed out that this is the result of long-term underinvestment in traditional fuels, and said that it is necessary to continue to invest in carbon-efficient hydrocarbons to avoid supply shocks during the energy transition. . He pointed out that since 2014, oil and gas investment has been declining by 15% to 20%. Although demand has risen to nearly 100 million barrels per day, it has fallen by one-third last year compared to 2019.
“This continuous under-investment makes the world vulnerable to supply shocks when accidental attacks or multiple incidents occur simultaneously. Therefore, the world must reverse this under-investment trend and must make the necessary investments to ensure energy security and the economy. Prosperity.”
SGI aims to improve the quality of life and protect the descendants of KSA. It combines environmental protection, energy transition and sustainable development plans, and strives to achieve three overall goals-reducing emissions, greening Saudi Arabia, and protecting land and oceans-in order to achieve the common goal of a green future. — you
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