Despite the rise of renewable energy, Saudi Energy Minister highlights the ongoing necessity of oil and gas, emphasizing balanced energy transition.

Saudi Energy Minister Prince Abdulaziz bin Salman has underscored the enduring importance of oil and gas in global energy markets, even as renewable sources like nuclear power and hydrogen continue to expand. Speaking at the opening session of the 9th OPEC International Seminar in Vienna on Wednesday, he stated that traditional energy sources remain crucial, particularly for sectors such as heavy industry and transport, which are challenging to decarbonize. Additionally, they play a pivotal role in underpinning developing economies.

The seminar, themed "Charting pathways together: The future of global energy," spans two days and includes exhibitions, ministerial discussions, and high-level roundtables with participation from a wide range of industry leaders.

Prince Abdulaziz cautioned against jeopardizing economic growth or affordability during the energy transition process. With the global population projected to approach 10 billion by 2050-and consequent energy demands set to rise by nearly 50 percent-he warned that transitioning prematurely could impact economic stability and living costs.

Highlighting positive trends, the minister expressed satisfaction with more nations adopting pragmatic approaches to this transition. He stressed that it should not be perceived as a threat to oil-producing countries but rather as an opportunity for technological advancement.

The minister outlined Saudi Arabia's strategic approach that marries visionary goals with practical implementation. He emphasized a comprehensive understanding of sustainability that encompasses economic and commercial aspects alongside environmental concerns.

Technology plays a vital role in achieving equilibrium between reducing emissions and maintaining economic competitiveness. Prince Abdulaziz highlighted carbon capture and storage technologies as key components in this effort.

This phase presents a historic opportunity for innovation enhancement, investment attraction, and economic growth according to Prince Abdulaziz. He reaffirmed Saudi Arabia’s dedication to setting an example in executing a balanced energy transition focused on supply security and sustainable development.