Increased oil revenue to help Saudi Arabia achieve sustainability goals: Minister

Increased oil revenue to help Saudi Arabia achieve sustainability goals: Minister

The increase in oil revenue and oil activities will help Saudi Arabia achieve its sustainability goals, Faisal al-Ibrahim, the Kingdom’s minister of economy and planning said in a World Economic Forum address on Wednesday.

The minister’s claim comes as global oil prices rally amid higher demand brought about by Russia’s invasion of Ukraine.

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Regardless of the hike in oil use and production, the Saudi Arabia Green Initiative, the Middle East Green Initiative, and Vision 2030 goals to generate 50 percent of energy from renewables are “all moving according to plan,” the minister added.

The Saudi economy is projected to grow 7.4 percent this year. “Last year, our non-oil activities grew at 6.1 percent, and we want that trend to continue,” the minister clarified.

“The last thing we want is focusing on climate change without focusing on energy security and energy development,” he said, echoing the call for continued investment in fossil fuels to support the transition into clean energy by Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman.

Oil prices have not been favorable to the oil producing countries in recent years, especially since the onset of the pandemic.

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