Energy transition to increase 5-fold by 2050: Alkhorayef – Saudi Gazette

Energy transition to increase 5-fold by 2050: Alkhorayef – Saudi Gazette

Saudi Gazette report

RIYADH — Minister of Industry and Mineral Resources Bandar Alkhorayef said the World Bank (WB) estimated that the energy transition will increase 5-fold by 2050 through the use of modern technologies.

Alkhorayef made these remarks during a meeting within the activities of the International Mining Conference in Riyadh.

He stated that the US government has focused on the role of the supply chains, technology, automotive industry, defense industries and green technology. “Our region is able to be a bridge extending across these countries in this transformation.”

The mining sector is now playing a leading role, he said, adding that the world is in much need for minerals and metals. He stressed the importance of developing the supply chains which meet the world needs.

Minerals and metals must be developed in order to increase the levels of commitment, and improve the trade balance between the different countries, in addition to the participation in the zero-carbon emissions.

Saudi Arabia has reduced the risks of investment, production and manufacturing operations in the mining sector, Alkhorayef said.

He added that the Kingdom has attracted huge investments exceeding $33 million in 2020, in addition to launching the first auction for this sector with the participation of several countries.

Saudi Arabia