Saudi Arabia Rules Out Phasing Out Oil Usage
- Date: 06-Dec-2023
- Source: Asharq Al-awsat
- Sector:Oil & Gas
- Country:Saudi Arabia
Saudi Arabia Rules Out Phasing Out Oil Usage
In the heat of deliberations at COP 28 in Dubai regarding the critical energy future dossier, Saudi Energy Minister Prince Abdulaziz bin Salman categorically dismissed any approval for a gradual phase-out of oil usage.
The minister reiterated in an interview conducted on Monday evening that Saudi Arabia, along with other nations, would not entertain such a step.
Speaking to Bloomberg, Prince Abdulaziz affirmed that no one, especially governments, believes in a phasedown of oil.
On another note, the energy minister dismissed Western donations to a new climate loss and damage fund as “small change.”
Prince Abdulaziz noted that Saudi Arabia, the world's biggest oil exporter but not a contributor to the new UN fund, had earmarked $50 billion for climate adaptation in Africa.
The loss and damage fund for vulnerable nations, a major win at the start of the COP28 climate talks in Dubai, has attracted about $700 million so far from donors including the European Union and the US, a sum criticized as insufficient by campaigners.
“Unlike the small change offered for loss and damage from our partners in developed countries, the Kingdom through its South-South cooperation announced in the Saudi Africa Summit in Riyadh last month the allocation of up to $50 billion,” Prince
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