Saudi Arabia is the world’s energy ‘safety valve’: Minister tells Future Minerals Forum

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RIYADH: As the world faces a scarcity of critical mining provide, Saudi Arabia has a serious function to play as its mining sector is integrated with trade, logistics and varied other sectors, including vitality transition, based on a prime Saudi minister.
While speaking at the Future Minerals Forum in Riyadh on Jan.11, the Kingdom’s Minister of Investment Khalid Al-Falih noted that a scarcity of provide is amongst the key challenges confronted within the mining sector.
“We live in a world where there’s an anticipated rise in demand for critical metals that shall be key to the electrification of the global economic system, and there is additionally a important shortage of supply,” he said.
Al-Falih added that Saudi Arabia could assist discover a resolution persisting within the vitality sector, because the Kingdom has all the necessary enablers, which includes the most progressive laws to raise the operations in the mining trade.
He stated Saudi Arabia is the “world’s security valve” for energy, whether it’s standard, unconventional, or renewable energies, wind, solar, hydrogen or ammonia, or any other rising applied sciences utilized in the mining business.
The minister famous that the Kingdom has introduced collectively all of the necessary enablers in the mining sector. “We have the energy solution, we have the location, we gave the financing, and we now have the best-in-class rules across the world,” mentioned Al-Falih.
The minister revealed that Saudi Arabia’s mining sector is putting a strong emphasis on environmental, social, and corporate governance principles, as the Kingdom has the best ESG scores, with low carbon depth in fossil fuels and the rising usage of renewables together with hydrogen to scale back emissions while processing metals.
He further pointed out that Saudi Arabia is facilitating all necessary business environments for private sector firms to return and spend cash on the Kingdom.
“Saudi Arabia is providing the ecosystem and regulatory enablers, along with some financing through the event fund for private sectors. We really are unleashing the power of the non-public sector,” mentioned Al-Falih.
Pointing out that Roadmap is ranked primary by means of the worldwide street connectivity index, he stated the Kingdom’s robust transport connectivity will help it emerge as a mining hub. “We have 5,500 kilometers of rail, and we’ve 8,000 kilometers which would possibly be being tendered out right now,” the minister said.
For his half, Jeremy Weir, government chairman and CEO of Transfigure Group, said that the continued conflict in Ukraine has uncovered the vulnerabilities international locations are going through within the supply chain of the mining sector.
“War in Ukraine made international locations realize that they want to not rely on one provider, but should rely on multiple suppliers from a number of areas,” said Weir.
Saudi Arabia is the world’s vitality ‘safety valve’: Minister tells Future Minerals Forum
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