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 important mining provide, Saudi Arabia has a major function to play as its mining sector is built-in with trade, logistics and varied different sectors, together with energy transition, in accordance with a high Saudi minister.
While talking at the Future Minerals Forum in Riyadh on Jan.11, the Kingdom’s Minister of Investment Khalid Al-Falih famous that a scarcity of provide is probably certainly one of the key challenges confronted within the mining sector.
“We reside in a world the place there could be an expected rise in demand for critical metals that shall be key to the electrification of the global economy, and there is additionally a important shortage of provide,” he stated.
Al-Falih added that Saudi Arabia may assist discover a resolution persisting within the power sector, because the Kingdom has all the mandatory enablers, which incorporates probably the most progressive laws to raise the operations in the mining trade.
He mentioned Saudi Arabia is the “world’s security valve” for energy, whether or not it is conventional, unconventional, or renewable energies, wind, photo voltaic, hydrogen or ammonia, or any other rising technologies applied in the mining industry.
The minister noted that the Kingdom has brought collectively all the needed enablers within the mining sector. “We have the power solution, we now have the placement, we gave the financing, and we’ve the best-in-class regulations the world over,” mentioned Al-Falih.
The minister revealed that Saudi Arabia’s mining sector is putting a strong emphasis on environmental, social, and corporate governance ideas, because the Kingdom has the best ESG scores, with low carbon depth in fossil fuels and the rising utilization of renewables including hydrogen to reduce emissions whereas processing metals.
เพรสเชอร์เกจ4นิ้ว pointed out that Saudi Arabia is facilitating all necessary enterprise environments for private sector firms to come back and invest in the Kingdom.
“Saudi Arabia is providing the ecosystem and regulatory enablers, together with some financing via the development fund for personal sectors. We really are unleashing the ability of the private sector,” stated Al-Falih.
Pointing out that Saudi Arabia right now is ranked primary by way of the worldwide highway connectivity index, he mentioned the Kingdom’s robust transport connectivity will assist it emerge as a mining hub. “We have 5,500 kilometers of rail, and we’ve 8,000 kilometers which are being tendered out today,” the minister mentioned.
For his part, Jeremy Weir, executive chairman and CEO of Transfigure Group, mentioned that the continuing conflict in Ukraine has exposed the vulnerabilities nations are facing in the provide chain of the mining sector.
“War in Ukraine made international locations understand that they should not rely on one provider, however should rely on multiple suppliers from a quantity of areas,” mentioned Weir.
Saudi Arabia is the world’s power ‘safety valve’: Minister tells Future Minerals Forum
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