“Adopting unrealistic policies to reduce emissions (…) will lead to unprecedented inflation and energy prices, rising unemployment and other serious social and security problems such as poverty, hunger, extremism and terrorism in the coming years,” bin Salman said.
Bin Salman’s statement came as the prince sat next to US President Joe Biden, who wants to accelerate the transition to clean energy but has urged Riyadh to increase oil production as oil prices rise due to the war in Ukraine. Way to keep prices down.
The crown prince supported Riyadh’s argument that it is impossible to create a sustainable energy transition, leaving aside certain “basic energy sources” such as oil and natural gas, and that the transition process must be gradual.
Bin Salman reaffirmed the “importance” of continuing to pump oil while investing in clean technologies over the next two decades to respond to growing global demand.
Additionally, he felt it was “necessary” to reassure hydrocarbon investors and make it clear that the policies adopted for the clean energy transition “will not threaten their investments”.
Saudi Arabia leads the Organization of the Petroleum Exporting Countries (OPEC) and is the world’s largest exporter of crude oil, although in recent years it has also made investments in clean energy.
For his part, Joe Biden, who came to the White House with a promise to lead the transition to clean energy by rejoining the Paris climate accord that the US left during the Donald Trump administration, is in a tough spot. (2017)–2021).
However, a year and a half into office, the president has yet to reduce America’s dependence on hydrocarbons, and in the face of rising gasoline prices, he has turned to Saudi Arabia to increase oil production.