World must explore all options to mitigate emissions of greenhouse gases in its fight against climate change, said Saudi Arabia's Minister of Energy Prince Abdulaziz Bin Salman on Monday. The Saudi energy minister, however, added that getting rid of oil and gas would be "far-fetched and unrealistic". Prince Abdulaziz made the remarks during the Singapore Energy Summit held virtually. "Let's not focus on the fuel of choice but rather how we can mitigate and adapt to these realities without showing any preferences," said Prince Abdulaziz. The Saudi minister said he embraces technologies that would allow the country which sits on the biggest hydrocarbon reserves in the world to make full use of its resources. He cited Saudi Arabia's example as the Kingdom is building solar power plants to spare oil and gas for exports. Prince Abdulaziz also pointed to the Climate Change Economics (CCE) model, which was endorsed at the G20 energy ministerial meeting held recently under the Saudi presidency. "The CCE model provides an inclusive approach to focus mindsets on reducing emissions which contribute to climate change," Prince Abdulaziz explained. In response to a question about how OPEC+ has ensured high compliance with production quotas, Prince Abdulaziz said: "Engaging people as equal, ensuring that people do understand that the lack of conformity and lack of commitment would undermine ... the credibility of this agreement to the market." "Therefore the market, instead of rewarding us, it would actually penalize, and the more it penalizes, the less the others who are in conformity with it would see the point of continuing control, and then all of this will cascade down to nothing." OPEC and their allies are cutting output by about 7.7 million barrels per day to balance the global oil markets after demand was severely hit by the coronavirus pandemic. "The fear now is for a re-occurrence of a second wave," Prince Abdulaziz said, responding to a question about the global oil market. However, he expressed optimism that "everybody has learned harsh and tough lessons of attending to the first wave". "What we need to do is to continue working, attending and improving the world economy and local economies yet ensuring that we will abide by preventive measures," Prince Abdulaziz said. — Agencies
