VIENNA — Saudi Energy Minister Prince Abdulaziz bin Salman said that oil and gas will remain indispensable despite expansion of renewable energy. "While renewable, nuclear power, and hydrogen energy sources are expanding, oil and gas will remain indispensable, especially in hard to abate sectors like heavy industry, transport, and in supporting economies of developing countries," he said while addressing the opening session of the 9th OPEC International Seminar in Vienna on Wednesday. Under the theme "Charting pathways together: The future of global energy", the two-day event features exhibitions, ministerial sessions, and high-level roundtables, with a wide range of industry leaders are participating. Prince Abdulaziz warned against compromising economic growth or affordability in the name of energy transition, especially when the global population is expected to approach 10 billion by 2050, pushing energy demand up by nearly 50 percent. He cautioned that energy transition will come at the expense of economic growth and the cost of living. The minister expressed his happiness at the increasing number of countries adopting a more realistic approach to this transition. He also emphasized that this transition does not represent a threat to oil producers, but rather represents a path for technological innovation. Prince Abdulaziz emphasized that Saudi Arabia is following a consistent and coherent approach that balances vision and implementation. "Sustainability must be understood more comprehensively to include economic and commercial dimensions, not just environmental ones," he said. The minister emphasized the importance of technology in achieving the required balance, particularly carbon capture and storage technologies, as they will play a fundamental role in reducing emissions without harming economic competitiveness. Prince Abdulaziz said this phase would represent a historic opportunity to enhance innovation, attract investment, and achieve economic development. He also emphasized Saudi Arabia's commitment to being a role model for a balanced energy transition that ensures security of supply and promotes sustainable development.
