International Saudi Arabia Gives New Signal about Oil “Doomsday” News – 5 hours ago

Jakarta, CNBC Indonesia – Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman has closed the door on agreeing to phase out fossil fuels at the UN’s COP28 climate talks. This decision is said to have triggered difficult negotiations in Dubai, United Arab Emirates (UAE).

The suspension is tentatively included in the first draft of a climate action agreement that delegates are negotiating in talks scheduled to conclude on December 12.

But Prince Abdulaziz, who is the ruler’s half-brother de facto Crown Prince Mohammed bin Salman(MBS), said Saudi Arabia, the world’s largest oil exporter, would not agree.

“Absolutely not,” he said in an interview with Bloomberg in Riyadh, as quoted AFP, Tuesday (5/12/2023).

“And I assure you, there is not a single person – I’m talking about the government – ​​who believes that.”

Actually, in an interview with AFP last week, UN Secretary General Antonio Guterres called for a total phase-out of fossil fuels. He warned that “total disaster” awaited humanity in its current state.

“I want to give that challenge to everyone who… stated openly that we have to (phase out), I will give you their names and telephone numbers, call them and ask them how they are going to do that,” added Prince Abdulaziz again.

“If they believe that this is a supreme moral issue, that’s wonderful. Let them do it themselves. And we’ll see how much they can make.”

Separately, the Kingdom of Saudi Arabia also derided Western donations to a climate loss and damage fund as “small change”. Even Riyadh made promises to developing countries.

Funds for vulnerable countries have so far attracted around US$655 million from donors, including the European Union (EU) and the United States (US). This number was criticized as insufficient by activists.

The fund has also been criticized by activists for lacking transparency. Moreover, the promises given are not binding and include loans and investments.

It should be noted that Saudi Arabia itself has said that it will renew its energy sources, invest in renewable energy and increase energy efficiency in line with efforts to decarbonize its economy by 2030. However, this target does not include emissions from the 8.9 million barrels of oil per day that Saudi Arabia exports.

[Gambas:Video CNBC]

Next Article

Heat Wave Haunts Saudi Arabia, Temperature 50 Degrees Celsius