“The adoption of unrealistic policies to reduce emissions (…) will lead to unprecedented inflation and rising energy prices, rising unemployment and other serious social and security problems such as poverty, hunger, extremism and terrorism in the coming years,” said bin Salman.
Bin Salman’s announcement came as the prince sat next to US President Joe Biden, who wants to speed up the transition to clean energy, but amid rising oil prices due to the war in Ukraine, urged Riyadh to increase oil production as a way to lower the price.
The Crown Prince supported Riyadh’s argument that a sustainable energy transition is not possible, leaving aside some “fundamental energy sources” such as oil and natural gas and the need for a gradual transition process.
Bin Salman reaffirmed the “importance” of continuing oil production while investing in clean technologies over the next two decades to meet growing global demand.
In addition, he considered it “necessary” to reassure investors in hydrocarbons and make it clear that the policy adopted for the transition to clean energy 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 it has also invested in clean energy in recent years.
Joe Biden, for his part, is in a tough spot as he arrived at the White House with a promise to lead the clean energy transition by rejoining the Paris Climate Agreement, from which the US withdrew under the Donald Trump administration (2017). -2021).
However, a year and a half after taking office, the president failed to reduce the US dependence on hydrocarbons, and in the face of rising gasoline prices, he turned to Saudi Arabia with a request to increase oil production.
