RIYADH, 12 August 2006 — The Ministry of Petroleum and Mineral Resources announced yesterday that it would hold the first international conference on sustainable development in the petroleum industry. The event, titled “The Mechanism of Clean Development”, is scheduled for Sept. 19-21 at the King Faisal Hall at Riyadh’s Inter-Continental Hotel. Mohammad Salem Suror Al-Saban, a consultant to Petroleum and Mineral Resources Minister Ali Al-Naimi, said the conference aims to address the reconciliation between economic interests and environmental concerns in a highly polluting industry and resource.
“The Kingdom has made its position clear along this line during the discussions on the United Nation’s Memorandum on Environmental Changes,” said Al-Saban, who is also the conference’s chairman. Al-Saban said the conference serves to allow Saudi executives and others to take part in the conference and benefit from the different investment opportunities, “like what has been done in China, India, Brazil and South Africa.”
He added that the conference aims to outline the efforts of the Kingdom in protecting the environment. Al-Saban added that the Kingdom encourages the use of available technology without using “artificial measures” or administrative and financial procedures such as taxes.
Al-Saban didn’t refer specifically to the “carbon credit” initiative, a proposal to set up a market that allows countries to buy and sell the right to emit carbon emissions - which would benefit countries with lower emissions that could sell their surplus quota to countries that pollute more.
Critics of such a scheme have called it an “artificial” means of creating a commodity. Saudi Arabia would likely be a loser in the carbon credit system considering its enormous petrochemicals industry. The US, the world’s largest carbon emitter, is also opposed to this scheme and has not signed up for the Kyoto Accords out of concern of harming its economy.
Al-Saban said that international cooperation would minimize the negative effect of petroleum producing countries to the economy. The conference will also discuss the legal aspects of initiating the investment mechanism in the Kingdom, leading to the guidelines for international companies to participate in investment opportunities in energy production, water desalination, and petroleum projects.
On the last day of the conference, an open forum will be held among experts from the members of the Organization of Oil Producing Countries and the European Union. The public will also participate to be enlightened on how to benefit from carbon extraction and storage technology in the petroleum sector and how the latter will increase production.
Distinguished local and foreign speakers will participate in the conference. The Saudi Arabian General Investment Authority (SAGIA) and the Ministry of Agriculture will present their respective papers on the occasion. Saudi Aramco and the King Saud University (KSU) will also participate. Learn more about the conference at www.cem_saudiconference.com.