DAMMAM, 29 January 2008 — Saudi Arabia has been encouraging greater usage of high-tech solutions to deal with climate change, Prince Abdul Aziz bin Salman, assistant minister of petroleum and mineral resources for petroleum affairs, said.
“These solutions include the advanced technology for separation and storage of Carbon dioxide, especially after fossil-fuel proved to be the first option that will dominate the world market during the 21st century,” the prince said.
He made these remarks in an address at the Third Workshop on Building Capabilities for Separation and Storage of Carbon Dioxide in Alkhobar. He called for an authority of oil producing countries in order to develop technologies for the preservation of environment.
“Although the Kingdom will not need the technology of separation and storage of carbon dioxide for the enhanced extraction of the oil in the upcoming years, but it will make many researches and upgrade this technology to have its fair share in confronting the climate change,” he said.
“The oil industry in the GCC states are in need of building partnership with research institutions in order to find solutions in the field of geological storage and increase oil production as well as to reduce the cost of separating carbon dioxide from immovable resources,” he said.
Prince Abdul Aziz reiterated Saudi Arabia’s efforts to ensure secure and stable energy supplies required by the world. “The Kingdom is also making strenuous efforts to reduce the effect of increased oil consumption on environment,” he said.
In this respect, he referred to an environment fund proposed by Custodian of the Two Holy Mosques King Abdullah. Saudi Arabia has contributed $300 million toward the fund, which aims at establishing an international program for scientific research into energy, the environment and climate change. King Abdullah announced the donation while opening the third OPEC summit in Riyadh last November.
“It has been said that oil has an impact on climate. This is false. Such arguments tend to mix facts with fantasies,” the King told the summit, adding that imposing tax on oil would have a negative impact more on importing countries than the oil producers themselves. The King also called for a comprehensive study on oil, the environment and climate change.
“This study must be handled by an independent body free from political pressure and influence,” he added.
Prince Abdul Aziz said the King’s proposal had received positive reaction from oil producing countries. “Kuwait, Qatar and the UAE have contributed $150 million each bringing the total funds collected for the initiative at $750 million,” he added.
“The efforts to confront the climate change through strategic investment in research and development will provide more opportunities to oil producers like Saudi Arabia to continue developing this energy and strengthen the future of oil markets,” Prince Abdul Aziz said.
