Arab Press

بالشعب و للشعب
Friday, Mar 24, 2023

Private sector needs to help drive forward climate change innovation, Princess Noura tells IAEE International Conference

Private sector needs to help drive forward climate change innovation, Princess Noura tells IAEE International Conference

A catalytic event is needed to encourage the private sector to scale up renewable and sustainable energy projects to aid the transition to green fuel, according to Princess Noura Turki Al-Saud, a founding partner at AEON Strategy.
Speaking on the second day of the International Association for Energy Economics Conference, Princess Noura praised recent moves by world leaders in the battle against climate change, but called for more involvement from private companies.

She made the comments during a panel discussion on the pathways to energy transitions, where she also praised the impact of the 2016 Paris Agreement, saying it “brought in the private sector.”

However, Princess Noura felt that pilot projects in this area need to be further developed, and added: “That would really come with private sector involvement, and for the private sector to really be involved and putting that capital that is necessary to drive innovation and to scale up these technologies and to find the necessary solutions, you really need to have strong governance and transparency.”

She added that the Paris Agreement not only brought in the financial sector, it also attracted civil society into the dialogue.

“That in itself created the conversation that is wider than what's just happening within the negotiation rooms, which is a process in itself which takes, I would say more than decades,” said the princess.

This session further explored whether climate ambitions and energy security can be harmonized, and the realistic pathways to best meet global, and regional goals and the aspirations of a just energy transition.

Khalid Abuleif, senior sustainability advisor to the Ministry of Energy, said he considers the climate accords signed in Copenhagen in 2009 – which did not have any legally binding commitments for reducing carbon emissions – as a success rather than a failure.

“In Copenhagen, we realized at that point, that top-down type of agreement would not really help us get to our goals and reach a consensus of the whole world moving together to address this issue.”

Abulief spoke about the two approaches that currently exist in the world, saying: “One approach that is very much implemented by our partner in the EU, which is, you know, the top-down processing that focuses on the move away from fossil fuel.

He went on: “The other path focuses on…getting to have a much wider scope to it, because it deals with both successes – that we have to move in the future towards renewable – but also we do not ignore ‘what do we have today?’”

Abulief said that the Saudi initiative is building in the wider band, adding: “We’ve done emission reduction aspects, and we have our targets on that basically doubled what we promised in 2015.”

He added that Saudi Arabia’s approach toward sustainability is holistic, with its energy policies balanced between trade-offs, and its climate actions accelerated to form one of the optimal energy transition pathways.

Princess Noura argued that what is missing is the catalytic effect necessary to scale up these pilot projects and the solutions right.

“That would really come with private sector involvement, and for the private sector to really be involved and putting that capital that is necessary to drive innovation and to scale up these technologies and to find the necessary solutions, you really need to have strong governance and transparency.”

Ken Koyama, senior managing director, and chief economist at the Institute of Energy Economics in Japan, called for a “pragmatic, inclusive, and holistic approach” to tackle the transition to green energy, while “simultaneously addressing climate change and energy security.”

He added that promoting energy transition towards carbon neutrality means the demand for critical minerals and rare metals will increase exponentially.

The 44th IAEE International Conference is being held in Riyadh from Feb. 4 to 9, in what is a first for the Middle East and North African Region.

The event’s theme is “Pathways to a clean, stable, and sustainable energy future”, and is being hosted by The King Abdullah Petroleum Studies and Research Center and Saudi Association for Energy Economics.

More than 500 delegates from 40 countries are set to attend the 44th International Association for Energy Economics International Conference, which is being held in the Middle East and North African region for the first time.

Related Articles

Arab Press
Donald Trump arrested – Twitter goes wild with doctored pictures
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.
Paris Rioting vs Macron anti democratic law
'Sexual Fantasy' Assignment At US School Outrages Parents
Credit Suisse to borrow $54 billion from Swiss central bank
Russian Hackers Preparing New Cyber Assault Against Ukraine
If this was in Tehran, Moscow or Hong Kong
A brief banking situation report
We are witnessing widespread bank fails and the president just gave a 5 min speech then walked off camera.
Donald Trump's asked by Tucker Carlson question on if the U.S. should support regime change in Russia?.
Elon Musk Is Planning To Build A Town In Texas For His Employees
The Silicon Valley Bank’s collapse effect is spreading around the world, affecting startup companies across the globe
Market Chaos as USDC Loses Peg to USD after $3.3 Billion Reserves Held by Silicon Valley Bank Closed.
Banking regulators close SVB, the largest bank failure since the financial crisis
Silicon Valley Bank: Struggles Threaten Tech Startup Ecosystem"
The unelected UK Prime Minister Rishi Sunak, an immigrant himself, defends new controversial crackdown on illegal migration
Man’s penis amputated by mistake after he’s wrongly diagnosed with a tumour
In a major snub to Downing Street's Silicon Valley dreams, UK chip giant Arm has dealt a serious blow to the government's economic strategy by opting for a US listing
It's the question on everyone's lips: could a four-day workweek be the future of employment?
Spain officials quit over trains that were too wide for tunnels...
Corruption and Influence Buying Uncovered in International Mainstream Media: Investigation Reveals Growing Disinformation Mercenaries
European MP Clare Daly condemns US attack on Nord Stream
Tucker Carlson called Trump a 'demonic force'
US Joins 15 NATO Nations in Largest Space Data Collection Initiative in History
White House: No ETs over the United States
Saray Street in Hatay-Antakya before and after the earthquake
U.S. Jet Shoots Down Flying Object Over Canada
Nord Stream terror attack: David Sacks breaks down Sy Hersh's story
Being a Tiktoker might be expensive…
Miracle: El Salvador Search and Rescue teams, with the support of Turkish teams, rescued a woman and a child from the rubble 150 hours after the earthquake
SpaceX, the private space exploration company, made a significant breakthrough in their mission to reach space.
China's top tech firms, including Alibaba, Tencent, Baidu, NetEase, and, are developing their own versions of Open AI's AI-powered chatbot, ChatGPT
This shocking picture, showing how terrible is the results of the earthquake in Turkey
President Joe Biden delivered the 2023 State of the Union Address , in order to help Americans that missed the 2022 speech, do not have internet, and suffer from short memory.
The desk of King Carlos Alberto of Sardinia has many secret compartments
Today's news from Britain - 9th February 2023
The five largest oil companies in the West generated combined profits of nearly $200 billion in 2022, which has led to increased calls for governments to impose tougher windfall taxes
2 earthquakes in Turkey killed over 2,300 people
Powerful Earthquake Strikes Turkey and Syria, Killing More Than 1,300 People.
Turkish photographer Ugur Gallenkus portrays two different worlds within a single image. Brilliant work
Charlie Munger, calls for a ban on cryptocurrencies in the US, following China's lead
Shell reports highest profits in 115 years
EU found a way to use frozen Russian funds
First generation unopened iPhone set to fetch more than $50,000 at auction.
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
What is ChatGPT?
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
Tesla reported record profits and record revenues for 2022