He added, “I urge the world to accept this as a fact. We will be winners in all of these activities. Saudi Arabia has great green ambitions that include gas production, renewable energy and hydrogen.”
According to a report by English-language RT, Saudi Arabia has already raised the official selling price for the month of July to Asia.Saudi Arabia is sure to benefit from a green transition, while the world’s Exxons, Chevrons and Shells are busy bidding for climate activists in the boardroom and courtroom, the national oil companies, particularly in many OPEC countries , very eager to take advantage of what will surely be an increase in oil and prices.
But that doesn’t stop Saudi Arabia from pursuing its green ambitions, the Saudi Green Initiative. With those green ambitions funded through oil sales, Saudi Arabia plans to generate 50% of its energy from renewables by 2030, in part to reduce its dependence on oil.
In 2017, renewables made up only 0.02% of the total energy share in Saudi Arabia.
But this does not mean that Saudi Arabia plans to produce fewer barrels of oil, and it does not mean that Saudi Arabia plans to stop financing all new oil and gas projects, as Saudi Arabia has long asserted that oil will remain the dominant source of energy for decades.
Saudi Arabia’s oil revenues, which will fund any green aspirations the country may undertake, have dwindled over the past year and a half, and state-run oil giant Aramco has been forced to keep bond sales just to pay its huge dividends to the state.
However, “the world’s largest oil exporter claiming that it is no longer an oil-producing country is really noteworthy.”