DUBAI- The King Abdullah Petroleum Studies and Research Center (KAPSARC) participated in the World Energy Forum, which kicked off in Dubai on Monday in conjunction with the 2022 World Government Summit during Expo 2020 , in collaboration with the Atlantic Council.
The forum will last two days and will address the prospects for energy security and the best policies to strengthen the energy transition.
KAPSARC Chairman Fahad Alajlan highlighted the OPEC and OPEC+ rule of sustained space capacity, which amounted to SR500 billion in annual value for the global economy. He mentioned that OPEC and its alliance are focused on stabilizing oil markets.
He stressed that energy security is not something new. He explained the three pillars of the energy strategy: energy security, economic growth and climate change.
Alajlan highlighted Saudi Arabia’s efforts to achieve net zero as well as to diversify energy sources, as it has recently launched several initiatives such as green Saudi initiatives and reducing global methane emissions, in addition of his major plans for hydrogen projects in addition to the adoption of the circular carbon economy during his presidency of the G20 summit, which was endorsed by the G20 countries.
The forum received wide participation from KAPSARC experts specializing in energy economics and environmental topics to shed light on the efforts of Saudi think tanks in developing solutions and consultations to address future energy challenges.
It should be mentioned that KAPSARC had recently organized a workshop under the Expo 2020 titled “Circular Carbon Economy Index – Regional Launch and Workshop”, which aimed to introduce the CCE program as a concept for all countries, because it functions as a framework for the reduction, recycling, reuse and elimination of carbon emissions.
KAPSARC is an advisory think tank within the global energy and sustainability economy that provides advisory services to Saudi energy sector entities and authorities to address future energy challenges. —SG