RIYADH — “Sharing research, consultancy and policies is essential to enhance energy transition in MENA region, by helping decision-makers to make the right decisions,” King Abdullah Petroleum Studies and Research Center (KAPSARC) President Fahad Alajlan said during his opening remarks at the second IAEE MENA Symposium and the fifth Annual Derasat Forum.

The event was held in Bahrain for two days and organized by Derasat along with the International Association for Energy Economies (IAEE) with its Saudi counterpart the (SAEE) and King Abdullah Petroleum Studies and Research Centre (KAPSARC).

Alajlan mentioned that despite the global energy transformations not going according to plan, 2021 was a distinguished year for environmental initiatives, as Saudi Arabia launched the Green Saudi Initiative and Middle East Green Initiative as well as joining the global methane pledge. This is in addition to considering more solutions such as hydrogen and carbon capture and storage.

He pointed out that KAPSARC, Saudi Arabia’s advisory think tank within global energy economics and sustainability, in collaboration with several international organizations has developed the guide to the circular carbon economy as a comprehensive framework to tackle climate change, globally and regionally, which was endorsed by the G20 during the Saudi presidency in 2020, as a promising solution to manage carbon emissions and achieve energy security, energy access and reliability.

Alajaln added that the chairman of the Board of Trustees of KAPSARC and Minister of Energy Prince Abdulaziz Bin Salman, has reiterated the need for a comprehensive policy that addresses the three priorities: energy security, energy access and reliability, and finally climate change.

He assured that the center aims to engage and cooperate with regional and global research centers to address global energy challenges, and to present papers and research to highlight various opportunities offered by the CCE approach and its 4Rs, as indicated in the CCE Guide, that could be considered in accordance with national circumstances.

“We make sure we share our tools, models and data sets with everyone. This Forum is again another one of our important events that will help in ensuring we share that knowledge with the world,” he said.

The Saudi Association for Energy Economics Chairman Dr. Majid Al-Munif said that regardless of the immediate challenges in the global energy systems, the world is moving toward enhancing energy efficiency, developing renewables, electrifying the transport sector, and the Paris Agreement goals.

He noted that MENA region is more concerned about transformation, as it has more reserves, and the high production potentials of oil and gas, as well as the lowest cost of carbon emissions, which gives advantages over other hydrocarbon-producing countries.

For his part, Vice President for Knowledge and Analysis at KAPSARC Dr. Fahad Al-Turki stated that renewable energy is expected to double in MENA region during the next five years, due to the various projects announced by the countries of the region, as it can contribute to the energy transition.

He pointed out that research centers have the ability to make the region a leader in renewable energy, despite being the main supplier of oil and gas in the world as the region produced 35% of oil and 20% of gas. Additionally, it can contribute to energy transformations as it has the lowest cost of renewable energy. — SG