DUBAI — The King Abdullah Petroleum Studies and Research Center (KAPSARC) participated in the Global Energy Forum, which was launched on Monday in Dubai in conjunction with the 2022 World Government Summit during Expo 2020, in collaboration with the Atlantic Council.

The forum will last for two days, to address the energy security outlook and best policies to enhance energy transition.

President of KAPSARC, Fahad Alajlan, highlighted the OPEC and OPEC+ rule in maintained space capacity, which amounted to $500 billion annual value to the global economy. He mentioned that OPEC and its alliance have focus on stabilizing the oil markets.

He pointed out that energy security is not something new. He explained the three pillars of energy strategy: energy security, economy growth and climate change.

Alajlan stressed the efforts made by Saudi Arabia to reach net-zero as well as diversify energy sources, as it recently launched several initiatives such as green Saudi initiatives and reducing global methane emissions, in addition to its grand plans for hydrogen projects in addition to the adoption of the circular carbon economy during its presidency of the G20 Summit, which was endorsed by the G20 countries.

The forum received a large participation from KAPSARC experts who specialize in energy economics and environmental topics to shed light on the efforts of the Saudi think tanks in developing solutions and consultations to face future energy challenges.

It is worth mentioning that KAPSARC had recently held, as part of Expo 2020, a workshop entitled “Circular Carbon Economy Index - Regional Launch and Workshop,” which aimed to introduce the CCE program as a concept for all countries, as it works as a framework for reducing, recycling, reusing and removing carbon emissions.

KAPSARC is an advisory think tank within global energy economics and sustainability providing advisory services to entities and authorities in the Saudi energy sector to face the future energy challenges. — SG