Rio de Janeiro, November 20, 2024 – On behalf of His Royal Highness Prince Mohammed bin Salman, Crown Prince and Prime Minister of Saudi Arabia, Foreign Minister Prince Faisal bin Farhan led the Kingdom's delegation at the third session of the G20 Summit in Rio de Janeiro, focusing on "Sustainable Development and Energy Transitions." During his address, Prince Faisal underscored the critical role of the G20 in enhancing global cooperation to address sustainable development challenges.
The Foreign Minister emphasized the global challenge of energy security and its impact on development and poverty reduction. He called for a balanced and inclusive energy transition that takes into account the unique needs and circumstances of each country. Prince Faisal outlined three key pillars for a successful energy transition: energy security, access to affordable energy, and environmental sustainability. He stressed that these transitions require significant time, investment, and a comprehensive approach, including the use of all energy sources, such as hydrocarbons and cleaner applications, alongside technological innovation to manage emissions.
Prince Faisal also highlighted Saudi Arabia’s pioneering efforts in energy innovation, such as its low emission intensity in oil and gas operations, and its goal to achieve 50% renewable energy in electricity generation by 2030. He pointed to the Kingdom’s initiatives, including the Saudi Green Initiative and the Middle East Green Initiative, which align with its national conditions and development plans. The Foreign Minister concluded his speech by expressing appreciation for Brazil’s leadership during its G20 presidency in 2024 and wishing success to South Africa, the next host of the G20.
