Saudi Arabia's finance minister said the world's energy transition away from fossil fuels could take as much as 30 years, necessitating continued investment in conventional resources to ensure security of supply
While the global economy faces a "very difficult six months", Mohammed al-Jadaan said, the outlook for Gulf Arab oil producers was "very good" and would possibly remain so for the next six years.
"The thinking about energy and renewables and climate change.. now became more realistic that actually transition will take not only a year, not 10 years, possibly 30 years," Jadaan said.He was speaking at Saudi Arabia's investment forum FII, a showcase for the crown prince's drive to diversify the economy and attract foreign capital.
The Future Investment Initiative forum, which began on Tuesday, is expected to hold an auction of 1 million tonnes of carbon credits. Ahead of the event, Saudi wealth fund PIF announced the establishment of theSaudi Arabia and fellow Gulf Arab states have sought to bolster their green credentials. Riyadh last year said the kingdom aims to reach net zero emissions of greenhouse gases, mostly produced by burning fossil fuels, by 2060.
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