Saudi Arabia’s minister of energy, Prince Abdulaziz bin Salman, recently announced that the Kingdom is all set to dominate the global hydrogen market even though some do not support the idea of it, according to media reports.
This announcement was made during the Davos agenda organised by the World Economic Forum, where the minister said that the world has a generous amount of energy to exploit, coming both from fossil fuels and renewable sources of energy. He added saying that the Kingdom needs to let all countries decide their own choices regarding resources of energy, based on their national resources and abilities.
The minister mentioned that while some people might not support the idea of Saudi Arabia dominating the global green hydrogen market, it is bound to happen eventually and hopes that the world will accept it because the Kingdom will keep exports of green and blue hydrogen at a cheap level.
The main pillar of the Kingdom’s green initiative is the circular carbon economy and the ministers are applying reduce, reuse, recycle and rethink to take it forward smoothly while keeping in mind the environmental impact. The minister also stated that the Kingdom’s Nationally Determined Contribution reduced emissions by 278 million tonnes and it was announced as a part of the Saudi Green initiative.
Stressing on the point of recycling, he also said that carbon as a material should be reused, not disposed of, and we also need to make sure we create the right environment for green and blue hydrogen. Currently, Saudi Arabia is cooperating with the world to move its markets on a global level.