Kingdom's Permanent Representative to the UN Participates in High-Level Meeting on Critical Minerals for Energy Transitions

The Permanent Representative of the Kingdom of Saudi Arabia to the United Nations, Ambassador Dr. Abdulaziz Al-Wasil, participated in the high-level meeting on critical minerals for energy transitions, held at the UN headquarters in New York, with the participation of governments, international organizations, the private sector, and civil society, to discuss enhancing international cooperation in critical mineral value chains.

In the Kingdom's intervention, Ambassador Al-Wasil affirmed that the Kingdom adopts a national vision that has made energy, mining, and industry strategic pillars to enhance national economic growth, in line with the targets of Saudi Vision 2030. He explained that it places global energy security at the core of its priorities by ensuring stable supply flows to global markets, developing the circular carbon economy, and building one of the largest renewable energy programs in the world.

He stressed that energy transitions must stem from a comprehensive and practical approach that allows countries to benefit from various energy sources and available technical solutions in line with their national circumstances, natural resources, and development priorities.

He also highlighted the Kingdom's launch of a new mining investment system that included reducing the tax rate on mining investments from 45% to 20%, noting that the Kingdom is ranked among the top 20 countries globally in terms of low legal and financial risks in the mining sector according to the Global Risk Report 2023.

He called for not reducing the importance of critical minerals to supporting renewable energy technologies alone, but rather considering them a strategic resource that serves all energy transition pathways, including hydrogen and carbon capture, utilization, and storage technologies. He affirmed that enhancing international cooperation and encouraging investment and innovation, especially in developing countries, are essential elements for building a more resilient and sustainable global system.