At the G20 Ministerial Meeting, which saw ministers of energy and environment meet in Japan, Saudi Arabia's Energy Minister Khalid Al-Falih said that strategic investments should be made to ensure the future energy mix is optimal, including conventional energy sources as well as new sources of energy, to ensure that the supply of energy is abundant, affordable, accessible and sustainable.
"The world should expand research and development financing to mitigate environmental impact of energy use, including developing new clean energy sources and enhancing environmental performance of conventional sources that make up the bulk of global energy consumption," he said.
He noted that market volatility and lack of long-term predictability in the global energy industry negatively impact the world economy, and climate change must be dealt with in a balanced and comprehensive way.
Al-Falih stressed Saudi Arabia's continued commitment to international agreements on climate change and greenhouse gas emissions, as well as its commitment to honor its pledges made during many conference meetings.
However, he noted that the established commitments are long-term, but in the near term, there must be a rapid and decisive response to the threats on energy supply, market stability and consumer confidence.
He went on to note that recent attacks on energy infrastructure, including tankers and pipelines threaten energy supply, and result in short-term price increases and high levels of concern over the safety and durability of energy supply systems.