The world’s largest green hydrogen production facility, currently being developed by Saudi Arabia in NEOM, is expected to meet 10 percent of global green hydrogen production targets, stated Minister of Industry and Mineral Resources Bandar Alkhorayef during his participation at COP16.
The industry minister added that the NEOM green hydrogen facility’s development not only aligns with global targets but also supports the goals of the Saudi Green Initiative to promote clean energy sources and reduce carbon emissions. He stressed that achieving carbon neutrality requires collaborative international efforts.
Transition to environmentally friendly technologies
Alkhorayef’s statement came during his participation at COP16 in a panel discussion at the fourth annual Saudi Green Initiative Forum (SGI Forum 2024), held in Riyadh under the theme “Action is in our nature.”
Alkhorayef highlighted the ministry’s efforts to support industrial facilities in transitioning to environmentally friendly technologies through various initiatives, including the Liquid Fuel Displacement Program which Saudi Arabia launched this year to reduce industrial carbon footprints.
He also addressed the successful coexistence of industry and the environment, citing the Jubail Industrial City, which transformed over 50 years from a desert into a green oasis and one of the world’s largest industrial cities. It stands as a unique model combining industrial advancement with the highest environmental sustainability standards, he noted.
Global mining hub
During the panel session on the sidelines of COP16, Alkhorayef also highlighted Saudi Arabia’s prominent position in the global mining sector, with mineral resources worth $2.5 trillion. He also emphasized the Kingdom’s commitment to sustainable practices in mining operations, citing the phosphate mine in Wa’ad Al-Shamal city. The mine adheres to the highest environmental safety standards, contributes to local community development, and supports educational initiatives.
“The Kingdom has achieved significant success in transforming raw materials into high-value products, including converting bauxite into aluminum products that can be utilized in advanced industries such as aviation and automotive manufacturing,” the minister said.
Saudi Arabia is now one of the largest exporters of phosphate for fertilizers, supporting agricultural activities and advancing global food security. Alkhorayef also emphasized that the international Future Minerals Forum serves as a vital platform to discuss future challenges in the mining sector, showcase leading global sustainability practices, explore innovative financing solutions and forge effective partnerships.
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SGI Forum 2024 launches five new initiatives
The first day of the SGI Forum 2024, which coincides with COP16, saw the announcement of five new initiatives with a value of over $60 million, reinforcing Saudi Arabia’s leading role in climate and environment efforts. With total investment exceeding $188 billion, the 86 initiatives under SGI are delivering tangible progress towards the aims of all three Rio Conventions.
Ma’aden, Morooj Foundation in partnership with the private sector, and the Tanmiah Food Company, are leading the five new initiatives. With over $60 million in investments, the initiatives aim to accelerate afforestation efforts. These initiatives aim to plant millions of trees and mangroves, scatter 300 million seeds, rehabilitate degraded land, reduce air pollution and enhance biodiversity across the Kingdom.
