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The recent COP29 in Baku highlighted the challenges of the global energy transition. Despite ambitious goals, developing countries struggle to secure the necessary $1.3 trillion annually for their decarbonization and development plans, far exceeding the debated $300 billion climate finance agreement.
A McKinsey report reveals a gap between climate targets and action, with many projects, like green hydrogen, stalling in early stages. This issue spans various energy technologies, threatening the global climate agenda.
Amidst these challenges, Saudi Arabia is taking a pragmatic approach, focusing on actionable solutions. The Saudi Fund for Development (SFD) finances key infrastructure projects in Africa, enhancing access to essential services and boosting economic growth.
Saudi Arabia’s Public Investment Fund (PIF) and ACWA Power are making significant investments in Africa, targeting sectors like mining, energy, and infrastructure to ensure long-term economic benefits.
The Kingdom’s Vision 2030 and initiatives like the Future Minerals Forum aim to leverage mineral-rich regions in the energy transition. Vice-Minister Khalid Al-Mudaifer emphasizes the importance of collaboration and investment in these areas.
The ‘Super Region’, spanning Africa, West Asia, and Central Asia, is central to this vision. Saudi Arabia is fostering partnerships, de-risking investments, and building resilient supply chains to unlock prosperity.
At the upcoming Future Minerals Forum, discussions will focus on creating mineral value chains and enhancing regional cooperation. The Super Region exemplifies how collaboration can create sustainable, inclusive growth.
Aligned with Vision 2030, Saudi Arabia’s strategy strengthens supply chains, positioning itself as a commercial hub. The National Minerals Program aims to optimize mineral supply chains, driven by the Kingdom’s industrial strategy.
Saudi Arabia plans to attract $100 billion in mineral industries by 2035, supported by robust infrastructure and strategic investments like Manara Minerals, securing resources for giga-projects and energy transition goals.
The Future Minerals Forum encourages collaboration among governments, private sectors, and communities, ensuring mining projects contribute to local development.
The Super Region initiative aligns with Saudi Arabia’s vision of a sustainable, globally connected future, offering a model to address challenges highlighted by COP29 through strategic investments.
As Saudi Arabia hosts the Future Minerals Forum, the Super Region initiative will demonstrate the transformative potential of mining in sustainable development, advocating for increased financing and downstream value addition.
In an era demanding bold action, Saudi Arabia is leading by example in the energy transition.