Business & Money | Saturday 5 November, 2016 4:42 am |

PROMOTING innovation, supporting scientific research, and developing direct investment in the field of technology was called at the Energy Dialogue 2016.

The Energy Dialogue concluded with a summary of the main points that were discussed during the two-day forum. The summary session and closing remarkets were presented by Samer AlAshgar, president of King Abdullah Petroleum Studies and Research Center, alongside Mansoor Al-Mansoor, vice president, finance and operations and David Hobbs, head of research at KAPSARC.

Investment in the field of energy technology was called on during the forum to drive energy transitions and economic transformation which is in itself in line with Saudi Vision 2030 goals, said the president.

China’s and India’s experience in energy transition was also considered by researchers and policy makers as a rich experiences, which the Gulf countries can benefit from to promote energy security and sustainability.

Due to the continues growth of the transport field and increasing global demand, policy planning in the transport sector and investment in energy efficiency was greatly discussed in the forum and concluded to have significant impact on climate change and energy efficiency.

In regards to local content, the panel indicated that there was a general agreement among policymakers and energy specialist that there are many initiatives for increasing the local content in the Kingdom, however, the challenge lies in the absence of a leading program that can unite the efforts.

Stating the example of Saudi Aramco’s local content development supplier initiative In-Kingdom Total Value Add (IKTVA) program and its role in increasing investment, economic diversification, job creation and work force development up to 70% in 2021.

There was also an agreement among policymakers and specialists that rational policies must be the driving forces in climate change. With countries starting at different points depending on their social, economic and infrastructure statues. The panel also stressed that gas is one of the best choices as an energy alternative when the price of gas and its accessibility is economically feasible.

The panel concluded with the vision of KAPSARC being in the top tier of energy research. The true mission of KAPSARC is to improve the welfare of societies around the world and KAPSARC can only achieve this through collaboration among researchers around the world and through collective knowledge, said the president.

Over 300 of the world’s leading energy policymakers and researchers attended the Energy Dialogue, which was inaugurated by Khalid Al-Falih, Saudi Arabia’s Minister of Energy, Industry and Mineral Resources Tuesday.