The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud affirmed that the Kingdom's presidency of the G20 encouraged a circular carbon economy framework through which emissions could be managed in a comprehensive and integrated manner with the aim of mitigating the effects of climate challenges, making energy systems cleaner and more sustainable, enhancing security and stability in energy markets, and access to her.

This came in a speech delivered during the second accompanying event on land conservation, as follows:

Your Majesties, Excellencies, Highnesses and the State,

Distinguished participants,

Peace, mercy and blessings of God:

It is my honor to welcome you to the second accompanying event on preserving the planet in a circular carbon economy.

As we recover from the repercussions of the pandemic, we must create the conditions that ensure a strong, inclusive, balanced and sustainable economy through human empowerment, preserving the planet, and shaping new horizons to seize the opportunities of the twenty-first century for all.

Preserving the planet is of the utmost importance. With increased emissions from economic growth, we must pioneer the adoption of sustainable, realistic and cost-effective approaches to achieving ambitious climate goals.

From this standpoint, the Kingdom's presidency encouraged a circular carbon economy framework through which emissions can be managed in a comprehensive and integrated manner with the aim of mitigating the effects of climate challenges, making energy systems cleaner and more sustainable, and enhancing the security and stability of energy markets, and access to them.

Where countries will be able to adopt and enhance technologies that are compatible with the paths that countries choose for energy transitions through the pillars of the circular carbon economy, as these pillars together form a comprehensive, integrated and realistic approach that allows taking advantage of all emissions management options in all sectors.

The Kingdom will launch the National Program for the Circular Carbon Economy to consolidate and accelerate current efforts to achieve sustainability in a comprehensive manner. We call on other countries to work with us to achieve the goals of this program of addressing climate change while continuing to develop the economy and increase human well-being. In 2012, we launched the National Program for Energy Efficiency, in efforts to reduce emissions within the principle of a circular carbon economy.

We also have several initiatives concerned with capturing carbon and converting it into valuable raw materials. This includes the world's largest facility for filtering carbon dioxide, which was built by the Saudi Basic Industries Corporation (SABIC) with 500,000 tons per year, as well as Saudi Aramco's plan to improve oil recovery by 800,000 tons of carbon dioxide emissions per year. Likewise, we are developing the largest green hydrogen facility in NEOM.

Realizing the important role of the carbon sequestration process through nature, the Kingdom called for the adoption of an ambitious goal of preserving, reclaiming and managing one billion hectares of degraded land in a sustainable manner by the year 2040 AD.

In addition, we have big plans for renewable energy sources, including wind and solar energy, which will account for 50 percent of the energy used to produce electricity in the Kingdom by 2030.

In this regard, we will now hear from the dignitaries about their various initiatives and ambitions in this regard.

thank you.