levels the playing field, where policies, resources and public sentiment favoring alternative energies inhibit fossil fuels' ability to compete and contribute. It also creates undue risk that these newer energies may not have sufficiently developed to the point of payback on considerable investments of time and money. Fossil fuels must bridge the gap, until green energy consistently lives up to its name, and overcomes affordability and infrastructure hurdles. "Simply put, an either-or approach ultimately will catch us short-handed. "So if smart energy is about deriving the greatest resource value, we would have to agree that any kind of energy that lets us weigh those qualifying criteria and tick the reliability and sustainability boxes off our checklist will apply. "Saudi Arabia does agree that every kind of energy has a role to play. We acknowledge that fossil fuels, primarily oil, will shoulder the biggest burden in meeting global demand, and that renewables will complement them. Thus, our aim is to deliver the petroleum that powers the world's economic and social engines; leverage technology and innovation to make its use cleaner; and develop renewables so that they can contribute meaningfully to the energy mix. "With that in mind, let's look at petroleum through the smart energy lens. "From the smart-energy fundamentals of adequacy and reliability, the world will depend on fossil fuels for the next 50 years. Of the dramatic 40 percent increase in world energy demand that we will be seeing over the next 20 years, 85 percent will be met primarily by fossil fuels. From the perspective of Saudi Arabia alone, the smart energy supply fundamentals are well served. --More
