focused investments, such as King Abdullah University of Science and Technology. The mission of this new graduate institution for global solutions includes a broad solar energy focus, and its centerpiece is the Solar and Alternative Energy Engineering Research Center, dedicated to making solar commercially viable through lower costs. "My friends, what I hope to convey from these examples of in-depth and inclusive scientific scrutiny is this: while being forward-looking and innovative are smart - being pragmatic, even cautious, may be even smarter. "While renewables must be brought along to contribute meaningfully to a diverse energy mix, let us be realistic. Today, renewables' portion of the energy pie is just 2 percent, and their share is expected to reach 4 percent by 2030. Even if their current portion developed faster, doubling in those two decades, that would be a good advance - however, we would be looking at just 8 percent. And while solar and wind must be tied to the energy mix, their intermittent nature means they must augment the tried and true as they, and other alternative energies, are brought along to full maturity and viability. Thus, Saudi Arabia's stance is not to curb fossil fuel use, thereby drastically limiting economic and social growth. Instead, our aim is to supply the market with oil to enable economic growth and prosperity; improve petroleum's environmental performance through sustainability-driven R&D; and contribute to energy diversity by developing renewable energies. We, and other energy resource holders, welcome smart energy and renewables as part of a vital mix. "Perhaps this optimal energy utilization aim is best illustrated in Saudi Arabia's positioning of solar as a means of fuel flexibility in the Kingdom. By introducing solar for some energy needs, we can ultimately reduce domestic oil and gas consumption, thereby having more hydrocarbons to export to our customers in Asia and elsewhere in the world. Ladies and gentlemen, the ultimate bottom line for smart energy solutions is that they must be sufficiently robust and resilient to shoulder a fast-growing energy burden. To acknowledge another economic game-changer for Singapore, the integrated resort and casino, the smart bet would be to put the money on petroleum as a vital, and rightful, part of the smart energy mix. "Emerging and evolving energies and exciting new solutions for energy efficiency, like smart grids and smart appliances, assuredly have a role to play, but the known and proven must be given place with the pioneering. If we do otherwise, my friends, the risk of being unprepared for the future is simply too great. "If producers and consumers recognize that all viable energies have a role in meeting future demand; commit to improving the availability, accessibility and sustainability of all; and use energy prudently and efficiently, I am confident that energy's smartest days - and thus, the best days for all people, here in Asia and everywhere - lie ahead."
