RIYADH: Saudi Arabia is working "to artificially stimulate oil demand" even as it publicly backs a transition away from fossil fuels, a report said ahead of COP28 climate talks in Dubai. The report paints a different picture, contending the OSP which in Arabic is known as the Oil Demand Sustainability Program works to maximize use of oil-consuming vehicles in Asia and Africa. Authorities from the world's biggest oil exporter are also, according to the report, backing fuel-intensive supersonic air travel, lobbying against government subsidies for electric vehicles and promoting energy infrastructure in developing countries that would run on Saudi oil. However, Saudi officials also argue that continued new investments in hydrocarbons are necessary for energy stability. Speaking this month at a Saudi-hosted conference on economic cooperation with Africa, Saudi Energy Minister Prince Abdulaziz bin Salman said policies to address climate change should not "crush the bones" of countries grappling with energy poverty.

Source: Manila Times November 30, 2023 09:30 UTC