Saudi Arabia's Minister of Petroleum and Mineral Resources, Ali Ibrahim Al-Naimi, has joined the leaders of 19 other countries to launch Mission Innovation, a global initiative aimed at accelerating global public and private sector clean energy innovation and providing affordable clean energy.

The signatory countries are prepared to double their national research and development (R&D) investments into clean energy technology and innovation over the next five years.

Al-Naimi said: “The kingdom has a strong focus on clean energy research and innovation. Our efforts include the development of a road map for technology and research in the field of carbon management from all stationary and mobile sources and its utilisation in industrial areas and for enhanced oil recovery. The kingdom also invests in the development and implementation of energy efficiency technologies and in renewable energy sources such as solar and wind energy.”

The minister stressed the need for increased support for investments in R&D and greater collaboration between the public and private sectors.

The Mission Innovation initiative will abide by four guiding principles – Double Governmental Investment in clean energy innovation, private sector and business leadership, implementation and information sharing. It champions an all-sector approach to transform global energy markets.

The 20 international signatories represent almost 80 per cent of the global R&D budgets in the field of clean energy innovation.

The participating countries have agreed to collaborate through sharing data, technological expertise and analysis to promote the commercialization and deployment of clean energy technologies. - TradeArabia News Service