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Ukraine war chance for faster green transition but need Saudi Arabia: Albania PM

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The war in Ukraine provides a unique opportunity to initiate a faster green energy transition, but Saudi Arabia is needed for the shift, the Prime Minister of Albania Edi Rama said.

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The official made the comments in reference to the widespread disruption which was caused by sanctions imposed on Russia by Western powers following its invasion of Ukraine on February 24.

“This war has come also with an incredibly interesting… chance to make a faster green transition. Because not anymore by the goodwill but by the necessity, we could move much faster towards changing the whole nature of our energy production. But for this, we need Saudi Arabia,” Rama said during a panel discussion at the European Forum Alpbach in Austria, which began on Sunday and is expected to run until September 2.

He said he mentioning Saudi Arabia because of the “huge potential to create a corporation based on the vision 2030.”

Rama continued, “[Saudi Arabia] is sitting on oil, and they want to become self-sufficient in green energy and also net exporter of green energy. So, there are many issues that come together.”

The price of oil is largely driven by supply and demand and historically, extremely high oil prices were usually directly influenced by conflict or geopolitical tensions, especially when an oil-producing country, like Russia, is involved.

“I think this war comes with a lot of risks, but also with a big potential,” Rama added.

The war in Ukraine has had a significant impact on global markets and energy supplies, causing widescale disruption to oil shipping routes.

Saudi Arabia launched the Saudi Green Initiative in 2021 in an effort to combat the global climate crisis and join the world’s fight against climate change.

The initiative aims to provide more investment opportunities in green energy, open new avenues for greater international cooperation and create more jobs as it tries to shift away from its reliance on oil and diversify the economy whilst also striving to become more self-sufficient in clean energy.

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