India, China to fuel demand for natural resources, says Saudi energy minister

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ABU DHABI: India is set to play a bigger role in shaping the energy policies of the Middle East due to its growing hunger for oil. Saudi energy minister Khalid al-Falih, during the 2017 Abu Dhabi Sustainability Week being held at Abu Dhabi in UAE, said fossil fuels cannot be just wished away since rising car ownership in India and China will fuel the demand for natural resources.
Although al-Falih, who is also the chairman of Saudi Aramco, Saudi Arabia’s petroleum and natural gas giant, pledged $30-50 billion investment by Saudi Arabia in renewable energy by 2023, he appeared bullish on oil and gas. “We are going to need clean oil and gas for generations to come,” he said. “We have seen bio fuels create more pollution than fossil fuel. Poor people using bio fuels are more likely to pollute than people who have access to clean oil and gas.”
Passenger car ownership in India is estimated to grow by 775% over the next 24 years, according to the International Energy Agency (IEA).