Adel Al-Jubeir: Global trade was affected by 15% due to the Red Sea unrest

Adel Al-Jubeir, Minister of State for Foreign Affairs, member of the Cabinet and the Kingdom’s Climate Affairs Envoy, said that global trade was affected by about 15% due to the Red Sea events, which led to the diversion of ships, increased travel times, higher costs, and increased fuel consumption, thus negatively impacting the environment.

Regarding sustainability, renewable energy and responsibility towards future generations, Al-Jubeir said, during the first Global Logistics Forum in Riyadh, that efficiency is the main factor in achieving future sustainability in the trade and energy sector.

Al-Jubeir added during a session entitled “Global Trade and its Implications for the Logistics Sector” that the ability to produce, package, market and transport goods efficiently is what determines the success of companies in the future, stressing the importance of improving the efficiency of ships and ports and the speed of loading and unloading goods, which contributes to improving the trade process in general.

Al-Jubeir added that companies are moving towards increasing efficiency because it drives the wheel of profitability, noting that the shift to environmentally friendly practices is not only necessary but also very profitable.

He stressed that many people confuse emotional discussions about climate change with the actual reality, indicating that renewable energy and environmental efficiency are making huge profits.

Speaking about the transformations taking place in the world, Al-Jubeir said that industries such as aviation, shipping and land transportation have begun to adopt more efficient solutions, whether through the use of alternative fuels or designing cities to reduce fuel consumption and make transportation more efficient. He pointed out that this trend is increasing and will not change, as humanity always seeks to adapt to challenges.

As for the Kingdom’s responsibility in this area, Al-Jubeir stressed that the Kingdom bears a great responsibility towards its people and towards humanity. He said: “We have a young generation, as 70% of the Kingdom’s population is under the age of 32 or 33. These young people expect a better life than the one we lived, and a better life means clean air, clean water, and a sustainable environment.” He stressed that the Kingdom considers the environmental issue a top priority, and this is embodied in the “Saudi Green Initiative” and the “Middle East Green Initiative”, which aim to address issues of land degradation and climate change. Regarding new business opportunities, Al-Jubeir expressed his great enthusiasm for cooperation with different countries, noting that Africa in particular holds tremendous opportunities, as it will be home to 40% of the world’s population by the end of this century. He stressed that Africa’s success is the Kingdom’s success, and that there are great opportunities in the fields of infrastructure, minerals and transportation. Al-Jubeir concluded his speech by pointing to the importance of global interconnectedness, saying: “We are strategically located between Asia, Europe and Africa, and what happens in the world affects us, and what happens here affects the world.” He stressed that the Kingdom will remain an active player in the global scene, and will continue to enhance communication with the world to benefit everyone.