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RIYADH: �������� has proposed establishing international consortiums to work with countries with mineral resources to benefit all stakeholders.

Saudi Minister of State for Foreign Affairs Adel Al-Jubeir made this proposal on the first day of the Future Minerals Forum in Riyadh on Wednesday.

Stressing the need for a paradigm shift that promotes cooperation and collaboration in the mining sector, Al-Jubeir said: “If we can establish international consortiums where a number of companies from different countries come together to work with countries that have mines and work with countries that need minerals in a way that is beneficial for everybody. We will have a new paradigm that is no longer this perception of mining companies coming in exploiting resources.”

The minister also emphasized the importance of establishing fair mechanisms to integrate economies and promote responsible mineral extraction.

He stated: “I believe it is important that we have a mechanism that is fair (and) that allows us to integrate economies rather than exploit economies.”

In discussing responsible mineral extraction, Al-Jubeir highlighted the potential of technology and renewable energy to contribute positively to global economic development.

He also spoke about climate change and the efforts of �������� in this regard. The minister said the Kingdom is setting high standards to counter climate change.

Al-Jubeir called for a rational and non-emotional approach to tackle the challenges posed by climate change.

The minister highlighted the Saudi leadership’s role in confronting climate change.

“�������� is working to set the standards and not follow them. We aim very high.”

He added: “We are the largest exporter of oil in the world. Yet, I don't believe there are very many countries that can come close to what we're doing in confronting climate change.

“We are determined to continue to play a leadership role in being an example for other countries, but at the same time we remind people that this challenge can be met.”

Speaking about the “loss and damage” fund, Al-Jubeir expressed his disappointment over the limited contribution made by advanced industrial nations.

“We have one of the largest economic assistance programs in the world, giving a larger percentage of our gross domestic product in assistance to the best-developed countries than the UN requires,” he added.

The fund was first announced during COP27 in Sharm El-Sheikh to help developing countries suffering from the most extreme effects of global warming.

Al-Jubeir concluded by emphasizing the need for global cooperation and building bridges between nations. “We believe that if one part of the world heals, the rest of the world heals also. There’s a need to build bridges and there’s a need to cooperate,” he stated.