Saudi Arabia is “committed” to maintaining crude capacity at 12.3 million barrels per day, Energy Minister Prince Abulaziz bin Salman said on Tuesday.

Speaking at the Future Investment Initiative (FII) conference in Riyadh, he said the world’s largest oil exporter would maintain its crude targets while also pursuing its climate aims.

“We will monetize every molecule of energy this land has, period,” Prince Abdulaziz said. That policy would be carried out hand in hand with other goals, such as emission reduction, he added.

“We are committed to maintaining 12.3 million (barrels per day) of crude capacity and we are proud of that,” he said.

He was speaking ahead of an announcement, expected on Tuesday, about a carbon credit exchange involving the kingdom’s sovereign wealth fund.

Saudi Arabia backed a deal at last year’s U.N. climate conference, COP28, giving countries more leeway to follow their own pathways to cleaner sources of energy.

More than 100 countries had lobbied at that summit, held in the United Arab Emirates, for the “phase out” of fossil fuels, but faced opposition from the Saudi-led oil producer group OPEC, which argued that the world can cut emissions without shunning specific fuels.

“We are not ashamed of our record when it comes to emissions,” Prince Abdulaziz told the FII conference. “We are proud of it, but the pundits try to create a smoke screen not to allow us to be on the so-called higher moral ground.”

He also said Saudi Arabia would update its national climate pledge under the Paris Agreement to raise its target.

“We ensure we will have a refreshed NDC [Nationally Determined Contribution] next year, and I can guarantee you out of knowing the number will be higher.”