Minister of Finance Mohammed Aljadaan emphasised that energy security is not a luxury but a fundamental pillar for achieving development and comprehensive growth. He noted that the absence of reliable energy access hampers progress across vital sectors such as healthcare, education, economic productivity, environmental sustainability, water extraction, and food security.

 

Aljadaan made these remarks during his speech at the Opec Fund for International Development Forum, held in Vienna, Austria, reported SPA.

 

He extended his appreciation to the Opec Fund for organising the forum, which highlights the critical role of economic reforms in strengthening national resilience, addressing financial and economic challenges, and achieving sustainable and inclusive development.

 

The minister underscored that economic reforms aimed at achieving prosperity and tackling development challenges must prioritise securing basic needs, chief among them access to energy.

 

He pointed out that energy poverty affects 1.2 billion people worldwide, with repercussions that transcend borders, including economic instability, rising migration pressures, and growing humanitarian burdens.

 

Aljadaan affirmed that Saudi Arabia is committed to working collaboratively with the international community to enhance global energy security and eliminate energy poverty while simultaneously advancing efforts to combat climate change. He reiterated the Kingdom's ambitious target of generating 50% of its electricity from renewable sources by 2030 and achieving net-zero emissions by 2060, in alignment with the circular carbon economy framework.