Saudi Gazette report

RIYADH — Minister of Finance Mohammed Al-Jadaan commended the flexibility of OPEC Fund for International Development in responding to global market fluctuations, saying that this has ensured the continued flow of available resources to countries and communities in need.

Addressing the 46th Meeting of the Ministerial Council of the Fund in Vienna, Al-Jadaan praised the Fund’s vision and alignment of its operations with global development priorities, including the Sustainable Development Goals (SDGs) and food security, while maintaining its core focus areas.

The Ministerial Council, as the OPEC Fund’s highest governing body, convenes annually to approve the fund’s audited financial statements, annual activity reports, and any other items submitted by the management.

Al-Jadaan also addressed the OPEC Fund Development Forum. The events brought together leaders, ministers, and heads of multilateral development finance institutions to discuss ways to strengthen responses to global challenges. The opening session of the forum emphasized the vital role of inclusive, equitable, and sustainable transitions in global development, exploring how strategic finance, innovative policies, and global cooperation—particularly through South-South partnerships—can drive progress across key global frameworks.

In his speech at the inaugural session of the forum, Al-Jadaan emphasized that energy security is not a luxury but a fundamental pillar for achieving development and inclusive growth. Its absence, he said, disrupts vital sectors such as healthcare, education, economic productivity, environmental sustainability, water extraction, and food security.

He noted that the pursuit of more secure and diverse energy sources has become more urgent than ever amid escalating geopolitical tensions, market volatility, and increasing global energy demand. Al-Jadaan called for a strategic move toward energy diversification and increased investment in clean energy technologies, as well as emerging energy technologies, such as Carbon Capture, Utilization, and Storage (CCUS), and encouraged the adoption of innovative financing solutions to accelerate energy access and enhance long-term energy security.

He also reaffirmed Saudi Arabia’s commitment to working with all its partners to enhance energy security and eliminate energy poverty, while continuing efforts to combat climate change. “We have set an ambitious target to generate 50% of our electricity from renewable sources by 2030 and achieve net-zero emissions by 2060, under the Circular Carbon Economy framework,” he said.