His Excellency the Saudi Minister of Finance, Mr. Mohammed Aljadaan, recently concluded his participation in the OPEC Fund Development Forum and the 46th Meeting of the OPEC Fund Ministerial Council, which took place from June 17 to 18, 2025, in Vienna, Austria. The meetings aimed to enhance responses to global challenges with contributions from leaders, ministers, and heads of multilateral development finance institutions.
The opening session speakers emphasized the importance of sustainable, inclusive, and equitable transitions in global development. They discussed how strategic finance, innovative policies, and global collaboration—particularly through South-South partnerships—can advance progress within key global frameworks.
In his opening speech, Minister Aljadaan stated that energy security is a fundamental pillar for achieving development and inclusive growth. He noted that its absence disrupts vital sectors such as healthcare, education, economic productivity, environmental sustainability, water extraction, and food security.
Minister Aljadaan highlighted the urgency of pursuing more secure and diverse energy sources due to escalating geopolitical tensions, market volatility, and rising global energy demand. He called for a strategic move toward energy diversification and increased investment in clean energy technologies like Carbon Capture, Utilization and Storage (CCUS). He also advocated for innovative financing solutions to accelerate energy access and strengthen long-term energy security.
He mentioned that Saudi Arabia is collaborating with 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 to achieve net-zero emissions by 2060 under the Circular Carbon Economy framework,” Minister Aljadaan said.
During his intervention at the 46th Meeting of the OPEC Fund for International Development Ministerial Council, Minister Aljadaan praised the Fund’s vision and alignment with global development priorities — including Sustainable Development Goals and food security — while maintaining its core priorities. He commended the Fund’s flexibility in responding to global market fluctuations which has ensured continued resource flow to countries and communities in need.
The Ministerial Council serves as the OPEC Fund’s highest governing body. It convenes annually to approve audited financial statements, annual reports on activities, and other items submitted by management. These sessions are held either at the Fund’s headquarters or another location determined by the Council.
