His Excellency the Saudi Minister of Finance, Mr. Mohammed Aljadaan, concluded his participation at the OPEC Fund Development Forum and the 46th Meeting of the OPEC Fund Ministerial Council, held June 17–18, 2025 in Vienna, Austria. The meetings focused on enhancing responses to global challenges, with the participation of leaders, ministers, and heads of multilateral development finance institutions.
The opening session speakers highlighted the vital role of sustainable, inclusive, and equitable transitions in global development. They explored how strategic finance, innovative policies, and global collaboration—especially through South-South partnerships—can drive progress within key global frameworks.
During his opening speech, Minister Aljadaan emphasized that energy security is not a luxury, but rather a fundamental pillar for achieving development and inclusive growth. Its absence leads to the disruption of vital sectors such as healthcare, education, economic productivity, environmental sustainability, and even water extraction and food security.
Minister Aljadaan also explained that the pursuit of more secure and diverse energy sources has become more urgent than ever, in light of escalating geopolitical tensions, market volatility, and rising global energy demand. This necessitates a strategic move toward energy diversification, and increased investment in clean energy technologies and emerging energy technologies such as Carbon Capture, Utilization and Storage (CCUS), He also urged the adoption of innovative financing solutions to accelerate energy access and strengthen long-term energy security.
He noted that the Kingdom is working with all its partners to enhance energy security and eliminate energy poverty, while continuing its 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 commended the Fund's vision and the alignment of its operations with global development priorities — including the Sustainable Development Goals and food security — while maintaining its core priorities. He also praised the Fund's flexibility in responding to global market fluctuations, which has ensured the continued flow of available resources to countries and communities in need.
The Ministerial Council, as the OPEC Fund's highest governing body, convenes annually to approve the Fund's audited financial statements, annual reports on activities, and any other items submitted by the management. The annual sessions are held either at the Fund's headquarters or in another location determined by the Council.