Saudi Finance Minister Mohammed Al-Jadaan underscored on Tuesday the critical role of economic reforms in securing basic needs for individuals and communities to achieve prosperity and tackle developmental challenges.
Speaking at the opening session of the 2025 OPEC Fund for International Development Forum in Vienna, he highlighted the urgent need to address “energy poverty” affecting around 1.2 billion people worldwide.
Al-Jadaan emphasized that energy security is not a luxury, but a fundamental pillar for inclusive development and growth.
He warned that its absence disrupts vital sectors, such as healthcare, education, economic productivity, environmental sustainability, and even water extraction and food security.
The minister pointed to geopolitical tensions, market volatility, and rising global energy demand as pressing factors compelling nations to adopt strategic approaches to bolster energy security.
He called for diversifying energy sources, boosting investments in clean technologies, and embracing innovative financing solutions to accelerate energy access and support long-term sustainability.
Moreover, Al-Jadaan urged development banks to take effective action, outlining four key areas for focus. First, he stressed the need for multilateral development banks to support all energy sources impartially.
He cautioned against unrealistic emissions-cutting policies that exclude major energy sources, warning such moves could destabilize energy markets and disproportionately affect developing countries and communities.
Second, he highlighted the importance of concessional financing to speed up energy access in underserved regions.
He praised the World Bank-led “Mission 300” initiative aimed at providing energy to 300 million people in Africa, with significant contributions from partners including the Islamic Development Bank and the OPEC Fund for International Development.
Third, Al-Jadaan discussed lowering investment risks in the energy sector to attract private sector participation.
He pointed to tools such as partial risk guarantees, political risk insurance, and blended finance structures as vital in enhancing the financial viability of energy projects, especially in low-income, high-risk countries.
The fourth focus area called for increased investment in emerging energy technologies, including carbon capture, utilization and storage (CCUS), and more sustainable uses of hydrocarbons.
These efforts, he said, would bolster energy security while addressing carbon emissions in the transition toward net zero.
Al-Jadaan warned that the impacts of energy poverty transcend borders, fueling economic instability, increasing migration pressures, and raising humanitarian burdens worldwide.
He reaffirmed Saudi Arabia’s commitment to working with international partners to strengthen energy security and eradicate energy poverty alongside its climate change initiatives.
Furthermore, Al-Jadaan highlighted the Kingdom’s ambitious targets: generating 50% of its electricity from renewable sources by 2030 and achieving net-zero emissions by 2060, within a circular carbon economy framework.
Global cooperation is essential to achieving fair, sustainable development that benefits all, he stressed.
