Finance Minister Wraps Up OPEC Fund Engagements
Minister of Finance Mohammed Aljadaan concluded his participation in the OPEC Fund Development Forum and the 46th Meeting of the OPEC Fund Ministerial Council, held in Vienna, Austria, from June 17 to 18, 2025. The events gathered ministers, global leaders, and heads of multilateral development finance institutions to explore strategies for addressing global challenges.
The forum's opening session underscored the importance of inclusive, equitable, and sustainable transitions in global development. Discussions focused on the role of strategic finance, innovative policy-making, and enhanced international cooperation—particularly through South-South partnerships—in advancing global progress.
In his remarks, Aljadaan stressed that energy security is essential—not a luxury—for achieving development and inclusive growth. Its absence, he noted, undermines key sectors such as healthcare, education, economic productivity, environmental sustainability, water access, and food security.
Amid rising geopolitical tensions, market volatility, and growing global energy demand, Aljadaan called for urgent action to diversify energy sources and expand investment in clean and emerging technologies, including Carbon Capture, Utilization, and Storage (CCUS). He also advocated for innovative financing mechanisms to accelerate energy access and reinforce long-term energy security.
Reaffirming Saudi Arabia's commitment to global energy cooperation and climate action, Aljadaan highlighted the Kingdom's goal to generate 50% of its electricity from renewable sources by 2030 and achieve net-zero emissions by 2060 under the Circular Carbon Economy framework.
OPEC
At the 46th Ministerial Council Meeting, Aljadaan praised the OPEC Fund's strategic vision and its alignment with global development priorities, including the Sustainable Development Goals (SDGs) and food security. He also commended the fund's adaptability in navigating market fluctuations, ensuring continued support to countries and communities in need.
As the Fund's highest governing body, the Ministerial Council convenes annually to review and approve audited financial statements, annual reports, and other key matters. These sessions are held either at the Fund's headquarters or at a location designated by the Council.
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