Saudi Finance Minister: Energy Security Must Underpin Global Development

SPA

June 17, 2025 | Vienna (Saudi Arabia Breaking News) – Saudi Arabia’s Minister of Finance Mohammed Aljadaan said on Tuesday that reliable energy access is “a fundamental pillar” of economic and social progress, warning that energy poverty slows growth across sectors from healthcare to food security.

Speaking at the OPEC Fund for International Development Forum in Vienna, Aljadaan praised the event for showcasing how economic reforms can bolster national resilience and foster sustainable, inclusive development.

“Energy security is not a luxury,” he told delegates. “Without it, progress in healthcare, education, economic productivity, environmental sustainability, water extraction, and food security is severely hindered.”

Aljadaan noted that an estimated 1.2 billion people worldwide still lack dependable energy access, a shortfall that fuels economic instability, migration pressures and humanitarian challenges across borders.

He said Saudi Arabia will work with the international community to strengthen global energy security and eradicate energy poverty while advancing climate goals. The Kingdom aims to generate 50 percent of its electricity from renewable sources by 2030 and achieve net-zero emissions by 2060 under its circular carbon economy framework, he added.