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Saudi Finance Minister: The Kingdom ensures global energy security

Saudi Finance Minister: The Kingdom ensures global energy security

Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan took part in the World Economic Forum’s “Davos Agenda” virtual session “Preparing for the Future.”

According to the Saudi Press Agency, the Minister of Finance emphasized in his opening speech that the past two years have provided many lessons for building economic resilience and improving preparedness for the future. Among these lessons is the need to take deliberate and decisive data-based measures to reduce risks while balancing public health and social and economic needs.

“The Group of Twenty (G20) agreed to form a combined task group from the ministries of health and finance to guarantee that the world is better prepared for the future,” he continued, stressing that the Covid-19 pandemic taught us that no one country can combat the disease alone.

He noted that while energy transition and sustainable growth are two major components in building a robust global economy, the danger that is sometimes disregarded is the necessity to provide energy security so that the matter is not negatively affected by the shift.

Al-Jadaan emphasized that the G20 is collaborating with the World Bank, the International Monetary Fund, and other multilateral organizations to find a method to better prepare for future crises by continuing structural reforms and risk management.

He stated that it used to take years to make vaccinations, but now, with collaboration, whether from the business sector or the government, we were able to deal properly with the crisis, help low-income countries, and give relief efforts following G20.

According to Al-Jadaan, Saudi Arabia supports sustainability while guaranteeing energy security, as well as the inevitability of transitioning to a green and sustainable global economy based on a flexible and smart strategy to assure long-term energy security and economic stability.

It is worth mentioning that the Davos Agenda will be conducted from January 17-21, with participants expected to gather in Davos, where it will hold a series of virtual sessions in keeping with the annual meeting’s purpose of counseling world leaders on the demands of the next year.

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