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    Saudi Arabia Finance Minister calls on OPEC to fund green transformation


    June 24, 2022 - Financial Services Monitor Worldwide

     

      Saudi Arabias Finance Minister has called on the Organization of the Petroleum Exporting Countries to fund more green transformation projects, in the wake of oil giant Aramco pushing ahead with solar and wind energy developments.

      Speaking at the ministerial meeting of the OPEC Fund for International Development in Austria, Mohammed Al-Jadaan warned no country will be able to grow without the availability of reliable energy sources,

      Addressing the meeting in Vienna, Al-Jadaan said: Security of energy supplies, economic development, and addressing the climate change challenges are crucial and parallel axes to ensure the growth and prosperity of countries.

      OPEC has proven in recent years its reliability in providing stability to energy supply and maintaining global economic health, Al-Jadaan said.

      He added that the recent fuel shortfall was largely driven by a lack of refining capacity followed by investment in energy capital expenditures.

      His words came amid reports that Aramco will plow money into Saudi Arabias national renewable energy programme as it aims to invest in 12,000MW of renewable energy by 2030.

      Those investments will likely primarily come in the form of investments in Public Investment Funds solar and wind projects, MEED reported citing an industry source.

      We will use the allocation of renewable energy credits from these investments towards decarbonising the power supplied to our operations, it said.

      Aramco is also expected to expand off-grid and grid-connected solar and wind energy solutions as an important source of low-carbon energy for its operations, similar to its adoption of cogeneration facilities to boost energy efficiency.

      The Minister of Finance touched on the efforts of the Fund regarding global strategic development challenges, such as the climate change program and the energy transition, as well as the looming food crisis.

      He praised the initiative announced by the Fund at the meeting of the Arab Coordination Group regarding the $10 billion support for the food security joint work plan.

      Al-Jadaan signed a memorandum of understanding the Fund on the sidelines of the ministerial meetings, as part of the ministry's keenness to provide opportunities for Saudis to work for regional and international organizations.

      The Fund was established in 1976 with the aim of strengthening cooperation among member states to help poor, low-income countries increase their economic and social growth.

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