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WEF 2024: Saudi Arabia pushes agenda for global energy and resource security

The country stresses its dedication to international collaboration to meet energy demands

WEF 2024: Saudi Arabia pushes agenda for global energy and resource security
[Source photo: World Economic Forum]

At the World Economic Forum’s Annual Meeting 2024 in Davos, Saudi Arabia expressed its commitment to collaborating with the global community to meet the growing global demand for energy, drive green transformations, and build integrated economic resilience. 

During a session on Bold Steps for a Sustainable MENA, Adel A. Aljubeir, Minister of State for Foreign Affairs, Member of the Council of Ministers, and Envoy for Climate, spoke on increasing the global resource nexus, saying, “We are a responsible actor in the global community, and we want to not follow the standards, we want to set the standards.” 

“The world’s need for energy keeps expanding, and that extra need for energy has to be accommodated using alternative energy sources. Renewables are a clear favorite,” he added. 

The minister highlighted the recent Saudi Green Initiative (SGI), which has implemented over 80 public and private sector initiatives, with an investment of over $188 billion in securing global climate goals.

In another session, Resilience: What It Means and What to Do About It, Mohammed A. Aljadaan, Minister of Finance, stressed the need for “significant structural reform.”

He said countries need to improve resilience “on an institutional, a fiscal, and a regulatory level” and called for more engagement in the private sector and among people.

Bandar I. Alkhorayef, Minister of Industry and Mineral Resources, said in a session on Supply Chains of the Future that high-growth sectors, including logistics, manufacturing, and mining, are becoming critical drivers of the kingdom’s nationwide diversification.

“Saudi Arabia offers a combination of enablers, including energy and petrochemicals, but also our geographic location,” he said. Alkhorayef added that the Gulf nation is working with investors to help build and export competitive, green products for both the long and medium term. 

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