HRH Prince Abdulaziz Bin Salman Al-Saud Shares Insights on Energy Security at IsDB’s Future Vision Symposium

Riyadh, Kingdom of Saudi Arabia, 30 April 2024 – The Islamic Development Bank (IsDB) Annual Meetings in Riyadh played host to the Future Vision Symposium, focusing on the critical theme of "Energy Security: The Future of Energy and Sustainable Development." Distinguished participants, including HRH Prince Abdulaziz bin Salman Al-Saud, Minister of Energy, Kingdom of Saudi Arabia, H.E. Dr. Sri Mulyani Indrawati, Minister of Finance, Indonesia, and H.E. Dr. Muhammad Al Jasser, President of IsDB.

Welcoming the gathering, H.E. Dr. Muhammad Al Jasser set the stage with an opening statement emphasising the centrality of energy for sustainable development and the Bank's commitment to supporting member countries in their pursuit of energy security.

The panellists delved deep into various facets of energy policy, economic development, and climate change. Each speaker provided unique perspectives, underscoring the complex challenges faced globally.

HRH Prince Abdulaziz bin Salman Al-Saud provided a comprehensive view of Saudi Arabia's dynamic energy landscape and its evolution within the context of global climate commitments. He emphasised the importance of realistic solutions, stating, "You cannot compromise economic growth and prosperity, nor can you compromise energy security for the sake of addressing climate change."

H.E. Dr. Sri Mulyani Indrawati shared Indonesia's economic trajectory and its impact on energy demand and environmental responsibilities. "Our approach to the energy transition acknowledges that Indonesia has a wealth of renewable energy options; however, transitioning towards green energy will require substantial investment," she remarked.

H.E. Dr. Muhammad Al Jasser highlighted IsDB’s role in facilitating energy projects and transitions across its member nations. "As a south-south institution, we have the independence to finance what we believe is in the best interest of the developing countries, supporting a broad spectrum of energy sources to meet their development goals," he said.

As the session concluded, the attendees witnessed an MOU signing for the establishment of a trust fund dedicated to providing access to clean cooking in IsDB member countries. This fund represents a collaboration between the IsDB and the Oil Sustainability Program at the Ministry of Energy in the Kingdom of Saudi Arabia. The MOU was signed in the presence of HRH Prince Abdulaziz bin Salman Al-Saud and H.E. Dr. Muhammad Al Jasser by Eng. Mohammad Haytham Attayyar, CEO of the OSP program, and Dr. Mansoor Mukhtar, the Vice President of Operations at the IsDB.