Al-Jadaan: A flexible and measured approach in a green and sustainable global economy is needed

DAVOS- Finance Minister Mohammed Al-Jadaan, while participating Friday in the virtual roundtable organized by the World Economic Forum (Davos Agenda under the title: Building Future Preparedness), underlined that the past two years have provided many lessons for building economic resilience and better future preparedness.

Speakers from a variety of backgrounds included Christian Mumenthaler, Group CEO, Swiss Re, Switzerland; International Business Council, Jeremy Farrar, Director, Wellcome Trust, United Kingdom, Odile Françoise Renaud-Basso, President, European Bank for Reconstruction and Development (EBRD), London, and Adam Tooze, Director, European Institute, Columbia University, USA.

Al-Jadaan reiterated, “Among these lessons is the need for bold, decisive and data-driven action in risk mitigation, while simultaneously balancing public health, social and economic needs.”

He pointed out that G20 members agreed to establish a joint working group between health ministers and finance ministers to ensure the world is better prepared for the future. It is very important that we support these efforts.

Al-Jaddan added that we have learned a clear lesson from the COVID-19 pandemic that it is not possible for one country to fight the pandemic alone. Any type of pandemic requires greater international collaboration.

He added that the energy transition and sustainable development are key factors in building a resilient global economy, but the risk that is often overlooked is the need to ensure that energy security is not negatively affected by the energy transition.

In addition, Al-Jadaan stressed that the G20 is working with the World Bank, International Monetary Fund and other multilateral institutions to find a way to better prepare for potential future crises through continued structural reforms and management. risks.

Al-Jadaan said: “In the past, it took years to produce vaccines, but today, thanks to the collective collaboration, both from the private sector and the government, we have managed to move forward successfully and bring a support for low-income countries. We were able to agree through the G20 and the Paris Club to provide relief, and the IMF issued the equivalent of $650 billion of SDRs to support liquidity.”

Al-Jadaan confirmed that Saudi Arabia fully supports sustainability and resilience on the global stage while ensuring energy security. The need to shift to a green and sustainable global economy is imperative; however, a flexible and measured approach is needed to ensure long-term energy security and economic stability.

It should be noted that the Davos agenda is held during the week that participants were supposed to meet in Davos – from January 17 to 21, 2022, by organizing a series of virtual plenaries aligned with the objective of the annual meeting of guide world leaders on the imperatives of the coming year. —SG

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