Crown Prince Mohammed bin Salman bin Abdulaziz, Deputy Prime Minister and Minister of Defense, affirmed that the region and the world are facing major critical challenges that require intensified joint cooperation to confront them, and that global economic growth is closely linked to utilizing all available energy sources in the world.

He stressed that the future of energy we seek requires adopting a clear vision and priorities to achieve security, stability and prosperity, and that the completion of the system of security, stability and prosperity in the region requires finding political and realistic solutions to the crises.

This came during the Crown Prince's chairmanship - on behalf of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz - of the Jeddah Summit for Security and Development, in the presence of leaders and heads of delegations from the Gulf Cooperation Council countries, the United States of America, the Hashemite Kingdom of Jordan, the Arab Republic of Egypt, and the Republic of Iraq. The following is the text of the summit:

May the peace, blessings, and mercy of God be upon you

Your Majesties, Excellencies, and Highnesses

I welcome you to the Kingdom of Saudi Arabia and convey to you the greetings of my master, the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and his wishes for the success of this summit

Our meeting today comes at a time when our region and the world are facing major existential challenges, which require intensifying joint cooperation within the framework of the principles of the Charter of the United Nations, which are based on respect for the sovereignty and values ​​of states, non-interference in their internal affairs, and respect for their independence and territorial integrity

We hope that this summit will establish a new era of joint cooperation to deepen the strategic partnership between our countries and the United States of America, to serve our common interests and enhance security and development in this vital region of the world

Your Majesties, Excellencies, and Highnesses

The major challenges the world has recently faced due to the COVID-19 pandemic and geopolitical conditions necessitate greater international cooperation to revive the global economy and achieve food and health security. Furthermore, the environmental challenges the world currently faces, most notably climate change and the international community's commitment to keeping global warming within the levels set by the Paris Agreement, require a realistic and responsible approach to achieving sustainable development. This necessitates adopting a balanced approach through a gradual and responsible transition to more sustainable energy sources that takes into account the circumstances and priorities of each country

Adopting unrealistic policies to reduce emissions by eliminating key energy sources without considering the impact of these policies on the socio-economic foundations of sustainable development and global supply chains will lead in the coming years to unprecedented inflation, soaring energy prices, increased unemployment, and the exacerbation of serious social and security problems, including increased poverty and famine, and a rise in crime, extremism, and terrorism

We emphasize that global economic growth is closely linked to utilizing all available energy sources worldwide, including hydrocarbons, while controlling emissions through clean technologies. This enhances the possibility of achieving net-zero carbon emissions by 2050 or earlier, while maintaining energy supplies. Therefore, Saudi Arabia has adopted a balanced approach to net-zero carbon emissions by pursuing a circular carbon economy approach, in line with its development plans. This approach enables economic diversification without impacting growth or supply chains. It also involves developing technologies with global participation to address emissions through the Saudi Green Initiative and the Middle East Green Initiative, supporting these efforts both locally and regionally. We also stress the importance of continuing and encouraging investments in fossil fuels and clean technologies over the next two decades to meet growing global demand. It is crucial to reassure investors that the adopted policies do not threaten their investments, preventing them from withdrawing and ensuring that no energy supply shortages occur that could affect the global economy. Saudi Arabia will play its part in this regard, having announced an increase in its production capacity to 13 million barrels per day. After this point, Saudi Arabia will have no further capacity. Additional measures to increase production.

Your Majesties and Excellencies

The energy future we aspire to requires a clear vision and priorities for achieving security, stability, and prosperity based on mutual respect among the countries of the region. This vision must strengthen shared cultural and social ties, address security and political challenges, and achieve comprehensive economic development. We call upon Iran, as a neighboring country with whom we share religious and cultural bonds, to cooperate with the countries of the region and be part of this vision by adhering to the principles of international law, refraining from interfering in the internal affairs of other countries, cooperating with the International Atomic Energy Agency, and fulfilling its obligations in this regard

In line with Saudi Arabia's vision of achieving security and stability in the region, it has supported all efforts aimed at reaching a Yemeni-Yemeni political solution based on the three agreed-upon frameworks. Saudi Arabia has also exerted efforts to solidify the current truce and will continue to provide humanitarian assistance to the brotherly Yemeni people. We emphasize that the prosperity and well-being of the region require expediting a comprehensive and just solution to the Palestinian issue in accordance with international legitimacy initiatives and resolutions, and the Arab Peace Initiative

We are pleased to see the recent improvements in security and stability in Iraq, which are bringing prosperity and well-being to its brotherly people and fostering positive interaction with its Arab and regional neighbors. In this context, we commend the signing of the electricity interconnection agreement between Saudi Arabia and Iraq, as well as with the Gulf Cooperation Council (GCC) countries, which will contribute to meeting Iraq's electricity needs. We also note the ongoing electricity interconnection projects between Saudi Arabia and both Egypt and Jordan. The completion of the system of security, stability, and prosperity in the region requires finding realistic political solutions to other crises, particularly in Syria and Libya, to ensure an end to the suffering of their brotherly peoples

Your Majesties and Excellencies

We are optimistic that this summit will lead to a comprehensive framework for a new phase, one in which we instill hope in the region's young men and women for a bright future in which they can realize their aspirations. We hope they will present to the world our noble values ​​and message, values ​​we are proud of and will never relinquish, and which we expect the world to respect, just as we respect other values, in a way that strengthens our partnership and serves the region and the world

Peace, mercy and blessings of God be upon you