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Monday, Mar 04, 2024

Prince Faisal stresses importance of international cooperation to face global challenges in G20 meeting

Minister of Foreign Affairs Prince Faisal Bin Farhan Bin Abdullah participated in the G20 Foreign Ministers’ Meeting in New Delhi Thursday.
The minister for foreign affairs addressed the meeting’s first session, entitled “Promoting multilateralism, the need for reforms, food and energy security, and development cooperation”, during which he praised the efforts of the Indian government during its presidency of the G20 under the theme “One land, one family, one future.”

During the speech, the minister mentioned the importance of addressing many global challenges, including supply chain disruptions, inflation, related debts, and high-interest rates, affecting the world’s development endeavors.

Prince Faisal reiterated the importance of resolving conflicts and political tensions hindering effective action on facing global challenges and exacerbating economic fragmentation.

He also stressed that addressing climate change requires continuing collective action and improving the speed and effectiveness of multilateral frameworks to adapt to changing environments and new threats.

He noted that pioneering economies, represented by the G20, represent a unique situation in addressing those concerns, stressing the significance of directing the agenda of the ministerial meeting to improve conditions for dialogue and peace and reduce the adverse effects of geopolitical competition on the global economy.

The prince pointed out that nearly 8% of the world’s population might face hunger in 2030, while 660 million people would remain without energy, which can slow down the world’s efforts to reach the main Sustainable Development Goals due to the lack of food and energy security.

He said that it is essential to maintain investment in all sources of energy, including traditional sources, to ensure access and meet demand.

He noted that the implementation of the circular carbon economy framework approved by the G20 in 2020 is the most effective and comprehensive approach to achieving net zero emissions while building sustainable economies.

The minister of foreign affairs added that about 1.8 billion people are affected by conflicts, representing 24% of the world’s population, which necessitates the international community to accelerate support and alleviate the instability that is spreading beyond borders.

He stressed that the Kingdom of Saudi Arabia will continue to support impoverished countries out of its pioneering role in providing humanitarian and development assistance.
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