Development Committee - 107th Meeting - Statement on Climate Risk and Energy Security

Jul 19, 2026

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Statement delivered at the 107th Meeting of the Development Committee (Joint Ministerial Committee) on April 12, 2023 in Washington, DC by H.E. Dr. Abdulrahman A. Al-Hamidy, Chairman of the Board of the Arab Monetary Fund. The statement highlights climate change as a long-term driver of global economic and social risks, links it to energy security needs during the renewable transition, and calls for integrated, resilient energy policies. It emphasizes a circular carbon economy approach based on recycling emissions and discusses regional progress in carbon capture and storage, alongside AMF engagement toward carbon neutrality.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages4

Reading Time10 min

AccessFree to download

Climate risk and global challenges

Climate change impacts on the Arab region

Energy security during the renewable transition

Circular carbon economy as a strategy

Principles and policy needs

Arab progress in carbon capture and storage

Operational facilities and regional outlook

Arab Monetary Fund engagements

Supporting carbon neutrality

Public Disclosure Authorized Public Disclosure Authorized DEVELOPMENT COMMITTEE (Joint Ministerial Committee of the Boards of Governors ofthe Bank and the Fund on the Transfer of Real Resources to Developing Countries) ONE HUNDRED AND SEVENTH MEETING WASHINGTON, DC – APRIL 12, 2023 DC/S/2023-0001 April 12, 2023 Statement by H.E. Dr. Abdulrahman A. Al-Hamidy Director General Chairman of the Board Arab Monetary Fund Statement by H.E. Dr. Abdulrahman A. Al-Hamidy Director General Chairman of the Board Arab Monetary Fund 107th Meeting of the Development Committee April 12, 2023 Washington, DC “Climate Risk and Energy Security: Circular Carbon Economy as a Strategy to Promote Sustainable Development” It gives me a great pleasure to join this traditional meeting, and I would like to express my thanks and appreciation to the Secretariat of the Development Committee for the kind invitation. As we gather here today, the world faces significant challenges and uncertainties. The persistence of high inflation, the tightening of financial conditions globally, the geopolitical tensions, the climate change, and the supply chain disruptions have created risks to global economic growth, unemployment, sovereign debt sustainability, and anxiety in financial markets with a high risk of contagion. While all the other challenges are important, climate change may be the greatest challenge of our time as it is a long-term challenge with significant social and economic impact globally. The effects of climate change are already being felt worldwide, from more frequent weather events, including drought, storms, heat waves, rising sea levels, melting glaciers, warming oceans, and loss of biodiversity. Indeed, the Arab region generates today less than 5% of global greenhouse gas emissions, while the global climate changes represented by frequent and increasingly severe weather events in many Arab countries have direct repercussions on the Arab economies, since these phenomena affect many sectors, including food that depends directly on agriculture and water. In this context, the urgency to act on climate change has never been greater; however, addressing this issue is not just an environmental challenge but also an economic and energy security challenge closely linked to climate change. The transition to renewable energy, such as solar and wind power, requires significant investments in sustainable infrastructure, new technologies, and also ensuring energy security for the transition phase. Indeed, energy security is a core issue for countries worldwide because of its impact on economic growth, national security, and the well-being of citizens. To meet these challenges, countries worldwide must adopt a comprehensive and integrated approach to energy security that considers the need to increase energy efficiency, develop renewable energy, and protect vital energy infrastructure. By improving energy security, countries can build resilience to energy shocks, reduce their vulnerability to volatile prices and supply disruptions, and lay the foundation for sustainable energy. A circular carbon economy is based on the principle of recycling carbon emissions. It is an approach that can reconcile addressing climate change risk with energy security while ensuring a more sustainable energy and climate future. Arab countries in the field of the circular carbon economy and carbon management Addressing climate change and energy security requires a collaborative approach, with governments, the private sector, and civil society working together to promote sustainable development. The Arab region has made significant progress towards this goal, with many countries adopting policies and programs to promote renewable energy and energy efficiency. Indeed, important steps towards sustainable development have already been taken by many Arab countries that have made strides in the field of circular carbon economy in the contex

FAQs

Why does the statement treat climate change as a central challenge?

Climate change is described as a long-term issue with significant global social and economic impact, already visible through more frequent extreme weather and related risks to sectors such as food and water in the Arab region.

How is energy security connected to climate change in the statement?

The statement frames climate action as also an economic and energy security requirement, noting that renewable energy transition needs major investment and must ensure energy security throughout the transition phase.

What does the circular carbon economy approach emphasize?

It is presented as an approach based on recycling carbon emissions, intended to reconcile addressing climate change risk with energy security and to support a more sustainable energy and climate future.

Jul 19, 2026

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