quality energy that can have a profound ameliorating effect on their poverty. More than one and a half billion people have no access to electricity or other modern energy. More than a billion people drink biologically and chemically contaminated water, leading to devastating disease and death rates, particularly infant mortality. From 1.5 to 2 million people die each year due to indoor pollution caused by improper ventilation of burned biomass fuels such as charcoal, wood and animal waste. Clearly, such energy poverty also degrades and devastates our natural environment. Such limited access to energy translates into limited economic growth, and in turn, stunted opportunities for families and individuals. When these nations and communities cannot support the costs of developing new and alternative energies, the gap between rich and poor will only widen. The World Bank has stated, and I quote, that “Oil and coal will inevitably continue to be major fuel sources for the world's poorest people for the foreseeable future,” end quote. This prediction is one of the most compelling reasons to continue making fossil fuels more sustainable while all credible forms of energy are being developed. Without a doubt, the ability of energy to drive economic progress and create increased prosperity should be deployed for the good of all, and not limited to benefit of some. Let me close by emphasizing the four important messages that I hope you will take away this morning. The Earth is well endowed with plentiful fossil fuel resources. My first message is that we can rest assured that the world will not run out of these resources, including petroleum, any time soon. Thanks to human ingenuity, transformative technologies are revolutionizing the ability to find and produce petroleum sources, and to do so in a manner that makes our environmental footprint progressively lighter. For these reasons, I believe it is essential to acknowledge the role of fossil fuels in an inclusive energy mix. Let us be mindful how casting doubt on fossil fuel consumption can cause oil sector investment to constrict. Ample energy supplies will be needed to return economies to health, to meet demand as the world's population grows, and to serve billions of our fellow humans who rightly aspire to a better way of life for themselves and for their children. Second, I hope that you will take away fresh insights into how nations and producers are working together to address global warming, through cooperative agreements and through collaborative research into ameliorative products, technologies and operations. Third, there has been considerable progress in making petroleum less impactive, more abundant and more affordable for the benefit of the world's population – particularly the poorest among us. And finally, we are all for alternatives; however, many have technical, financial, legal and other barriers and risks to overcome before they can contribute significantly. We do note that great effort is being made in the research, development and propagation of renewables. Saudi Arabia recognizes and supports this tremendous effort in developing alternative fuels such as biofuels, wind and solar; as I have shown, we ourselves are leaders in exploring extensive solar energy research and applications. Therefore, an inclusive, transparent energy strategy that considers the viability of all sources; acknowledges the ongoing role of fossil fuels; enables innovation to promote the sustainability of all contributions; and encourages their efficient and conservative use is our best hope for a secure, shared energy future. Throughout history, energy has powered productivity, and enabled prosperity, for the world's population. I commend Energy Pact for creating a platform for better understanding and cooperation in setting a future course toward a more sustainable, more inclusive energy future. By understanding the interdependence of energy, the environment, and economic and social development, we ultimately serve one single, common agenda: the human agenda".
