Failure to address energy affordability risks casting significant portions of the world into poverty and stagnating the global economy, according to the United Arab Emirates Energy Minister Suhail Al Mazrouei.

Inflation has risen around the globe due to rising energy prices. This has triggered cost-of-living crises in both emerging and developed economies.

Al Mazrouei expressed concern Tuesday night at the World Government Summit, Dubai UAE. He said that government’s are now too focused on security and geopolitics.

He claimed that the leaders of the OPEC+ organisation of oil-exporting country were trying to preserve order and deliver resources to market at a manageable rate, but it was becoming more difficult.

“For that to happen, we need resources – financial resources – we need to invest and we need to decouple politics from energy availability and energy affordability,” Al Mazrouei said.

I am concerned that we may end up with a mix of both, which could cause energy affordability to become a problem, leading ultimately to poverty and eventually a global economic stagnation. We are trying, but we cannot be blamed for everything – we are doing our best.”

While oil and gas have risen since Russia’s invasion, Al Mazrouei observed that prior to this, the emphasis was on sustainability and energy transition. The combination of a decline in demand due to the Covid-19 Pandemic and an increase in prices has caused them to plummet to their historic lowest point by 2020.

OPEC+ had responded to the call with record production cuts. Al Mazrouei, however, stated that beyond securing supply, the next concern would be securing affordability.

He said, “I’m sure that the next will be energy affordability, resources, in this sense because food security has become an issue, and industrial commodities and minerals have becoming an issue also.”

“So, the threat I see or the danger is poverty, which may lead people to join terrorist groups.”