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The fund will work toward giving countries with rapidly growing economies greater influence on its policies, while the bank hopes to help poor countries cope with global warming and the environmental and economic costs of quickly expanding energy needs.
"The United States and Saudi Arabia have agreed to cooperate in safeguarding the kingdom's energy resources by protecting key infrastructure, enhancing Saudi border security, and meeting Saudi Arabia's expanding energy needs in an environmentally responsible manner," a White House statement said.
Their expanding energy needs are driving major growth in clean-energy, transportation, building, and water-delivery technologies".
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By 2041, oil will be far less abundant than it is today and so incapable of meeting anywhere near 33.6% of the world's (much expanded) energy needs.
The Amazon faces a new wave of exploitation, as Brazil, Peru, and other Amazonian countries look to the vast expanse of forests and rivers to supply expanding energy and natural resource needs.
But expanding energy efficiency will reduce electricity demand and eliminate the need for the coal plants.
"Therefore, whether we are leaders in business, policymakers in government, or decision makers in philanthropic organizations, the need to expand energy supplies has a humanitarian dimension that should inform and should guide our energy policy dialogue".
Yet China will burn more of the sooty fuel as its overall energy needs expand.
The recent turmoil has added to uncertainty about the pace of investment in the region's upstream industry, how quickly production capacity will expand and, given rising domestic energy needs, how much of the expected increase in supply will be available for export.
For its part, Iran does not want to cut capacity, and wants assurances that it will be allowed to expand in line with its nuclear energy needs.
It is also expected to rely heavily on its water resources to meet food demands and energy needs of a rapidly expanding population.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com