Lebanon struggles to restore normality amid protests

Banque du Liban, the country’s central bank, provided banks with money from their deposits in order to meet citizens’ needs. (Reuters)
Updated 22 October 2019

Lebanon struggles to restore normality amid protests

  • The ISG urged Lebanese authorities to address people’s complaints, demanding structural reforms and responsible and acceptable social changes that truly curb corruption and waste
  • Such changes, the ISG said, should ensure proper governance and full accountability, and lead to sustainable and stable growth

BEIRUT: Lebanese banks will remain closed in light of nationwide protests for the fifth consecutive day, the Association of Banks in Lebanon announced.

However, Banque du Liban, the country’s central bank, on Tuesday provided banks with money from their deposits in order to meet citizens’ needs.

Meanwhile, Education Minister Akram Chehayeb ordered all schools and universities to resume classes on Wednesday “in order to preserve the interests of students and to preserve the academic year.”

Prime Minister Saad Hariri met with the International Support Group (ISG) for Lebanon, which includes envoys from the US, Russia, France, Britain, Germany, Italy, the EU, China and the Arab League, as well as the UN special coordinator for Lebanon, Jan Kubis. 

The ISG urged Lebanese authorities to address people’s complaints, demanding “structural reforms and responsible and acceptable social changes that truly curb corruption and waste, away from sectarianism.”

Such changes, it said, should “ensure proper governance and full accountability, and lead to sustainable and stable growth.”

Kubis said Hariri “committed that the government and its legitimate security forces will continue to protect civilians who are demonstrating peacefully, and will take appropriate measures against any possible violent incitement, to protect public and private property and institutions, and the people’s right to peacefully express their views.”

On behalf of the ISG, Kubis urged “officials and political actors in Lebanon to listen to the legitimate demands of the people, work with them on solutions, apply them, and refrain from any statements and acts that could inflame tensions and incite confrontation and violence.”

After meeting Hariri, Kuwait’s ambassador to Lebanon, Abdel Aal Al-Kinai, said: “Now is not the time to speak but to act.”

The CEDRE Conference follow-up committee will convene in Paris on Nov. 15 to launch the implementation of development projects worth $11 billion to help Lebanon overcome its economic and financial crisis.


Big oil feels the heat on climate as industry leader promises: ‘We will be different’

Updated 22 January 2020

Big oil feels the heat on climate as industry leader promises: ‘We will be different’

  • Trump singles out ‘prophets of doom’ for attack
  • Greenpeace told the Davos gathering that the world’s largest banks, funds and insurance companies had invested $1.4 trillion in fossil fuel companies since the Paris climate deal

LONDON: Teenage environmental activist Greta Thunberg slammed inaction over climate change as the global oil industry found itself under intense scrutiny on the opening day of the World Economic Forum in Davos.

The teenage campaigner went head to head with US President Donald Trump, who dismissed climate “prophets of doom” in his speech.
She in turn shrugged off the US president’s pledge to join the economic forum’s initiative to plant 1 trillion trees to help capture carbon dioxide.
“Planting trees is good, of course, but it’s nowhere near enough,” Thunberg said. “It cannot replace mitigation. We need to start listening to the science and treat this crisis with the importance it deserves,” the 17-year-old said.
The 50th meeting of the World Economic Forum was dominated by the global threat posed by climate change and the carbon economy.
The environmental focus of Davos 2020 caps a year when carbon emissions from fossil fuels hit a record high, and the devastating effects of bushfires in Australia and other climate disasters dominated the news.
Oil company executives from the Gulf and elsewhere are in the spotlight at this year’s Davos meeting as they come under increased pressure to demonstrate how they are reducing their carbon footprint.
“We are not only fighting for our industry’s life but fighting for people to understand the things that we are doing,” said Vicki Hollub, CEO of Occidental, the US-based oil giant with extensive oil operations in the Gulf. “As an industry when we could be different — we will be different.”

‘Planting trees is good, but nowhere near enough,’ activist Greta Thunberg told Davos. (Shutterstock)

She said the company was getting close to being able to sequester significant volumes of CO2 in the US Permian Basin, the heartland of the American shale oil industry which is increasingly in competition with the conventional oil producers of the Arabian Gulf.
“The Permian Basin has the capacity to store 150 gigatons of CO2. That would be 28 years of emissions in the US. That’s the prize for us and that’s the opportunity. People say if you’re sequestering in an oil reservoir then you are producing more oil, but the reality is that it takes more CO2 to inject into a reservoir than the barrel of oil that it makes come out,” Hollub said.
The challenge Occidental and other oil companies face is to make investors understand what is happening in this area of carbon sequesteration, she added.
The investment community at Davos is also looking hard at the oil industry in the face of mounting investor concerns.
Greenpeace told the Davos gathering that the world’s largest banks, funds and insurance companies had invested $1.4 trillion in fossil fuel companies since the Paris climate deal. It accused some of these groups of failing to live up to the World Economic Forum goal of “improving the state of the world.”