AS IT HAPPENED: FII Institute’s ‘Don’t Forget Our Planet’ virtual conference

The Future Investment Initiative Institute (FII-I) holds its second conference in a series of virtual events entitled “Don't Forget Our Planet!” on Thursday. (Screenshot)
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Updated 25 June 2020

AS IT HAPPENED: FII Institute’s ‘Don’t Forget Our Planet’ virtual conference

  • The event will bring together a host of decision makers, financial leaders and innovators

LONDON: The Future Investment Initiative Institute (FII-I) holds its second conference in a series of virtual events entitled “Don't Forget Our Planet!” on Thursday.

The event will bring together a host of decision makers, financial leaders and innovators who will be discussing a global green recovery plan as the world looks to recover from the damaging impact of the coronavirus (COVID-19) pandemic in a sustainable way.

Organizers say it will also discuss the role of technology and innovation in helping people and capital reconnect with “the one thing we must never forget about: The planet.”

Among the keynote speakers will be Saudi Arabia’s energy minister Prince Abdulaziz bin Salman and the FII-I chariman Yasir Al-Rumayyan.

Follow Arab News' live updates below...(all times GMT)

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17:45 - Well, that concludes our coverage of the virtual conference. We hope you found the talks informative and useful! For a wrap up of the day’s events, read Frank Kane’s summary here.

17:00 - Lord Adair Turner tells his panel that achieving a net carbon economy by 2050 is absolutely possible worldwide, and that green energy investment is an absolute must...

16:40

16:15 - We move on to the next panel which tackles what governments around the world need to be doing to sustainably recover from the current crisis - Brune Poirson, French Secretary of State, attached to the Minister of Ecological and Solidary Transition, talks about the need for a "Green Marshall Plan" (similar to that seen in Europe at the end of the Second World War), Lord Adair Turner from the UK says huge investment in green energy is needed, which will lead to more jobs, and safer jobs at that.

In the US Jay Collins, vice chairman of Banking, Capital Markets and Advisory at Citi, talks about the current failings of the private sector and how this has to change to harness the trillions of dollars that could be invested in greener energy solutions.

15:45 - Our next speaker is Saudi Arabia's energy minister Prince Abdulaziz bin Salman, who says that while the priority right now is trying to mitigate the human cost of COVID-19, it does not mean countries don't have to or cannot still strive to achieve their sustainability goals.

He mentions the imminent announcement of a new solar energy project in the Kingdom as an example of Saudi Arabia trying to set an example on transititioning to renewable energies. He says the Kingdom will "put their money where their mouth is" in terms to competing with renewable energy leaders on the global scale.

 

 

15:30 - Dr. Goodall citing the current COVID-19 pandemic lists cases of viruses spreading from animals to humans due to humanity’s lack of respect for the natural world. She believes it is time for a "new measure of success" given the opportunity the pandemic has given to reform how the world is run.

 

 

15:20 - Participants of the conference are asked to vote on this question...and the 'No' came out on top in a 60-40 split. The question serves as the introduction to Dr. Jane Goodall, our next speaker.

15:15 - Next up to speak is Yasir Al-Rumayyan, the governor of Saudi Arabia's Public Investment Fund and the chairman of the FII Institute, who makes a "call to impact" for a global sustainable recovery plan that will positively impact both people and the planet.

 

 

15:10 - We get to see a video welcome message, introduced by Richard Attias CEO of FII Institute, which talks about the challenges facing the world as it looks to tackle the problems of damage to the environment and the COVID-19 pandemic.

It says: “The crisis has made clear the cost of neglecting our environment. Fortunately, the way out of the recession lies in reconnecting with it. Sustainable recovery is not only desirable, but it is also more efficient in creating jobs, upgrading infrastructure and delivering financial returns. Nature-based solutions, meanwhile, create new avenues for growth, innovation and markets. We need to rethink how we value and connect with the planet as individuals, as companies and as investors.”

15:00 - And we’re up and running and ready to go!

14:50 - What is the Future Investment Initiative Institute? According to the FII, it is a “new generation of global foundations that ensure the world's brightest ideas find their way to materialize, scale and create a positive sustainable impact on humanity.”

14:40 - For a comprehensive list of speakers at the event, check out Arab News’ curtain-raiser story here: FII Institute hosting conference to inspire the development of a global green recovery plan


Iranian oil in perfect storm of storage shortage, low demand, sanctions

Updated 16 min 34 sec ago

Iranian oil in perfect storm of storage shortage, low demand, sanctions

  • Coronavirus, US economic action sees inventories reach bursting point

LONDON: Iranian oil production has reached its lowest point in almost four decades, according to industry experts, with the country’s storage facilities fast approaching full capacity.

The news comes amid a dip in Iran’s oil exports due to a crash in global demand, and in a period when its refineries have been hampered as a result of the coronavirus outbreak.

With over 11,000 confirmed fatalities, Iran has suffered the worst coronavirus outbreak in the Middle East, affecting all areas of industry. 

This has created a perfect storm for the country’s vital oil sector, with what little selling ability it has further disrupted by sanctions imposed by the US in 2018 following Washington’s withdrawal from the Iran nuclear deal.

Iran’s total liquid production dropped from 3.1 million barrels per day (bpd) in March this year to 3 million bpd in June, according to FGE Energy, which predicts that the figure will drop by an additional 100,000 bpd in July.

Crude production was as low as 1.9 million bpd in June, the lowest since the beginning of the Iran-Iraq war in 1981.

Exports also fell, with estimates varying depending on source — 100,000 bpd in May according to market intelligence firm Kpler, and around 210,000 bpd according to FGE — well under 10 percent of the 2.5 million bpd Iran exported in April 2018.

Iran’s onshore crude stocks, meanwhile, hit 63 million barrels in June, having been just 15 million barrels in January, according to FGE.

Kpler said Iran averaged 66 million barrels in storage throughout June, meaning that around 85 percent of the country’s total onshore storage capacity was full.

“However, it will technically not be possible to fill tanks to 100 percent, given technical constraints at storage tanks and potential infrastructure bottlenecks,” Homayoun Falakshahi, a senior analyst at Kpler, told Reuters.

Offshore the story is much the same, with options running out fast. Iran has 54 crude oil tankers, according to valuations specialist VesselsValue, and is thought to be using around 30 ships, mainly supertankers with a maximum capacity of 2 million barrels of oil each, to store over 50 million barrels of crude and condensate.

“The exact number of Iranian vessels on floating storage is a bit of a black box as they have all turned off their AIS (tracking transponder) signals,” said a spokesman for shipping group NORDEN.

“Storage is expected to continue as we do not see these vessels being able to trade anytime soon.”