‘Growing momentum’ behind efforts to limit carbon emissions: IEA

‘Growing momentum’ behind efforts to limit carbon emissions: IEA
There is “growing momentum” to global efforts to accelerate carbon capture, use and storage (CCUS) techniques to help the world meet increasingly urgent climate change targets, the International Energy Agency (IEA) said. (Reuters/File Photo)
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Updated 24 September 2020

‘Growing momentum’ behind efforts to limit carbon emissions: IEA

‘Growing momentum’ behind efforts to limit carbon emissions: IEA
  • Global investment in CCUS techniques — which Saudi Arabia has placed at the center of its energy transition strategy — has already reached $4 billion this year,

DUBAI: There is “growing momentum” to global efforts to accelerate carbon capture, use and storage (CCUS) techniques to help the world meet increasingly urgent climate change targets, the International Energy Agency (IEA) said on Thursday.

Fatih Birol, the IEA’s executive director, said global investment in CCUS techniques — which Saudi Arabia has placed at the center of its energy transition strategy — has already reached $4 billion this year, and will likely increase as pressure to meet international standards on greenhouse gas emissions intensifies.

“If oil- and gas-producing countries like Saudi Arabia make a big push for CCUS, it’s more than welcome,” he added.

“The issue is whether these technologies will reduce emissions in a timely and significant manner.”

Birol was speaking at a virtual event to mark the publication of an IEA report titled “CCUS in clean energy transitions,” which calls for a “profound transformation in the way we produce and use energy that can only be achieved through a broad suite of strategies.” He said: “We love energy, but we don’t like emissions. Energy is good, emissions are bad.”

The Kingdom’s energy strategy, which seeks to promote technologies and processes that actually remove carbon from the circular economy, will be on show at a virtual meeting of G20 energy ministers organized in Riyadh next Sunday.

Energy Minister Prince Abdul Aziz bin Salman is expected to focus on the Kingdom’s efforts to develop technologies that eliminate carbon from the atmosphere, either storing it securely or using it in other industrial processes.

Birol said oil and gas producers have to manage a strategy that reconciles the requirements of their economies with long-term climate targets.

“It’s a very important task to see a marriage between the availability of energy and the need to reach target goals,” he added.

The IEA event was opened by Erna Solberg, prime minister of Norway, which this week launched an energy program called Longship, named after the Viking raiding boats that Solberg said were the leading technology of their day.

The project aims to cut emissions in oil-exporting Norway and other countries, and invest in CCUS technologies.

The IEA said CCUS will form a “key pillar of efforts to put the world on the path to net-zero emissions.”

CCUS techniques are already in use in Saudi Arabia at several of its oil-production facilities, and new megaprojects such as Neom will aim to achieve “carbon balance,” partly through the use of clean hydrogen as an alternative to traditional hydrocarbon fuels, as well as other forms of renewable energy.


Deutsche Bank appoints new manager to Riyadh branch

Thamer Saleh Al-Sedais has been appointed general manager of the Riyadh branch of Deutsche Bank. (Supplied)
Thamer Saleh Al-Sedais has been appointed general manager of the Riyadh branch of Deutsche Bank. (Supplied)
Updated 21 January 2021

Deutsche Bank appoints new manager to Riyadh branch

Thamer Saleh Al-Sedais has been appointed general manager of the Riyadh branch of Deutsche Bank. (Supplied)
  • Thamer Saleh Al-Sedais will oversee business activities regulated by the Saudi Central Bank
  • Deutsche Bank is aiming to return to profitability after more than €15 billion ($18.2 billion) in losses over the past five years

JEDDAH: Deutsche Bank, Germany’s biggest bank, has appointed Thamer Saleh Al-Sedais as general manager of its Riyadh branch.

He will oversee its business activities regulated by the Saudi Central Bank, and will facilitate the ongoing delivery of Deutsche Bank’s products and services to its clients based in the Kingdom. The German lender has operated a branch in the Saudi capital since 2006.

Al-Sedais joined Deutsche Bank Group in Saudi Arabia in 2020 as a director in the wealth management division.

Before joining the bank, he held several senior treasury and wealth management sales positions at the Saudi British Bank and NCB Capital.

He holds a master’s degree in financial economics from California State University in the US.

Deutsche Bank is aiming to return to profitability after more than €15 billion ($18.2 billion) in losses over the past five years.

It announced in December that it plans to cut more costs in order to meet its profitability target for 2022, in addition to leaving some businesses and reducing staff by 18,000, Reuters reported. Deutsche Bank forecasts revenues of €24.4 billion by 2022.

In November 2020, Moody’s removed a negative outlook on the bank’s credit rating, saying it had progressed to a firmer strategic footing.

The improved performance in 2020 was mainly driven by increased sales and trading revenues, which climbed 47 percent in the third quarter, the Financial Times reported. Analysts expect the bank to return to profit in 2021, Reuters reported.