‘I don’t mind missing 2060 net-zero target as long as we stay on green path’ says senior PIF official

‘I don’t mind missing 2060 net-zero target as long as we stay on green path’ says senior PIF official
Fahad AlSaif, head of Global Capital Finance at Saudi’s Public Investment Fund
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Updated 28 October 2021

‘I don’t mind missing 2060 net-zero target as long as we stay on green path’ says senior PIF official

‘I don’t mind missing 2060 net-zero target as long as we stay on green path’ says senior PIF official

A leading figure in Saudi Arabia’s sovereign wealth fund says he does not mind if the country misses its goal of net zero by 2060, as long as it pushes ahead with environmentally-friendly policies.

The Kingdom’s Crown Prince Mohammed bin Salman bin Abdulaziz announced on Sunday his country would cut carbon emissions to net zero within 40 years — a move that received widespread praise from world leaders.

Speaking at the Future Investment Initiative Forum in Riyadh on Wednesday, Fahad AlSaif, head of Global Capital Finance at Saudi’s Public Investment Fund (PIF), said it would be “shameful” if the Kingdom missed the target by reneging on environmental commitments.

AlSaif said: “What we are planning to do in the Kingdom is to ensure there’s affordable energy, commitment to climate change and also affordable communities and cities. 

“This is all summed up by all of the initiatives that the Kingdom is taking, more precisely the Public Investment Fund, the NEOM, the Red Sea, the renewable energy sector, the 2060 zero-emission carbon target, the 278 million tons of carbon emissions reduction that we are actually aspiring to as a KPI by 2030.   

“The Kingdom of Saudi Arabia is playing a major role to ensure that we are able to collaborate and to ensure that we are able to set a new benchmarks. 

“We are willing to take that challenge. The intent is there, the capacity is there, the trajectory is there, and we have to prove that we are able to progress.

“I don’t mind not achieving the target, but I would be very shameful if I were not able if I have taken dramatic decisions by taking u-turns.”


Saudi industrial production hits highest level since April 2020

Saudi industrial production hits highest level since April 2020
Updated 12 sec ago

Saudi industrial production hits highest level since April 2020

Saudi industrial production hits highest level since April 2020
  • Jumps in the output of the mining and quarrying sector were mainly responsible for the expansion as it went up by 9.1 percent

Saudi industrial production expanded by an annual rate of 7.7 percent in October  to reach its highest level since April 2020, data published by Gastat showed. 

This was also the highest growth rate since June of this year.

Jumps in the output of the mining and quarrying sector were mainly responsible for the expansion as it went up by 9.1 percent.

Oil production rose from 8.9 million barrels per day in October last year to 9.7 million bpd in October 2021.

 


ADNOC Drilling bags $3.8 billion contract 

ADNOC Drilling bags $3.8 billion contract 
Updated 24 min 7 sec ago

ADNOC Drilling bags $3.8 billion contract 

ADNOC Drilling bags $3.8 billion contract 
  • The contract outlines the company’s work to drive efficiency in crews, rig move time, maintenance schedules, as well as other well services

RIYADH: The Abu Dhabi-listed ADNOC Drilling Co. has signed a five-year services contract with ADNOC Onshore for a total value of $3.8 billion. 

The contract outlines the company’s work to drive efficiency in crews, rig move time, maintenance schedules, as well as other well services.

“I am delighted, that working together, we will continue to drive value for ADNOC and the UAE, delivering on the 2030 strategic production capacity and gas self-sufficiency targets,” Abdulrahman Abdullah Al-Seiari, CEO of ADNOC Drilling, said. 

The contract comes as the Abu Dhabi firm pursues geographical expansion and further development in its offerings. 


Saudi-Qatari business forum reviews economic, investment ties

Saudi-Qatari business forum reviews economic, investment ties
Updated 09 December 2021

Saudi-Qatari business forum reviews economic, investment ties

Saudi-Qatari business forum reviews economic, investment ties
  • Cooperation in economic and investment fields was among a range of topics discussed

Saudi and Qatari companies signed agreements in the hospitality and tourism sectors at the Saudi-Qatari Business Forum in Doha on Wednesday.

The forum was organized by the Federation of Saudi Chambers and Qatar Chamber, with participation from private and public bodies and businesspeople.

Cooperation in economic and investment fields was among a range of topics discussed.

“Although the two countries have advantages for economic integration in many industries, the volume of trade exchange is still below ambition, as official Saudi statistics indicate that the volume of trade exchange between the two countries amounted to about SR1.67 billion ($450 million) in Q3 of this year,” said Ajlan Al-Ajlan, chairman of the Federation of Saudi Chambers.

Mohammed bin Ahmed bin Tawar Al-Kuwari, the first vice-chairman of Qatar Chamber, said that the two countries have strong and distinguished relations, as the volume of trade exchange during the first nine months of 2021 reached 386 million Qatari riyals, which is an encouraging start after, despite the COVID-19 repercussions and the absence in recent years.”


Saudi Arabia and Greece sign cooperation agreement on maritime transport

Saudi Minister of Transport and Logistics Services Saleh Al-Jasser and Greek Minister of Maritime Affairs and Island Policy Giannis Plakiotakis sign an agreement. (SPA)
Saudi Minister of Transport and Logistics Services Saleh Al-Jasser and Greek Minister of Maritime Affairs and Island Policy Giannis Plakiotakis sign an agreement. (SPA)
Updated 09 December 2021

Saudi Arabia and Greece sign cooperation agreement on maritime transport

Saudi Minister of Transport and Logistics Services Saleh Al-Jasser and Greek Minister of Maritime Affairs and Island Policy Giannis Plakiotakis sign an agreement. (SPA)
  • The deal includes developing commercial maritime navigation, increasing traffic of commercial ships
  • It also aims to provide facilities to maritime transport companies

RIYADH: Saudi Arabia and Greece on Wednesday signed a joint cooperation agreement in the field of maritime transport, Saudi Press Agency reported.
The deal was signed by Saudi Minister of Transport and Logistics Services and Chairman of the Public Transport Authority Saleh Al-Jasser and Greek Minister of Maritime Affairs and Island Policy Giannis Plakiotakis in the British capital, London.
The agreement aims to strengthen relations between the Kingdom and Greece at the strategic level and open new horizons for cooperation in various fields, especially maritime transport.
It includes developing commercial maritime navigation, increasing traffic of commercial ships to transport passengers and goods, as well as supporting and encouraging trade exchange and facilitating the requirements and procedures for accessing the ports of both countries.
The agreement also aims to enhance the exchange of expertise and technologies between companies, institutions and maritime organizations in this field.
The deal also included a mechanism for the treatment of ships of both countries when accessing their ports, stay and departure, and in cases of emergency and maritime accidents in their territorial waters.
Al-Jasser said the agreement aims to provide facilities to maritime transport companies, their ships and crews, and will mutual recognize the documents of ships and seafarers of both countries.
He said it will held develop joint investment opportunities in the field of maritime transport and logistics services to achieve strategic goals and diversify the sources of income for the total output of both countries’ economic sectors.


Biden order to make US government carbon neutral by 2050

Biden order to make US government carbon neutral by 2050
Updated 08 December 2021

Biden order to make US government carbon neutral by 2050

Biden order to make US government carbon neutral by 2050

WASHINGTON: President Joe Biden on Wednesday signed an executive order to make the federal government carbon-neutral by 2050, aiming for a 65 percent reduction in planet-warming greenhouse gas emissions by 2030 and an all-electric fleet of car and trucks five years later.

The White House said the order shows how the government will “leverage its scale and procurement power to lead by example in tackling the climate crisis.” The order will reduce emissions across federal operations, as part of a governmentwide effort to confront climate change.

The order directs that government buildings use 100 percent carbon pollution-free electricity by 2030; that the US fleet of cars and trucks become all-electric by 2035; and that federal contracts for goods and services be carbon-free by 2050.

Government buildings should be carbon-free by 2045, including a 50 percent emissions cut by 2032, Biden said.

The executive action is a part of Biden’s commitment to support the growth of clean energy and clean technology industries, while accelerating US progress toward achieving a carbon pollution-free electricity sector by 2035, the White House said.

“The United States government will lead by example to provide a strong foundation for American businesses to compete and win globally in the clean energy economy while creating well-paying, union jobs at home,” the White House said in a statement.