Iraq calls for ‘fair’ steps to fight climate change

Special Iraq calls for ‘fair’ steps to fight climate change
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People work in the Action Zone at the COP26 UN Climate Summit, in Glasgow, Scotland on Saturday. The summit is seen as the last chance to save the planet. (AP)
Special Iraq has started to implemented projects to plant mangrove trees along the coast. (Supplied/Nakheel Al-Dwalieah)
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Iraq has started to implemented projects to plant mangrove trees along the coast. (Supplied/Nakheel Al-Dwalieah)
Special Iraq has started to implemented projects to plant mangrove trees along the coast. (Supplied/Nakheel Al-Dwalieah)
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Iraq has started to implemented projects to plant mangrove trees along the coast. (Supplied/Nakheel Al-Dwalieah)
Special Iraq has started to implemented projects to plant mangrove trees along the coast. (Supplied/Nakheel Al-Dwalieah)
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Iraq has started to implemented projects to plant mangrove trees along the coast. (Supplied/Nakheel Al-Dwalieah)
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Updated 14 January 2022

Iraq calls for ‘fair’ steps to fight climate change

Iraq calls for ‘fair’ steps to fight climate change
  • Principle of common but differentiated responsibility must be implemented

GLASGOW: A top Iraqi official said developing and underdeveloped countries “are victims of more than 300 years of industrial activity with high carbon emissions.”

Talking to Arab News on the sidelines of COP26 in Glasgow, Scotland, the Iraqi deputy minister of health and environment for environmental affairs deplored the mounting pressure from developed countries not to implement the principle of common but differentiated responsibility.

“I think the Arab region is the most vulnerable region (and the most) affected by climate change,” said Jasim Abdulazeez Humadi.

He said oil-producing countries in the Middle East have been classified “as the most vulnerable countries” when it comes to the impact of climate change and should be dealt with “carefully” in issues related to climate action.

 

 

He said since the signing of the Paris accords, Arab countries have been working to ratify and complete the agreement with all its legal and constitutional processes.

Humadi said it was not the developing countries but rather the richest and developed countries that have not fulfilled their commitments so far, several major issues were not even discussed and there has been no progress with the Green Climate Fund, which is a financial mechanism to assist developing countries in adapting and mitigating practices to counter climate change.

Humadi said the Arab countries are encouraging the conversion toward renewable energy and reducing greenhouse emissions, but this responsibility should be common and should support the developing countries and encourage them to adapt their infrastructure accordingly. However, the roadmap for each country is very clear through the nationally determined contribution, and Iraq is committed to this despite the difficulties they have been facing the past decade due to war, instability, and fighting Daesh, he added.

 

 

“There are no clear criteria and at each conference, we spent a lot of time in discussions, but we did not reach (any conclusion as to) when they will support us financially to implement our plan,” he said.

The Iraqi official also called for a gradual transition toward renewable energy so as not to disturb the economy. “They (developed countries) want us to get rid of oil as the main source of energy and economy,” said Humadi. “Where is the substitution process? So I think it is not fair.”

Husham Alnahi, manager of Nakheel Al-Dwalieah for Agricultural Livestock Investment and Huqool Al-Taqa, said that Iraq needs more financial and technological support from developing countries.
Coming from Basra in southern Iraq, he said the province is highly contaminated due to all the oil fields.
There are the North and South Rumaila oil fields, which are managed by BP, the West Qurna 1 field operated by Exxon Mobil, the West Qurna 2 field developed by Russia’s Lukoil, the Zubair oil field led by Italy’s Eni, Shuaiba oil refinery run by Kuwait Energy, and the super-giant Majnoon oil field which is being developed by the US company KBR, among others.
Alnahi said these increasing fields and refineries are emitting a lot of gases and generating pollution that is negatively affecting the population, causing agricultural scarcity, and sea water has become hypersaline, meaning they cannot use it to water crops.
He added that they have implemented projects to plant mangrove trees, the seeds of which were imported from Oman and India and cultivated in Iraq, along the coast as they can be planted with sea water. They have also implemented the project in several other Gulf countries as well.


Standard Chartered appoints Ayesha Abbas UAE Head of Consumer, Private and Business Banking 

Standard Chartered appoints Ayesha Abbas UAE Head of Consumer, Private and Business Banking 
Updated 2 min 28 sec ago

Standard Chartered appoints Ayesha Abbas UAE Head of Consumer, Private and Business Banking 

Standard Chartered appoints Ayesha Abbas UAE Head of Consumer, Private and Business Banking 

RIYADH: Standard Chartered Bank appointed on Friday Ayesha Abbas as Head of Consumer, Private and Business Banking in the UAE. 

Abbas will be responsible for executing the bank’s strategy and building the business in the retail banking business across the UAE, a statement showed.

She will also focus on growing the Bank’s digital offering, wealth management and affluent proposition in addition to strengthening client relationships. 

Abbas has over two decades of experience spanning wealth management, priority and consumer banking. 

She joined Standard Chartered in February 2019 serving as General Manager, Head of Priority and Premium Banking and Branch Network in the UAE, also covering Pakistan, Oman and key African markets. 

Prior to joining Standard Chartered, Abbas spent 18 years at HSBC, the statement said.


Oil dips as slowdown worries limit price gains

Oil dips as slowdown worries limit price gains
(Shutterstock)
Updated 19 August 2022

Oil dips as slowdown worries limit price gains

Oil dips as slowdown worries limit price gains
  • US crude stocks fall by 7.1 mln bbl, far more than expected
  • US oil refiners aim to run full-bore, spurning recession fears
  • OPEC chief says blame policymakers, lawmakers for price rises (Recasts, updates prices)

SINGAPORE: Oil prices dipped on Friday after two days of gain, as market participants weighed worries about global economic slowdown — that could dampen fuel demand — against expectations of tighter supplies toward year-end.

Brent crude futures fell 36 cents, or 0.4 percent, to $96.23 a barrel by 0309 GMT after settling 3.1 percent higher on Thursday. US West Texas Intermediate crude was at $90.29 a barrel, down 21 cents, or 0.2 percent, following a 2.7 percent increase in the previous session.

Still, the benchmark contracts were headed for weekly losses of about 1.5 percent.

While bullish US weekly data bolstered optimism for improved fuel demand for the near-term, lingering recession fears and a possible increase in output by OPEC+ will likely limit oil price’s upside, said Satoru Yoshida, a commodity analyst with Rakuten Securities.

US crude inventories fell sharply as the nation exported a record 5 million barrels of oil a day in the most recent week, with oil companies finding heavy demand from European nations looking to replace crude from warring Russia.

Keeping crude supplies snug, US oil refineries plan to keep running near full throttle this quarter, according to executives and estimates, as refiners set aside worries about recession and sliding retail prices to deliver more fuel.

The rise in US fuel production could partly offset lower oil products exports from China this year as Beijing prioritizes the local market to curb domestic fuel inflation.

On supplies, Haitham Al Ghais, new secretary general of the Organization of the Petroleum Exporting Countries, told Reuters that policymakers, lawmakers and insufficient oil and gas sector investments are to blame for high energy prices, not his group.

The group together with allies such as Russia, known as OPEC+, are due to meet on Sept. 5 to adjust production. OPEC is keen to ensure Russia remains part of the OPEC+ oil production deal after 2022, Al Ghais said.

In a sign of improving supplies, the price gap between prompt and second-month Brent futures narrowed about $5 a barrel from the end of July.

Record US crude exports, the resumption of Libya’s production and sustained exports from Russia and Iran have eased global supply tightness ahead of peak refinery maintenance.

Russia forecasts rising output and exports until the end of 2025, an economy ministry document seen by Reuters showed, saying revenue from energy exports will rise 38 percent this year, partly due to higher oil export volumes.

Iran, meanwhile, increased its oil exports in June and July and could raise them further this month by offering a deeper discount to Russian crude for its main buyer China, firms tracking the flows said. 


UK’s Liz Truss says defining mission will be reviving the economy

UK’s Liz Truss says defining mission will be reviving the economy
Updated 19 August 2022

UK’s Liz Truss says defining mission will be reviving the economy

UK’s Liz Truss says defining mission will be reviving the economy

LONDON: The frontrunner to be Britain’s next prime minister Liz Truss said her government’s defining mission would be to revive the economy as she set out a series of measures to help parts of northern England.
Britain’s economic performance has lagged behind those of the United States, Italy and France in recovering from the COVID-19 pandemic. The economy is expected to enter a long downturn at the end of the year amid surging inflation and rising interest rates.
“The defining mission of my government will be to get our economy growing again, cutting taxes to put more money into the pockets of hardworking people,” Truss said.
Outgoing Prime Minister Boris Johnson had said reducing regional economic inequality was his main goal. But public spending in the north of England fell behind the national average in the first two years of his government, research by the Institute for Public Policy Research has shown.
Truss said she was committed to the current government’s goal of reducing economic inequalities but would do so in a “Conservative way,” interpreted as meaning a focus on tax cuts and deregulation.
Speaking ahead of election hustings in Manchester in northern England on Friday, Truss pledged to provide more devolution, to ensure poorer areas receive the government funding they need, and to build two new vocational colleges in the north of England that will be “the vocational equivalent of Oxford and Cambridge,” dubbed “Voxbridge.”
Truss has portrayed herself as a radical insurgent who would overturn the current failed orthodoxy and has proposed to reverse more than £30 billion ($36 billion) of tax rises.


UAE-based tech firm launches $10bn fund in partnership with Abu Dhabi Growth Fund

UAE-based tech firm launches $10bn fund in partnership with Abu Dhabi Growth Fund
Updated 18 August 2022

UAE-based tech firm launches $10bn fund in partnership with Abu Dhabi Growth Fund

UAE-based tech firm launches $10bn fund in partnership with Abu Dhabi Growth Fund

RIYADH: G42, a UAE-based technology company, launched a $10 billion G42 Expansion Fund in partnership with the Abu Dhabi Growth Fund to invest in late-stage companies.

Managed by a G42 subsidiary, the fund will focus on growth companies in computing, communication technology, intelligent mobility, clean tech, digital infrastructure, fintech, healthcare, and life sciences, Wamda reported.

“With the G42 Expansion Fund, we aim to accelerate our global impact not only through the deployment of capital, but also by providing unique access to our networks, management, and operational assets to our portfolio companies,” Peng Xiao, group CEO at G42 and chairman of the G42 Expansion Fund’s Investment Committee, said in a statement.

 


Saudi-based fintech partners with SNB to support SMEs 


Saudi-based fintech partners with SNB to support SMEs 

Updated 18 August 2022

Saudi-based fintech partners with SNB to support SMEs 


Saudi-based fintech partners with SNB to support SMEs 


RIYADH: CASHIN, a Saudi-based fintech and point-of-sale provider, signed a partnership with the Saudi National Bank to support small and medium enterprises.

The partnership will facilitate management of transactions for business activities like receiving payments and sales with immediate bank settlements.

“We are proud to be an active element in the national transformation journey within the financial sector by providing innovative products in the field of fintech and information systems,” CASHIN CEO Omar Al-Ramah said in a statement.

Founded in 2021, CASHIN is providing its services to over 10,000 businesses in more than 30 sectors with transactions at around $800 million, MAGNiTT reported.