Saudi initiatives are blueprint to tackle climate change, says senior analyst

Saudi initiatives are blueprint to tackle climate change, says senior analyst
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Updated 18 November 2021

Saudi initiatives are blueprint to tackle climate change, says senior analyst

Saudi initiatives are blueprint to tackle climate change, says senior analyst

GLASGOW: Saudi Arabia’s green initiatives represent the Kingdom’ commitment to fight climate change and testimony to its sustainability efforts, said Noura Alissa, a senior international policy analyst at the Saudi Energy Ministry.
Talking to Arab News, Alissa said the Kingdom and other countries in the Middle East are also committed to the Paris Agreement. In addition to that, she added, Saudi Arabia is taking measures locally to mitigate the impacts of climate change and contribute to the global efforts to reduce carbon emissions. 
“Before we came to (attend) COP26, we had the inaugural event of the Saudi Green Initiative, we had the Youth Green Summit and we also had the Middle East Green Initiative so for the Kingdom that was a moment for us to declare our aim of reaching net-zero (target) by 2060, as well as nearly double our previous nationally determined contributions and sort of present to the world a roadmap that we seek to use to reach emissions reduction target,” Alissa said.

 


“I think perhaps the unique feature of the Saudi Green Initiative, which can be even compared to other (international) initiatives, is that it’s very comprehensive in nature,” she said. “We’re trying to say here that we’ve really studied every single effort domestically, (not only) from the environmental side, but (also) its technological aspects and how we can bring these all together to have one comprehensive view?”
The Saudi initiative includes increasing renewables to 50 percent of the Kingdom’s energy mix by 2030, hydrogen and carbon capture, she said.
Alissa said the initiative also includes afforestation efforts not only in Saudi Arabia but in the wider Middle East as well.
“It also includes setting up a regional fund for clean energy, and providing clean cooking solutions for 50 million people worldwide,” Alissa said. 
The initiative, the analyst said, seeks multi-stakeholder engagement across all industries in both the public and private sectors.

 


Commercial banks’ lending to private sector up $6.42 bn in October

Commercial banks’ lending to private sector up $6.42 bn in October
Updated 14 sec ago

Commercial banks’ lending to private sector up $6.42 bn in October

Commercial banks’ lending to private sector up $6.42 bn in October

MOSCOW: Commercial banks’ October lending to the private sector grew by SR24.1 billion ($6.42 billion) from a month ago to SR2 trillion, data published by Saudi Arabia’s central bank on Sunday revealed.

This corresponded to a monthly growth rate of 1.2 percent from the previous month’s SR1.99 trillion in September. 

On the other hand, commercial banks’ lending to the government and quasi-government entities sector fell by a monthly SR13.1 billion to reach SR546.9 billion, reflecting a decline rate of 2.3 percent. 

Looking at the banks’ total assets, official data showed that they grew by SR42.1 billion compared to the previous month to hit SR3.19 trillion. The monthly growth rate stood at 1.3 percent.


TASI falls 4.5% to near 5 month-low: Market wrap

TASI falls 4.5% to near 5 month-low: Market wrap
Image: Shutterstock
Updated 20 min 24 sec ago

TASI falls 4.5% to near 5 month-low: Market wrap

TASI falls 4.5% to near 5 month-low: Market wrap

RIYADH: The Saudi stock market ended the session on Sunday, down 4.5 percent or 512 points, to close at 10,788 points.

Some 233.1 million shares changed hands in 407,000 deals, with heavy trading in Al Rajhi bank, Alinma Bank, SABIC.

Today’s decline is the largest in percentage terms and points since May 2020, when the market fell by 7.4 percent and 527 points.

On Friday, global markets suffered sharp losses after the World Health Organization (WHO) warned that Omicron, the new COVID-19 variant with numerous mutations, is likely to resist the current vaccines.

In addition, Brent crude dropped 11.6 percent to $72.72 a barrel, while WTI sank 13 percent to $ 68.15 a barrel.

The parallel Nomu index was down 790 points, or 3.41 percent, It closed at 22,374.24 points, after 313,000 trades.

Most of the shares declined today, led by Al Rajhi Bank and SABIC closing at SR133.80 ($35.6) down 5 percent and SR112 down 6 percent.

Saudi Aramco finished at SR34.90 down 2 percent amid trading of about seven million shares.

Saudi National Bank, Alinma Bank, Riyad Bank, Banque Saudi Fransi, Bank Albilad, Sipchem, Maaden, SABB and SABIC Agri-Nutrients declined between 3 and 6 percent.

Petro Rabigh, Saudi Kayan, JAZADCO and Tasnee were among the top decliners.

Meanwhile, Amana Insurance and Saudi Enaya were top gainers, rising to SR37.30 and SR33.35, respectively.


Saudi Energy Ministry to help SABIC develop renewable energy projects

Saudi Energy Ministry to help SABIC develop renewable energy projects
Updated 23 min 25 sec ago

Saudi Energy Ministry to help SABIC develop renewable energy projects

Saudi Energy Ministry to help SABIC develop renewable energy projects

RIYADH: Saudi Energy Ministry on Sunday signed a memorandum of understanding with the Saudi Basic Industries Corp. to help develop the company’s renewable energy projects. 

SABIC CEO Yousef Al-Benyan said the support from the Energy Ministry would enable the company achieve its net-zero emissions goal.

Al-Benyan said the chemical manufacturing company plans to increase its use of renewable energy to further reduce emissions of greenhouse gases.

All these measures are part of the Saudi Green Initiative. The Kingdom aims to reach net zero in carbon emissions by 2060.  

The main vehicle for the Saudi green initiative is the Circular Carbon Economy, a framework that mitigates carbon emissions but allows different countries to pursue their own economic strategies.


Saudi Arabia’s net foreign assets decline 3.3% in October

Saudi Arabia’s net foreign assets decline 3.3% in October
Updated 31 min 52 sec ago

Saudi Arabia’s net foreign assets decline 3.3% in October

Saudi Arabia’s net foreign assets decline 3.3% in October

CAIRO: Net foreign assets held by the Saudi Central Bank went down by a monthly rate of 3.3 percent to reach SR1.63 trillion ($433 billion) in October, according to newly released data by SAMA.

The central bank’s net foreign assets declined by 2 percent compared to last year’s October.

Commercial banks’ net foreign assets also decreased to SR47.9 billion in October down from SR59.8 billion in the previous month. 

The banks’ net foreign assets nearly halved in value compared to the same month a year ago.

SAMA’s total assets slipped by 2 percent to be valued at SR1.85 trillion in October. This was mainly driven by 11.8 percent decline in the central bank’s deposits with international banks.


OPEC+ likely to be cautious on oil demand at upcoming meeting, Vitol says

OPEC+ likely to be cautious on oil demand at upcoming meeting, Vitol says
Image: Shutterstock
Updated 29 min 46 sec ago

OPEC+ likely to be cautious on oil demand at upcoming meeting, Vitol says

OPEC+ likely to be cautious on oil demand at upcoming meeting, Vitol says
  • Opec+ is a group consisting of both Opec and some of the world's largest non-Opec oil exporting nations

RIYADH: The OPEC+ group is likely to take a cautious stance when deciding next week whether to go ahead with planned production increases following the discovery of a new COVID-19 variant has emerged, Geneva-based oil trader Vitol Group said. 

The new variant, named Omicron, has rattled the oil market globally, pushing prices down to their biggest decline since April 2020. 

There are signs that demand may be weakening in some markets going into the winter months in Asia and Europe, said Mike Muller, the head of the Asia unit at Vitol, as reported by Bloomberg.

The new coronavirus variant will probably lead to more flight cancellations this week, he said.

Several countries have tightened travel restrictions against a number of African countries, following the discovery.

Opec+ is a group consisting of both Opec and some of the world's largest non-Opec oil exporting nations.

“OPEC+ have erred on the side of caution,” Muller said on a weekly webinar by Dubai consultancy Gulf Intelligence.

“Post facto they’ve proven to be right. It is likely they will take into account these fundamentals and the possibility of a demand hit over the winter months.”

OPEC and its partners, including Russia, will meet next week to discuss whether it will implement a planned production increase of 400,000 barrels per day.