COP29: UN Secretary-General calls for urgent collaboration to halt ‘catastrophic’ climate change

COP29: UN Secretary-General calls for urgent collaboration to halt ‘catastrophic’ climate change
COP29 is being held in Baku, Azerbaijan. UN Climate Change
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Updated 14 November 2024
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COP29: UN Secretary-General calls for urgent collaboration to halt ‘catastrophic’ climate change

COP29: UN Secretary-General calls for urgent collaboration to halt ‘catastrophic’ climate change

RIYADH: UN Secretary-General Antonio Guterres emphasized the high stakes of climate inaction in a roundtable discussion held during the ongoing COP29 in Baku. 

At the High-Level Event on the stocktake of “Integrity Matters” at the gathering, global leaders convened to discuss the urgent need for climate action, reflecting on progress, challenges, and the role of non-state actors in achieving net-zero commitments. 

“We are racing the clock,” Guterres said, adding that with extreme weather events bringing “human tragedy and economic destruction worldwide,” the global goal of limiting temperature increases to 1.5 degrees Celsius is becoming progressively more challenging to reach.

Reflecting on the achievements so far, the secretary-general acknowledged the scale of efforts already made, saying: “We did a massive global effort to steer our world onto a pass-through safety, a pass to net zero by mid-century.” 

However, he underscored that these efforts will only bear fruit if supported by stronger collaboration across sectors. Guterres urged “businesses, financial institutions, cities, regions, and more” to align with national governments on climate action plans and make coordinated strides toward decarbonization. 

“We must make sure that governments facilitate the work of other actors in this regard, and not that they complicate the work of other actors in compliance with the 1.5 aligned future,” he said.

In a show of support for the gathered climate leaders and activists, Guterres said: “Time is racing, and you are on the right side of history, and I’m very glad to be here with you.” 

Yet he issued a reminder that while a low-carbon transition is inevitable, “doesn’t mean that it will come on time.” 

He stressed that if delays continue, the consequences for the planet could be catastrophic. 

Brazilian Vice President Geraldo Alckmin also addressed the assembly, outlining his country’s continued dedication to combating global warming through policies targeting deforestation and renewable energy. 

“Brazil has a commitment to fighting climate change,” Alckmin said, adding that in the past two years, the country had achieved a significant 45.7 percent reduction in deforestation rates. 

He detailed Brazil’s efforts to shift toward greener fuels, with 15 percent of the nation’s diesel now comprising biodiesel, a fuel derived from plant oils. Alckmin highlighted that Brazil’s ethanol usage in gasoline, which currently stands at 27 percent, is set to increase to 35 percent in the near future. 
 
Additionally, the South American country is aiming to position itself as a leading producer of sustainable aviation fuel, which could replace kerosene in the flight industry, as part of its broader commitment to green energy. “Brazil will be prepared to be a major producer of SAF ethanol,” he said.

Helena Vines Fiestas, chair of the EU Platform on Sustainable Finance, provided an update on climate policies among the G20 countries, highlighting a surge in policies geared toward supporting non-state actors in their net-zero transitions. 

“All G20 countries now have policies, or some form of policies, to support the transition of non-state actors to net zero further. The number of policies has tripled since 2020,” she reported. 

Fiestas emphasized that while considerable work remains, the international community has demonstrated that net-zero regulation is feasible. “Progress is clear,” she said. “Work lies ahead, but the leaders have demonstrated that regulating on net zero is doable.”

Executive Secretary of the UN Framework Convention on Climate Change Simon Stiell highlighted a new initiative aimed at strengthening transparency in environmental action. He announced that the UNFCCC’s Global Climate Action Portal is undergoing redevelopment to provide better accountability in tracking commitments. 

He shared that the portal would be relaunched shortly after COP29 concludes, and he emphasized the role of the entire global community in driving this agenda forward. 

Washington State Governor Jay Inslee addressed the concerns around recent political shifts in the US, asserting that state-level commitments to climate action would remain the same 

“I know there’s concern about the last election last Tuesday, but I want to make it really clear, if you take anything home from this meeting, this election will not stop, will not slow down, and will not retire the absolute commitment of states to lead this battle against climate change,” he affirmed. 

He added: “Donald Trump can do anything he wants, but he cannot stop me from committing to (tackling) climate change in my state.”

Catherine McKenna, chair of the UN High-Level Expert Group on Net-Zero Emissions Commitments of Non-State Actors, emphasized the urgency of high-integrity net-zero plans in her latest report, titled “Integrity Matters: The Hard Work is Now,” presented during the session. 

“The leaders highlighted in this review show that high-integrity net zero can be achieved. It’s no longer credible for companies, investors, cities, and regions to claim that moving faster on the climate crisis is too difficult or expensive,” McKenna said. She further urged a “much broader range” of stakeholders to establish comprehensive transition plans by 2025.

McKenna’s report, commissioned by Guterres, underscored that while voluntary net-zero pledges have risen, there remains a significant gap in alignment with rigorous standards, particularly in the phasing out of fossil fuels. 

“Voluntary efforts are not sufficient for the scale and pace of change we need to see,” McKenna said, advocating for stronger governmental regulations to ensure credible climate commitments and promote competitive investments. 

She added: “Every fraction of a degree matters, and every tonne of CO2 makes a difference. We must do the hard work now, or we will all face the consequences tomorrow.”

Guterres closed with a reminder of the significant obstacles that remain on the path toward net-zero goals. “We need not only to do the right thing, but we need to fight those that are trying not to allow us to do the right thing,” he said. 
 


Australian-Saudi Business Council hosts joint forum to help boost trade

Australian-Saudi Business Council hosts joint forum to help boost trade
Updated 38 sec ago
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Australian-Saudi Business Council hosts joint forum to help boost trade

Australian-Saudi Business Council hosts joint forum to help boost trade
  • Event brought together more than 35 participants from both nations to discuss key opportunities for trade and investment

RIYADH: The Australian-Saudi Business Council hosted a joint forum on Thursday to discuss the enhancement of collaboration and trade between the two countries.

Led by Daniel Jamsheedi, the council’s country director, the event brought together more than 35 participants from both nations to discuss key opportunities for trade and investment.

The event, a collaboration with the Federation of Saudi Chambers, aimed to build on the success of the first Australian Pavilion at the Future Minerals Forum in Riyadh this week, and further strengthen the economic partnership between the two countries, organizers said.

Sam Jamsheedi, the president of the council, thanked the federation for the vital role it played in the success of the forum.

“The Federation of Saudi Chambers is one of our key stakeholders and our partner within the Kingdom,” he said.

“As a business council, we appreciate the efforts put in to enable this joint business forum to succeed.”


Closing Bell: Saudi main index rises to close at 12,256 

Closing Bell: Saudi main index rises to close at 12,256 
Updated 16 January 2025
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Closing Bell: Saudi main index rises to close at 12,256 

Closing Bell: Saudi main index rises to close at 12,256 

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 43.82 points, or 0.36 percent, to close at 12,256.06. 

The total trading turnover of the benchmark index was SR6.14 billion ($1.63 billion), with 104 stocks advancing and 129 retreating. 

Similarly, the Kingdom’s parallel market Nomu gained 198.90 points, or 0.64 percent, to close at 31,498.71, as 51 of the listed stocks advanced and 37 retreated. 

The MSCI Tadawul Index also rose, gaining 9.13 points, or 0.60 percent, to close at 1,535.78.

The best-performing stock of the day was Shatirah House Restaurant Co., which debuted on the main market. Its share price surged 5.31 percent to SR22.62. 

Other top performers included Fourth Milling Co., with its share price rising 4.49 percent to SR4.19, and Saudi Paper Manufacturing Co., whose share price surged 3.36 percent to SR67.70. 

Riyadh Cables Group Co. recorded the biggest drop, falling 2.88 percent to SR141.80. 

National Co. for Learning and Education also saw its stock price fall 2.73 percent to SR185.40. 

Buruj Cooperative Insurance Co. also saw a drop in its stock price, falling 2.63 percent to SR22.22. 

On the announcements front, the Arab National Bank has launched the offer of its SR-denominated additional tier 1 capital sukuk under its sukuk program.  

According to a Tadawul statement, the amount, terms, and return on the sukuk will be determined later based on market conditions. The minimum subscription and par value are set at SR1 million. 

The targeted investors are institutional and qualified clients in line with the Capital Market Authority’s regulations. HSBC Saudi Arabia and ANB Capital Co. are joint lead managers for the sukuk issuance. 

Arab National Bank ended the session at SR21.10, with no change in price. 

Tam Development Co. received a purchase order for a project worth SR29.45 million as part of a framework agreement with a government agency announced in March, with a total value of SR200 million. 

Tam Development Co. ended the session at SR200, up 3.45 percent. 

Saudi Real Estate Co. secured Shariah-compliant banking facilities from Bank Al-Jazira worth SR700 million. The facilities will finance ongoing and new projects, as well as expansion investments. 

Part of the financing, up to SR100 million, will support working capital requirements. The loans have a one-year short-term tenure and a maximum of ten years for long-term loans, with promissory notes and real estate mortgages as guarantees. 

Saudi Real Estate Co. ended the session at SR27.30, down 2.01 percent. 


Saudi Ma’aden awards $921m contracts for its 3rd phosphate fertilizer plant

Saudi Ma’aden awards $921m contracts for its 3rd phosphate fertilizer plant
Updated 16 January 2025
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Saudi Ma’aden awards $921m contracts for its 3rd phosphate fertilizer plant

Saudi Ma’aden awards $921m contracts for its 3rd phosphate fertilizer plant
  • Project designed to add 3 million metric tonnes annually to Kingdom’s phosphate production capacity
  • Contracts align with Saudi Arabia’s broader strategy to diversify its economy and expand its industrial base

JEDDAH: Saudi Arabian Mining Co. has awarded three contracts worth SR3.45 billion ($921.58 million) for its third phosphate fertilizer plant, reinforcing the Kingdom’s position in the global market.

In a filing with the Tadawul stock exchange, the national mining firm, also known as Ma’aden, named the contractors as China National Chemical Engineering Co., Sinopec Nanjing Engineering and Construction, and Turkiye-based Tekfen Construction and Installation Co.

First announced in 2016, the project is designed to add 3 million metric tonnes annually to Saudi Arabia’s phosphate production capacity. Estimated to cost SR24 billion, the facility is being developed in phases and was initially projected to reach full capacity by 2024, the company said at that time.

The contracts align with Saudi Arabia’s broader strategy to diversify its economy and expand its industrial base. As part of Vision 2030, the Kingdom is capitalizing on its vast reserves of phosphate, gold, copper, and bauxite to reduce its reliance on oil.

Valued at approximately $2.5 trillion, the Saudi mining sector is regarded as the fastest-growing globally and is positioned as the third pillar of its industrial economy.

The three contracts awarded include an SR1.22 billion agreement for general construction at Ras Al-Khair with China National Chemical Engineering. A second contract, worth SR1.36 billion, was awarded to Sinopec’s subsidiary for construction at Wa’ad Al-Shamal. Tekfen Construction secured the third contract at SR877 million, with work at Wa’ad Al-Shamal included.

The development aligns with Ma’aden’s 2016 announcement of a feasibility study for a world-class phosphate fertilizer production complex in Wa’ad Al-Shamal Minerals Industrial City, situated in Saudi Arabia’s Northern Province.

Ma’aden announced significant discoveries of gold and copper in the Arabian Shield region during the Future Minerals Forum 2025 in Riyadh, further advancing its mining ambitions.

The discoveries include extensive gold deposits at Wadi Al-Jaww and copper reserves at Jabal Shayban. Mineralization at these sites extends from shallow depths of 20 meters to depths of up to 200 meters, highlighting their potential for large-scale extraction, the company added.

Ma’aden also unveiled promising developments at its Mansourah-Massarah gold mine, where drilling has revealed high-grade gold mineralization beyond the current pit design. 

The financial impact of these discoveries is yet to be determined, Ma’aden said in a statement to the stock exchange.


MENA economic growth to accelerate to 2.9% in 2025, says Moody’s

MENA economic growth to accelerate to 2.9% in 2025, says Moody’s
Updated 16 January 2025
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MENA economic growth to accelerate to 2.9% in 2025, says Moody’s

MENA economic growth to accelerate to 2.9% in 2025, says Moody’s

RIYADH: Oil production and large investment projects will accelerate annual economic growth across the Middle East and North Africa by 0.8 percentage points in 2025, according to Moody’s.

The global credit rating agency forecasts growth of 2.9 percent this year, up from 2.1 percent in 2024, and also  maintained a stable outlook for the credit fundamentals of sovereigns in the region over the next 12 months.

The agency emphasized that the impact of large investments will be most evident in Saudi Arabia, driven by high government and sovereign wealth fund spending linked to the Vision 2030 diversification program.

The projections align with those of global consultancy Oxford Economics, which expects regional gross domestic product to grow by 3.6 percent in 2025, outpacing the firm’s global forecast of 2.8 percent. 

Moody’s added that the pickup in the MENA economy will be driven primarily by “stronger growth in the region’s hydrocarbon exporters because of a partial unwinding of strategic oil production cuts under the OPEC+ agreement.”

Alexander Perjessy, vice president and senior credit officer at Moody’s, said: “Large-scale investment projects, many of them part of longer-term government development and diversification agendas, will support non-hydrocarbon economic activity across the region.”

According to the credit rating agency, real gross domestic product growth for hydrocarbon-exporting nations is expected to rise to 3.5 percent in 2025, up from 1.9 percent in the previous year, as Saudi Arabia, the UAE, Iraq, Kuwait, and Oman ease the oil production cuts implemented in 2023.

In Qatar, growth in the small, gas-rich nation will be bolstered by the development of the petrochemical industry and construction activities related to the expansion of liquefied natural gas production capacity, set to come online between 2026 and 2030.

In Kuwait, non-hydrocarbon growth will be mainly driven by major projects, including the construction of a new port and a new airport terminal.

Meanwhile, Iraq’s non-hydrocarbon growth is expected to remain above pre-COVID levels, provided that improved domestic security conditions are sustained, driven by the gradual implementation of several transport and energy projects.

In the UAE, non-hydrocarbon growth will moderate slightly due to the completion of some infrastructure projects; however, it will remain robust, at around 5 percent in 2025.


Saudi ports handle 320.78m tonnes of cargo in 2024, up 14.45% year on year

Saudi ports handle 320.78m tonnes of cargo in 2024, up 14.45% year on year
Updated 16 January 2025
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Saudi ports handle 320.78m tonnes of cargo in 2024, up 14.45% year on year

Saudi ports handle 320.78m tonnes of cargo in 2024, up 14.45% year on year

JEDDAH: Saudi Arabia’s ports saw a significant surge in cargo handling in 2024, with a total of 320.78 million tonnes of goods processed, representing a 14.45 percent year-on-year increase. This growth underscores the enhanced operational efficiency of the Kingdom’s maritime infrastructure.

According to the Saudi Ports Authority, container exports rose by 8.86 percent, reaching more than 2.8 million twenty-foot equivalent units, up from 2.59 million TEUs in 2023. Meanwhile, total cargo processed across the Kingdom’s ports in 2023 stood at 300.54 million tonnes.

Mawani highlighted that the results reflect the ongoing improvements in Saudi ports’ infrastructure and operational capabilities, which are pivotal in fostering a sustainable maritime sector and supporting the nation’s economic and trade growth. These advances align with the National Transport and Logistics Strategy under Saudi Vision 2030, positioning the Kingdom as a global logistics hub.

Container imports also saw significant growth, increasing by 13.79 percent to reach 2.98 million TEUs, up from 2.62 million TEUs in 2023. Mawani’s announcement on Jan. 15 further noted that Saudi Arabia has climbed to 15th in the global ranking for container handling, as reported by the 2024 Lloyd’s List, reaffirming the Kingdom’s role as a key player in international logistics.

Three Saudi ports have now secured positions in the global top 100. Jeddah Islamic Port jumped from 41st to 32nd, King Abdullah Port advanced from 71st to 70th, and King Abdulaziz Port in Dammam improved from 90th to 82nd.

The overall volume of general cargo grew by 30.39 percent, reaching nearly 10 million tonnes, compared to 7.65 million tonnes in 2023. Solid bulk goods saw a 6.23 percent rise, totaling 52.12 million tonnes, up from 49.06 million tonnes. Liquid bulk goods grew by 16.29 percent, reaching 177.44 million tonnes, up from 152.58 million tonnes. Additionally, livestock imports saw a 19.63 percent increase, totaling 9.72 million heads, up from 8.12 million in 2023.

However, the total number of containers handled fell by 10.93 percent, amounting to 7.52 million TEUs compared to 8.44 million TEUs in 2023. Transshipment containers also declined by 46.74 percent, totaling 1.72 million TEUs, down from 3.24 million TEUs in 2023.

Maritime traffic decreased by 4.56 percent, with a total of 11,579 vessels visiting Saudi ports, compared to 12,132 vessels in 2023. Passenger traffic also dropped by 27.02 percent, totaling 736,177 passengers, down from 1.01 million the previous year. The number of vehicles handled at Saudi ports fell by 4.38 percent, with 1.09 million cars processed, compared to 1.14 million in 2023.

In December 2024, Saudi ports saw a 9.27 percent increase in cargo volume, reaching 27.46 million tonnes, compared to 25.13 million tonnes in the same month the previous year. Container handling also rose by 5.77 percent, totaling 711,170 TEUs, up from 672,373 TEUs in December 2023.

Mawani also announced several major initiatives in 2024, including agreements and groundbreaking projects to establish eight new logistics parks and hubs at Jeddah Islamic Port and King Abdulaziz Port in Dammam, with a combined private sector investment of approximately SR2.9 billion ($773 million). These efforts are part of a broader strategy to enhance the attractiveness of Saudi ports and reinforce the Kingdom’s position as a global trade and logistics center.

These initiatives are included in a larger SR10 billion investment plan aimed at developing 18 logistics parks across Saudi terminals, all overseen by Mawani. Notably, Mawani highlighted the opening of Maersk’s largest global logistics investment at Jeddah Islamic Port, a project worth SR1.3 billion, spanning 225,000 sq. meters.