Kingdom plans to produce 54GW power from renewable energy sources by 2040

Updated 07 June 2016

Kingdom plans to produce 54GW power from renewable energy sources by 2040

RIYADH: Saudi Arabia plans to produce 54 gigawatt (GW) of electricity from renewable energy sources, notably solar energy, by 2040, local media said quoting a United Nations report.
Some 41GW of electricity will be generated from solar energy (25GW of CSP and 16GW of PV) while the remaining 13GW will come from other sources such as geothermal, waste and wind power, the report said.
The 250-page report was issued by an agency affiliated with the United Nations Environment Program.
According to the report, renewable energy continued growth in 2015 while investments in this sector kept an upward trend and provided 19.1 percent of the world’s total energy consumption.
Globally, green energy investments totaled $285.9 billion in 2015, compared to $270.2 billion, $232 billion, and $45 billion in 2014, 2013 and 2004, respectively, the report said.
Green energy investments in all parts of the world registered an increase in 2015, compared to figures of 2013, while investments in developing countries grew by 36 percent to $131.3 billion compared to figures of 2014, the report said.
Among Arab countries, Algiers plans to produce 22GW of electricity generated from renewable energy sources by 2030.
Other Arab countries have plans to produce energy from renewable sources as follows: Morocco 6GW (2020), Egypt 4.12GW (2027), Jordan 2.8GW (2020), Kuwait 7.7GW (2030), Lebanon 1.1GW (2020), Qatar 1.8GW (2017), and Tunisia 1GW (2030), the report said.
In Saudi Arabia, King Abdullah City for Atomic and Renewable Energy (KACARE) is leading the Kingdom’s drive toward diversification of energy sources, with special emphasis on solar energy.
In this context, the KACARE and the Asir Governorate recently signed a joint agreement on the development of renewable energy and converting solid waste into green energy to reduce dependence on fossil fuel, which is a key element of Vision 2030 that aims to diversify the Saudi economy with sustainable development.
The agreement includes a number of important items such as converting municipal solid waste into electricity, developing green buildings, monitoring and measuring the sources of renewable energy in the Asir Region, and using the techniques of renewable energy in various applications such as lighting parks and streets.


Trump advisers urge delisting of US-listed Chinese companies that fail to meet audit standards

Updated 55 min 53 sec ago

Trump advisers urge delisting of US-listed Chinese companies that fail to meet audit standards

  • Growing pressure to crack down on Chinese companies that avail themselves of US capital markets but do not comply with rules
WASHINGTON: Trump administration officials have urged the president to delist Chinese companies that trade on US exchanges and fail to meet US auditing requirements by January 2022, Securities and Exchange Commission and Treasury officials said on Thursday.
The remarks came after President Donald Trump tasked a group of key advisers, including Treasury Secretary Steve Mnuchin and SEC Chairman Jay Clayton, with drafting a report with recommendations to protect US investors from Chinese companies whose audit documents have long been kept from US regulators.
It also comes amid growing pressure from Congress to crack down on Chinese companies that avail themselves of US capital markets but do not comply with US rules faced by American rivals.
“We are simply leveling the playing field, holding Chinese firms listed in the US to the same standards as everyone else,” a Treasury official told reporters in a briefing call about the report.
The US Senate unanimously passed legislation in May that could prevent some Chinese companies from listing their shares on US exchanges unless they follow standards for US audits and regulations.
Democratic Senator Chris Van Hollen, who sponsored the bill described the recommendations as “an important first step,” but said that “without the added teeth of our bill, this report alone does not implement the requirements necessary to protect everyday American investors.”
The administration’s recommendations, if implemented via an SEC rulemaking process, would give Chinese companies already listed in the United States until Jan. 1, 2022, to ensure the US auditing watchdog, known as the PCAOB, has access to their audit documents.
They can also provide a “co-audit,” for example, performed by a US parent company of the China-based affiliate tasked with auditing the Chinese firm. However, companies seeking to list in the United States for the first time will need to comply immediately, the officials said.
A State Department official told Reuters the administration plans soon to scrap a 2013 agreement between US and Chinese auditing authorities to set up a process for the PCAOB to seek documents in enforcement cases against Chinese auditors.
China said on Friday that the two countries have “good cooperation” in monitoring publicly listed firms.
“The current situation is that some US monitoring authorities are failing to comply with their obligations, and what they are doing is political manipulation — they are trying to force Chinese companies to delist from US markets,” foreign ministry spokesman Wang Wenbin told a media briefing.
The PCAOB has long complained of China’s failure to grant requests, giving it scant insight on audits of Chinese firms that trade on US exchanges.
The report also recommends requiring greater disclosure by issuers and registered funds of the risk of investing in China, as well as mandating more due diligence by funds that track indexes and issuing guidance to investment advisers about fiduciary obligations surrounding investments in China.
The moves come amid rising tensions between Washington and Beijing over China’s handling of the coronavirus and its moves to curb freedoms in Hong Kong, among other issues.