Berlin Deepens Cooperation with Riyadh for Green Hydrogen Export

Germany’s climate envoy Jennifer Morgan (Asharq Al-Awsat)
Germany’s climate envoy Jennifer Morgan (Asharq Al-Awsat)
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Berlin Deepens Cooperation with Riyadh for Green Hydrogen Export

Germany’s climate envoy Jennifer Morgan (Asharq Al-Awsat)
Germany’s climate envoy Jennifer Morgan (Asharq Al-Awsat)

Germany’s climate envoy has highlighted the deep collaboration between Riyadh and Berlin to produce and export green hydrogen, as part of the efforts to tackle climate change and reduce emissions. This collaboration is particularly crucial in green initiatives within both countries and globally.

In an interview with Asharq Al-Awsat, Jennifer Morgan reviewed her discussions with Saudi authorities on climate change and joint German-Saudi efforts.

According to Morgan, climate-related issues were thoroughly examined, alongside strategies to enhance collaboration in environmental domains. These include tackling emissions through carbon capture, utilization, recycling, and storage within the framework of a circular carbon economy.

During discussions with relevant Saudi government entities, Morgan highlighted the importance of hosting the 2023 United Nations Climate Conference (COP 28) in the region this year.

“We delved deep into prospects of collaboration in this field and examined the initiatives and efforts undertaken by Saudi Arabia in addressing the issue of climate change, which notably contribute to the fulfillment of the Paris Agreement,” Morgan told Asharq Al-Awsat.

Making her remarks at a recent discussion held on the sidelines of a panel organized by the German Embassy in Riyadh, Morgan said she had come to Riyadh to further advance partnerships and collaboration in international, Saudi, and German programs aimed at accelerating the development of renewable energy and gradually phasing out traditional energy challenges.

“Our goal is to establish climate partnerships that enhance the pace of climate action, seeking innovative solutions to address the damages and losses caused by the climate crisis,” she noted.

Morgan, who led Greenpeace International before joining Germany’s Greens-run foreign ministry, affirmed that collaborative efforts with Riyadh will positively impact international endeavors to enhance cooperation in environmental and climate change domains.

This is set to help in tackling climate and biodiversity crises and achieving gradual emissions reduction.

She noted that her country is actively working on all fronts to make progress in environmental protection and combating the climate crisis in Europe and worldwide. This is in line with the global energy transition and the promotion of climate justice.

Moreover, Morgan stressed that the international response to the climate transition will strengthen the empowerment of the hydrogen economy, creating employment and economic prospects.

The envoy then highlighted that Riyadh and Berlin are working closely together to foster robust collaboration in the energy sector, particularly in the production and exportation of green hydrogen, while simultaneously reducing emissions.

This deepening bilateral cooperation extends to supporting Saudi Arabia's Green Initiative and the Green Middle East Initiative, she added.

 

 



US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo

US job growth accelerated in September and the unemployment slipped to 4.1%, further reducing the need for the Federal Reserve to maintain large interest rate cuts at its remaining two meetings this year.
Nonfarm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 in August, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday.
Economists polled by Reuters had forecast payrolls rising by 140,000 positions after advancing by a previously reported 142,000 in August.
The initial payrolls count for August has typically been revised higher over the past decade. Estimates for September's job gains ranged from 70,000 to 220,000.
The US labor market slowdown is being driven by tepid hiring against the backdrop of increased labor supply stemming mostly from a rise in immigration. Layoffs have remained low, which is underpinning the economy through solid consumer spending.
Average hourly earnings rose 0.4% after gaining 0.5% in August. Wages increased 4% year-on-year after climbing 3.9% in August.
The US unemployment rate dropped from 4.2% in August. It has jumped from 3.4% in April 2023, in part boosted by the 16-24 age cohort and rise in temporary layoffs during the annual automobile plant shutdowns in July.
The US Federal Reserve's policy setting committee kicked off its policy easing cycle with an unusually large half-percentage-point rate cut last month and Fed Chair Jerome Powell emphasized growing concerns over the health of the labor market.
While the labor market has taken a step back, annual benchmark revisions to national accounts data last week showed the economy in a much better shape than previously estimated, with upgrades to growth, income, savings and corporate profits.
This improved economic backdrop was acknowledged by Powell this week when he pushed back against investors' expectations for another half-percentage-point rate cut in November, saying “this is not a committee that feels like it is in a hurry to cut rates quickly.”
The Fed hiked rates by 525 basis points in 2022 and 2023, and delivered its first rate cut since 2020 last month. Its policy rate is currently set in the 4.75%-5.00% band.
Early on Friday, financial markets saw a roughly 71.5% chance of a quarter-point rate reduction in November, CME's FedWatch tool showed. The odds of a 50 basis points cut were around 28.5%.