MENA Climate Week Kicks off in Riyadh

Saudi Minister of Energy Prince Abdulaziz bin Salman (Saudi and Green Middle East Initiative)
Saudi Minister of Energy Prince Abdulaziz bin Salman (Saudi and Green Middle East Initiative)
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MENA Climate Week Kicks off in Riyadh

Saudi Minister of Energy Prince Abdulaziz bin Salman (Saudi and Green Middle East Initiative)
Saudi Minister of Energy Prince Abdulaziz bin Salman (Saudi and Green Middle East Initiative)

The second-ever Middle East and North Africa (MENA) Climate Week kicked off Sunday in Riyadh in cooperation with the United Nations Framework Convention on Climate Change (UNFCCC) secretariat.

Saudi Minister of Energy Prince Abdulaziz bin Salman inaugurated the event in the presence of several global officials, policymakers, private sector firms, youth campaigners, and other key stakeholders in the climate change and sustainability sphere.

Prince Abdulaziz asserted the need to work hard and ensure the success of the UN Climate Change Conference (COP28) in Dubai next November, announcing that the second day of the event will witness the unveiling of a credible, transparent, and adaptable domestic market mechanism.

The Minister also declared that Saudi Arabia will soon have the first hydrogen-powered train in the Middle East.

The Saudi government will host the event between October 8 and 12 in the Boulevard Riyadh City to shed light on challenges and solutions in a region that is among the most vulnerable to the effects of climate change.

Participants in Riyadh will speak about the challenges and opportunities for climate action and support in the MENA region, which will help inform the global stocktake and accelerate the implementation of the Paris Agreement.

Saudi Arabia is one of the most active countries on climate change, making it a new green giant with an influential and clear role in confronting this global battle.

The Kingdom launched several initiatives, plans, and programs towards achieving zero neutrality by 2060.

The event aims to enhance joint action towards adopting sustainable and integrated climate solutions, accomplish the collective mission of confronting climate challenges, and achieve the Paris Agreement's goals.

The event will include three ministerial sessions and a regional dialogue on climate change. The first session will address enhancing comprehensive participation and the circular carbon economy to achieve fair and equitable energy transitions.

The second session will discuss comprehensive financial and economic diversification towards achieving the goals of the Paris Climate Agreement.

The third session will discuss efforts to keep the global temperature rise below 1.5 degrees.

The event will also witness a GCC Roundtable Meeting of ministers concerned and an Arab League Roundtable, which will discuss expectations of COP28.

The activities of the rest of the week will witness the launch of the four tracks of dialogue in this regard, in a joint effort between the Saudi Energy Ministry, the Secretariat of the UNFCCC, and the UN Climate Change Pioneers.

The tracks are: the energy systems and industry; the cities, urban and rural settlements, infrastructure, and transport; land, ocean, food, and water; and societies, health, livelihoods, and economies.

The week's program will include many climate activities, meetings, and accompanying exhibitions that discuss issues of the environment, climate, and sustainability, and various programs and events that add cultural and social dimensions to the week's activities.

Notably, the event aims to discuss issues, challenges, and opportunities related to climate change and express opinions on them, to be addressed at COP28.

MENA Climate Week is the second of four Regional Climate Weeks in 2023.

UN Climate Change organizes it with global partners UN Development Program, UN Environment Program, and the World Bank Group. Partners based in MENA include the International Renewable Energy Agency, the Islamic Development Bank, the League of Arab States Secretariat, and the UN Economic and Social Commission for Western Asia.

Saudi Arabia intensified efforts to combat climate change, notably in 2021 when Crown Prince Mohammed bin Salman announced the goal of achieving net-zero emissions through a circular carbon economy approach aligned with developmental plans and economic diversification.

The Crown Prince stressed that this approach aligns with a "moving baseline" and preserves the Kingdom's leadership role in enhancing the stability and security of global energy markets while leveraging mature technologies for emissions management and reduction.



Lebanon's Bonds Rally as Parliament Elects 1st President since 2022

Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
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Lebanon's Bonds Rally as Parliament Elects 1st President since 2022

Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir
Lebanese Parliament Speaker Nabih Berri shakes hands with Lebanon’s army chief Joseph Aoun after he is elected as the country’s president at the parliament building in Beirut, Lebanon, Jan. 9, 2025. Reuters/Mohamed Azakir

Lebanese government bonds extended their three-month-long rally on Thursday as the crisis-ravaged country's parliament voted in a new head of state for the first time since 2022.

Lebanese lawmakers elected army chief Joseph Aoun as president. It came after the failure of 12 previous attempts to pick a president and boosts hopes that Lebanon might finally be able to start addressing its dire economic woes.

The country's battered bonds have almost trebled in value since September, when the regional conflict with Israel weakened Lebanese armed group Hezbollah, long viewed as an obstacle to overcoming its political paralysis.

According to Reuters, most of Lebanon's international bonds, which have been in default since 2020, rallied after Aoun's victory was announced to stand 1.3 to 1.7 cents higher on the day and at just over 16 cents on the dollar.

They have risen almost every day since late December, although they remain some of the lowest-priced government bonds in the world, reflecting the scale of Lebanon's difficulties.

With its economy and financial system still reeling from a collapse in 2019, Lebanon is in dire need of international support to rebuild from the conflict, which the World Bank estimates to have cost the country $8.5 billion.

Hasnain Malik, an analyst at financial research firm Tellimer said Aoun's victory was "the first necessary step on a very long road to recovery".

Malik said Aoun now needs to appoint a prime minister and assemble a cabinet that can retain the support of parliament, resuscitate long-delayed reforms and help Lebanon secure international financial support.

The 61-year old Aoun fell short of the required support in Thursday's first round of parliamentary voting and only succeeded in a second round, reportedly after a meeting with Hezbollah and Amal party MPs.

"That presents significant ongoing risk to any new PM and cabinet, which need to maintain the confidence of a majority of parliament," Malik said.