Int’l Consensus on Unifying Efforts to Fight Climate Change

Egyption Minister of Foreign Affairs Sameh Shoukry addresses the opening session of the Middle East and North Africa (MENA) Climate Week, a UN-organized conference hosted in the Saudi capital Riyadh, on October 8, 2023. (AFP)
Egyption Minister of Foreign Affairs Sameh Shoukry addresses the opening session of the Middle East and North Africa (MENA) Climate Week, a UN-organized conference hosted in the Saudi capital Riyadh, on October 8, 2023. (AFP)
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Int’l Consensus on Unifying Efforts to Fight Climate Change

Egyption Minister of Foreign Affairs Sameh Shoukry addresses the opening session of the Middle East and North Africa (MENA) Climate Week, a UN-organized conference hosted in the Saudi capital Riyadh, on October 8, 2023. (AFP)
Egyption Minister of Foreign Affairs Sameh Shoukry addresses the opening session of the Middle East and North Africa (MENA) Climate Week, a UN-organized conference hosted in the Saudi capital Riyadh, on October 8, 2023. (AFP)

The Middle East and North Africa (MENA) Climate Week which kicked off in Riyadh on Sunday witnessed international consensus on unifying efforts to confront climate change.

Several ministers and officials who attended the event stressed that it represents a regional platform to provide solutions and innovations that help in achieving the targets of regional countries and in facing climate change.

Saudi Minister of State for Foreign Affairs Adel al-Jubeir revealed the allocation of more than $186 billion to implement the Saudi Green Initiative.

Al-Jubeir went on to say that the Kingdom was seeking to transform itself through carbon recycling to turn cities into green unpolluted areas.

Egyptian Foreign Minister Sameh Shoukry underlined the importance of holding Climate Week in the Middle East, noting that the event is bound to yield partnership and cooperation related to climate, as well as stress the importance of sharing responsibility and adapting to climatic conditions.

The minister pointed out that Climate Week highlights the main elements of climate change and the need for action plans and underscores the importance of unifying efforts to come up with solutions and capacity-building.

“We cannot stop using the sources of energy we are using today before securing alternative, sustainable sources of energy for the future,” said UAE Energy Minister Suhail Al-Mazrouei.

“The Middle East and North Africa region is at a crossroads, facing not only the devastating impacts of climate change, but also the challenge of transitioning their economies to ensure prosperity in a 1.5C aligned world,” said Simon Stiell, Executive Secretary of UN Climate Change.

Aramco president and CEO Amin Nasser stated that there is a gap between the needs of developing and developed countries.

He added that the company seeks to achieve balance and to achieve carbon neutrality and reduce emissions in 2050.

He noted that Climate Week provides a platform to highlight regional solutions and innovations, paving the way for reinforcing cooperation between countries, sectors, and specializations.

The third ministerial session of the event discussed the need for sustainable development and adaptation to climate challenges to ensure a sustainable and clean future in MENA.

The first session focused on Saudi Arabia’s ongoing efforts to achieve the Paris Agreement's goals and a more sustainable world.

The Climate Week reinforces the significance of circular frameworks in reducing emissions and the role this plays in boosting the economy and supporting sustainability.

Saudi Arabia is aware of the significance of a circular economy in reducing emissions and building economic competency. Its Circular Carbon Economy National Program supports the state’s commitment to achieve a flexible and clean energy system.



Oil Prices Regain Some Ground after 7% Loss Last Week

Oil pump jacks work at sunset near Midland, Texas, U.S., August 21, 2019. REUTERS/Jessica Lutz/File Photo
Oil pump jacks work at sunset near Midland, Texas, U.S., August 21, 2019. REUTERS/Jessica Lutz/File Photo
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Oil Prices Regain Some Ground after 7% Loss Last Week

Oil pump jacks work at sunset near Midland, Texas, U.S., August 21, 2019. REUTERS/Jessica Lutz/File Photo
Oil pump jacks work at sunset near Midland, Texas, U.S., August 21, 2019. REUTERS/Jessica Lutz/File Photo

Oil prices rose on Monday, recouping some of last week's more than 7% decline on worries about demand in China, the world's top oil importer, and easing concerns about potential supply disruptions in the Middle East.

Brent crude futures were up $1.16, or 1.6%, to $74.22 a barrel at 1036 GMT. US West Texas Intermediate crude futures were up $1.32, or 1.9%, to $70.54 a barrel.

Brent settled down more than 7% last week, while WTI lost around 8%. Those were the contracts' biggest weekly declines since Sept. 2, due to slowing economic growth in China and falling risk premiums in the Middle East, Reuters reported.

China on Monday cut benchmark lending rates as anticipated, part of a broader package of stimulus measures to revive the economy.

Data on Friday showed that China's economy grew at the slowest pace since early 2023 in the third quarter, fuelling growing concerns about oil demand.

Saudi Aramco's CEO told an energy conference in Singapore on Monday that he was still "fairly bullish" on China's oil demand in light of stepped up policy support aimed at boosting growth, and because of rising demand for jet fuel and liquid-to-chemicals.

"Geopolitical tensions in the Middle East and the positive oil demand comments from the CEO of Aramco are likely supporting oil prices," UBS analyst Giovanni Staunovo said.

The US Energy Information Administration said on Friday weekly oilfield production rose by 100,000 barrels per day (bpd) to a record 13.5 million bpd during the week ended Oct. 11.