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Saudi Arabia Launches Greenhouse Gas Crediting and Offsetting Mechanism to Advance Global Climate Goals 

Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman speaks during the opening Ceremony of the Middle East and North Africa Climate Week in Riyadh, Saudi Arabia, October 8, 2023. (Reuters)
Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman speaks during the opening Ceremony of the Middle East and North Africa Climate Week in Riyadh, Saudi Arabia, October 8, 2023. (Reuters)
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Saudi Arabia Launches Greenhouse Gas Crediting and Offsetting Mechanism to Advance Global Climate Goals 

Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman speaks during the opening Ceremony of the Middle East and North Africa Climate Week in Riyadh, Saudi Arabia, October 8, 2023. (Reuters)
Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman speaks during the opening Ceremony of the Middle East and North Africa Climate Week in Riyadh, Saudi Arabia, October 8, 2023. (Reuters)

The Clean Development Mechanism Designated National Authority (CDMDNA) announced on Monday the launch of Saudi Arabia's domestic market mechanism, Greenhouse Gas Crediting and Offsetting Mechanism (GCOM), at MENA Climate Week 2023 that is underway in Riyadh.

The step reflects the Kingdom’s leading role in the region in addressing climate challenges and enabling institutions to tackle their emissions.

It is also part of the Kingdom’s efforts to reduce the impact of climate change, under the directions of Prince Mohammed bin Salman, Crown Prince and Prime Minister, realizing the environmental sustainability objectives of Saudi Vision 2030.

The announcement on GCOM is an implementation of the domestic market mechanism announced by Minister of Energy Prince Abdulaziz bin Salman at the Saudi Green Initiative held during COP27 in Sharm el-Sheikh, Egypt, in November 2022.

GCOM will be accessible to all entities within the Kingdom, offering an incentive for developing activities in emissions reduction and removal to reach the Kingdom’s ambitious Net-Zero target by 2060.

Abdullah AlSarhan, Secretary General of the Designated National General, said: “We are proud to advance the Kingdom’s climate ambitions through the launch of the Greenhouse Gas Crediting and Offsetting Mechanism.”

“GCOM will enable entities across the Kingdom to meet their goals to reduce and remove emissions, ensuring collective action in our journey towards a sustainable and low-emission future,” he added.

GCOM's approach is both comprehensive and inclusive, allowing entities within the Kingdom to benefit from its domestic market mechanism for emissions management.

In alignment with the United Nations Framework Convention for Climate Change (UNFCCC), GCOM will support achieving the Saudi Nationally Determined Contributions (NDCs), unlocking a myriad of financial opportunities among national entities striving to meet their climate objectives.

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Oil Prices Stable on Monday as Data Offsets Surplus Concerns

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Stable on Monday as Data Offsets Surplus Concerns

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices stabilized on Monday after losses last week as lower-than-expected US inflation data offset investors' concerns about a supply surplus next year.

Brent crude futures were down by 38 cents, or 0.52%, to $72.56 a barrel by 1300 GMT. US West Texas Intermediate crude futures were down 34 cents, or 0.49%, to $69.12 per barrel.

Oil prices rose in early trading after data on Friday that showed cooling US inflation helped alleviate investors' concerns after the Federal Reserve interest rate cut last week, IG markets analyst Tony Sycamore said, Reuters reported.

"I think the US Senate passing legislation to end the brief shutdown over the weekend has helped," he added.

But gains were reversed by a stronger US dollar, UBS analyst Giovanni Staunovo told Reuters.

"With the US dollar changing from weaker to stronger, oil prices have given up earlier gains," he said.

The dollar was hovering around two-year highs on Monday morning, after hitting that milestone on Friday.

Brent futures fell by around 2.1% last week, while WTI futures lost 2.6%, on concerns about global economic growth and oil demand after the US central bank signalled caution over further easing of monetary policy. Research from Asia's top refiner Sinopec pointing to China's oil consumption peaking in 2027 also weighed on prices.

Macquarie analysts projected a growing supply surplus for next year, which will hold Brent prices to an average of $70.50 a barrel, down from this year's average of $79.64, they said in a December report.

Concerns about European supply eased on reports the Druzhba pipeline, which sends Russian and Kazakh oil to Hungary, Slovakia, the Czech Republic and Germany, has restarted after halting on Thursday due to technical problems at a Russian pumping station.

US President-elect Donald Trump on Friday urged the European Union to increase US oil and gas imports or face tariffs on the bloc's exports.

Trump also threatened to reassert US control over the Panama Canal on Sunday, accusing Panama of charging excessive rates to use the Central American passage and drawing a sharp rebuke from Panamanian President Jose Raul Mulino.