Saudi Oil Sustainability Program Launches Empowering Africa Initiative

The Empower Africa Initiative was announced during Climate Week in Riyadh (Asharq Al-Awsat)
The Empower Africa Initiative was announced during Climate Week in Riyadh (Asharq Al-Awsat)
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Saudi Oil Sustainability Program Launches Empowering Africa Initiative

The Empower Africa Initiative was announced during Climate Week in Riyadh (Asharq Al-Awsat)
The Empower Africa Initiative was announced during Climate Week in Riyadh (Asharq Al-Awsat)

The Oil Sustainability Program of the Saudi Ministry of Energy launched the "Empowering Africa" initiative in cooperation with the Ministries of Communications and Information Technology and the Ministries of Health.

The initiative aims to provide clean energy, connectivity, e-health, and e-learning solutions to improve lives and advance sustainable development in Africa.

Empowering Africa builds on the Clean Fuel Solutions for Cooking Program, a vital Middle East Green Initiative (MGI) component.

The initiative represents a milestone in advancing sustainable development and improving the lives of millions of people. It will empower communities across Africa.

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz said on the sidelines of the MENA Climate Week 2023 that energy is a human right, indicating that the program enables energy access.

Additional information on the program will be revealed during COP28 in Dubai.

The initiative offers solutions to vulnerable populations globally, many facing dire consequences due to traditional and hazardous cooking practices, such as coal and wood usage.

Clean cooking solutions have the potential to save countless lives by mitigating the health risks associated with these cooking fuels.

Launched in 2021 as part of the MGI, Clean Fuel Solutions for Cooking provides cleaner cooking fuels, including Liquefied Petroleum Gas (LPG), solar power, and biodigesters, to 750 million people worldwide.

The collaborative effort among Saudi institutions underscores the Kingdom's commitment to one of its most ambitious initiatives, which will forge a brighter future for African communities, and signifies the Kingdom's steadfast commitment to addressing worldwide challenges.

It encourages public involvement and advances international regulatory collaboration to pursue a brighter, more sustainable future for all.



Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.