Stiell to Asharq Al-Awsat: MENA Climate Week in Riyadh Presents Opportunity to Understand Challenges

Simon Stiell, the Executive Secretary of the UN Climate Change Secretariat (Bloomberg)
Simon Stiell, the Executive Secretary of the UN Climate Change Secretariat (Bloomberg)
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Stiell to Asharq Al-Awsat: MENA Climate Week in Riyadh Presents Opportunity to Understand Challenges

Simon Stiell, the Executive Secretary of the UN Climate Change Secretariat (Bloomberg)
Simon Stiell, the Executive Secretary of the UN Climate Change Secretariat (Bloomberg)

Simon Stiell, the Executive Secretary of the UN Climate Change Secretariat, has described Saudi Arabia’s approach in the field of traditional energy production as unique.

While the Kingdom predominantly relies on oil and gas extraction, it is actively implementing measures aimed at reducing harmful emissions associated with these practices.

Stiell noted that the primary objective of hosting the MENA Climate Week event in Riyadh, Saudi Arabia, is to gain a comprehensive understanding of various perspectives on the challenges stemming from climate change and to identify best practices for addressing them.

“The Middle East and North Africa (MENA) region shares common challenges in this regard, but some countries in the region also have unique approaches to addressing these challenges and leveraging the available opportunities,” Stiell told Asharq Al-Awsat.

He affirmed that the dialogue sessions held this week provide a fantastic opportunity to comprehend the challenges facing the region.

These sessions also shed light on the measures taken concerning the transition to renewable energy and underscore the appropriate actions to address climate change.

Furthermore, they explore how the region’s nations can share and implement these established practices effectively.

Stiell commended Saudi Arabia for its efforts in reducing emissions resulting from oil and gas extraction.

Moreover, he noted that the Kingdom is actively implementing best practices aimed at environmental pollution reduction.

Stiell emphasized that current decision-makers have a high responsibility in ensuring a prosperous future and a clean environment for the youth.

It is worth noting that the MENA Climate Week is held four weeks before the 28th Conference of the Parties (COP28) to address four main tracks.

These include energy and industry systems, urban and rural cities and communities, infrastructure and transportation, and oceans, food, and water, in addition to societies, health, lifestyles, and economies.

The event is organized in anticipation of COP28, which focuses on key sectors and regional climate challenges in the Middle East and North Africa.



US Treasury Targets Russia's Gazprombank with New Sanctions

FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo
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US Treasury Targets Russia's Gazprombank with New Sanctions

FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo

The United States imposed new sanctions on Russia's Gazprombank on Thursday, the Treasury Department said, as President Joe Biden steps up actions to punish Moscow for its invasion of Ukraine before he leaves office in January.
The move, which wields the department's most powerful sanctions tool, effectively kicks Gazprombank out of the US banking system, bans its trade with Americans and freezes its US assets, Reuters reported.
Gazprombank is one of Russia's largest banks and is partially owned by Kremlin-owned gas company Gazprom. Since Russia's invasion in February 2022, Ukraine has been urging the US to impose more sanctions on the bank, which receives payments for natural gas from Gazprom's customers in Europe.
The fresh sanctions come days after the Biden administration allowed Kyiv to use US ATACMS missiles to strike Russian territory. On Tuesday, Ukraine fired the weapons, the longest range missiles Washington has supplied for such attacks on Russia, on the war's 1,000th day.
The Treasury also imposed sanctions on 50 small-to-medium Russian banks to curtail the country's connections to the international financial system and prevent it from abusing it to pay for technology and equipment needed for the war. It warned that foreign financial institutions that maintain correspondent relationships with the targeted banks "entails significant sanctions risk."
"This sweeping action will make it harder for the Kremlin to evade US sanctions and fund and equip its military," Treasury Secretary Janet Yellen said. "We will continue to take decisive steps against any financial channels Russia uses to support its illegal and unprovoked war in Ukraine."
Gazprombank said Washington's latest move would not affect its operations. The Russian embassy in Washington did not respond to requests for comment.
Along with the sanctions, Treasury also issued two new general licenses authorizing US entities to wind down transactions involving Gazprombank, among other financial institutions, and to take steps to divest from debt or equity issued by Gazprombank.
Gazprombank is a conduit for Russia to purchase military materiel in its war against Ukraine, the Treasury said. The Russian government also uses the bank to pay its soldiers, including for combat bonuses, and to compensate the families of its soldiers killed in the war.
The administration believes the new sanctions improve Ukraine's position on the battlefield and ability to achieve a just peace, a source familiar with the matter said.
COLLATERAL IMPACT
While Gazprombank has been on the administration's radar for years, it has been seen as a last resort because of its focus on energy and the desire to avoid collateral impact on Europe, a Washington-based trade lawyer said.
"I think that the current administration is trying to put as much pressure and add as many sanctions as possible prior to January 20th to make it harder for the next administration to unwind," said the lawyer, Douglas Jacobson.
Officials in Slovakia and Hungary said they were studying the impacts of the new US sanctions.
Trump would have the power to remove the sanctions, which were imposed under an executive order by Biden, if he wants to take a different stance, Jacobson said.
After Russia's invasion in 2022, the Treasury placed debt and equity restrictions on 13 Russian firms, including Gazprombank, Sberbank and the Russian Agricultural Bank.
The US Treasury has also worked to provide Ukraine with funds from windfall proceeds of frozen Russian assets.