Saudi Arabia Increases Regional Movement to Mitigate Climate Change Effects

A session on the circular carbon economy towards zero emissions neutrality within the activities of the third day of the Middle East and North Africa Climate Week (MENACW).
A session on the circular carbon economy towards zero emissions neutrality within the activities of the third day of the Middle East and North Africa Climate Week (MENACW).
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Saudi Arabia Increases Regional Movement to Mitigate Climate Change Effects

A session on the circular carbon economy towards zero emissions neutrality within the activities of the third day of the Middle East and North Africa Climate Week (MENACW).
A session on the circular carbon economy towards zero emissions neutrality within the activities of the third day of the Middle East and North Africa Climate Week (MENACW).

The third day of the Middle East and North Africa Climate Week (MENACW) 2023 saw a series of discussions pertaining to climate change, amid a broad regional movement to mitigate the effects of this phenomenon on the region.

A session on the circular carbon economy towards zero emissions touched on the efforts deployed by the Kingdom since the launch of Vision 2030 to expand the scope of its work to deal with climate challenges, and its introduction of the circular carbon economy initiative, which is a comprehensive and integrated approach that relies on multiple tools for managing emissions.

Chief Engineer for the Circular Carbon Economy at the Ministry of Energy, Humam Al-Ghamdi, said: “Saudi Arabia is implementing a combination of factors and functions in the field of renewable energy, to accelerate the pace of mitigating emissions and raising the level of the future economy in order to shift to clean hydrogen.”

He stated that the Kingdom has a specialized center to monitor climate change in order to capture more than 24 million tons of carbon, stressing that Saudi Arabia was moving to lead renewable energy and clean hydrogen by 2030.

For his part, Dr. Fahd Al-Sherehy, Vice President for Energy Efficiency and Carbon Management at SABIC Saudi Arabia, explained that the Kingdom has clear plans to reduce costs and raise efficiency levels.

Chief Growth Officer at Carbon Clean, Krishna Singhania, said that modern technology can develop and reduce the cost of carbon capture, explaining that reaching zero emissions could be achieved within a period of up to 5 years.

He pointed to a gap between the costs allocated to factories and those directed to mitigating emissions, noting that reaching the desired goals required integrated and comprehensive work.

Singhania continued that the private sector plays an important role, by creating partnerships with regulatory and legislative bodies in the concerned countries.



Gold Price Firms on Israel-Iran Conflict, Platinum Scales over 10-year High

Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
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Gold Price Firms on Israel-Iran Conflict, Platinum Scales over 10-year High

Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo

Gold prices gained on Thursday as fears of an escalating conflict between Israel and Iran drove investors towards the safe-haven metal, while platinum scaled its highest level since September 2014.

Spot gold was up 0.2% at $3,374.49 an ounce at 1100 GMT US gold futures fell 0.5% to $3,391.00.

"We're seeing some haven flows in gold, which is really not surprising given what's happening ... with the fighting between Iran and Israel," said Fawad Razaqzada, market analyst at City Index and FOREX.com.

Equity markets have dipped, which is also supporting the precious metal, Razaqzada added, Reuters reported.

Israel said on Friday it had struck Iran's only functioning nuclear power plant on the Gulf coast, potentially a major escalation in its air war against Iran.

Meanwhile, the Fed held interest rates steady on Wednesday and policymakers still forecast cutting rates by half-a-percentage point this year, but have slowed their overall outlook for rate cuts in response to a more challenging economic outlook.

However, Fed Chair Jerome Powell cautioned against putting too much weight on this outlook, warning of "meaningful" inflation ahead as higher import tariffs loom.

Gold is considered a safe-haven asset during times of geopolitical and economic uncertainty. It also tends to thrive in a low-interest rate environment.

In other metals, platinum lost 2.5% to $1,289.71, having risen to its highest level since September 2014 earlier in the session.

Platinum prices are supported by rising Chinese imports, ongoing supply concerns, high lease rates and increased investor interest as high gold prices push consumers toward cheaper alternatives, analysts say.

"The supply-demand dynamics at play in the platinum market do hint at there being further upside in store for the price," KCM Trade Chief Market Analyst Tim Waterer said.

Palladium lost 1.1% to $1,036.74, while silver fell 1.2% to $36.31 per ounce.