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.



Energy Fund to Boost Saudi-US Strategic Investments

Heads of companies investing in the energy fund (Asharq Al-Awsat)
Heads of companies investing in the energy fund (Asharq Al-Awsat)
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Energy Fund to Boost Saudi-US Strategic Investments

Heads of companies investing in the energy fund (Asharq Al-Awsat)
Heads of companies investing in the energy fund (Asharq Al-Awsat)

A $5 billion energy investment fund was unveiled in Riyadh on Tuesday during the Saudi-US Investment Forum, held in conjunction with US President Donald Trump’s visit to the kingdom, in a move aimed at boosting bilateral partnerships and stabilizing the global energy sector.

The White House announced in a statement that the fund was among several key initiatives agreed during Trump’s visit, calling it a “historic step” toward deepening economic cooperation between the United States and Saudi Arabia.

Scott Pruitt, who served as the Administrator of the Environmental Protection Agency (EPA), told Asharq Al-Awsat the fund will target strategic investments in the energy sector, focusing primarily on US-based companies.

These include firms supporting existing energy hubs and those developing transitional technologies to advance the global energy future and promote efficient manufacturing.

Pruitt said the fund aligns with Saudi Arabia’s Vision 2030, aiming to invest in companies that can benefit from the kingdom’s business environment while also supporting energy-related infrastructure, services, and manufacturing in the US.

The fund is expected to begin deploying its $5 billion capital in 2025, he added.

Strategic Investment in Energy

Neil Bush, chairman of Skytower Investments, a green technology investment firm, said the energy fund brings together experienced partners in fund management and energy investment.

He noted that it will play a critical role in directing strategic capital toward the future of global energy and efficient production.

The fund naturally targets the development of US infrastructure, bolstering America’s leadership in global energy markets and delivering strong returns to investors, Bush said.

Launched during President Trump’s visit, this initiative sends a strong signal of renewed economic momentum between Washington and Riyadh.

Saudi businessman Abdullah Al-Meleihi, CEO of Saudi Excellence Co., described the fund as more than a capital mechanism, calling it a “bridge of trust and ambition” between the two countries.

He emphasized Trump’s role in creating a climate conducive to innovation and opportunity.

Al-Meleihi said the fund is expected to be fully established and financed in 2025, characterizing it as a model of public-private cooperation and strategic alignment between the US and Saudi Arabia.

He noted that it enjoys robust support from the private sector in both countries as well as international investors, and will focus on energy, technology, artificial intelligence in energy, and advanced industries, while also facilitating knowledge transfer to the kingdom and capital investment in the US.