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).
TT

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.



Safe-Haven Gold Breaks $2,700/Oz Level as Uncertainty Looms

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
TT

Safe-Haven Gold Breaks $2,700/Oz Level as Uncertainty Looms

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold breached the $2,700-per-ounce level on Friday for the first time ever, as US election jitters and simmering Middle East tensions boosted safe-haven demand, while a looser monetary policy environment also added fuel to the rally.
Spot gold firmed 0.6% to $2,709.28 per ounce by 0430 GMT and gained 2% this week. US gold futures rose 0.6% to $2,724.50.
Gold could gather further traction given the fluidity of election developments and geopolitical uncertainties, said OCBC FX strategist Christopher Wong.
Hezbollah said it will escalate war with Israel after the killing of Hamas leader Yahya Sinwar.
Elsewhere, with less than three weeks remaining to cast votes this US presidential election, Democratic Vice President Kamala Harris and Republican former President Donald Trump are stretching for the support of every last voter.
"Gold has scoffed at a surging dollar and rallies at every chance it gets. It's just a bull market that shows no signs of exhaustion," said Tai Wong, a New York-based independent metals trader.
US economic data released overnight pointed to a strengthening economy, which boosted the US dollar. But traders still see a 90% chance of a Federal Reserve rate cut in November. The European Central Bank cut interest rates for the third time this year as the euro zone economy sags.
Lower rates increase the non-yielding bullion's appeal.
Bullion will continue to perform well over the long term, benefiting from the precarious fiscal situations of many Western nations, and the global desire for a store of value independent of other assets and institutions, said Ryan McIntyre, senior portfolio manager at Sprott Asset Management.
Delegates to the London Bullion Market Association's annual gathering
predicted
gold would rise to $2,941 over the next 12 months and silver to $45.
Spot silver rose 0.9% to $31.97 and headed for a weekly gain. Platinum added 0.6% to $997.80 and palladium increased 0.6% to $1,048.55.