Climate Week Sees Affirmation of Arab Region’s Ability to Lead the Field of Renewable Energy

Dr. Abdullah Al-Dardari attends a dialogue session during the Climate Week in Riyadh. (Asharq Al-Awsat)
Dr. Abdullah Al-Dardari attends a dialogue session during the Climate Week in Riyadh. (Asharq Al-Awsat)
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Climate Week Sees Affirmation of Arab Region’s Ability to Lead the Field of Renewable Energy

Dr. Abdullah Al-Dardari attends a dialogue session during the Climate Week in Riyadh. (Asharq Al-Awsat)
Dr. Abdullah Al-Dardari attends a dialogue session during the Climate Week in Riyadh. (Asharq Al-Awsat)

The Regional Director of the United Nations Development Program, Dr. Abdullah Al-Dardari, said that the potential possessed by the Arab region qualifies it to lead the transition towards clean and renewable energy, praising Saudi Arabia’s circular economy approach and its efforts to reduce pollution and preserve the environment.

In an interview with Asharq Al-Awsat on the sidelines of the Middle East and North Africa Climate Week (MENACW) 2023 in Riyadh, Al-Dardari noted that the field of renewable energy constituted a great opportunity to diversify sources of income, noting that the Arab region faces many difficult environmental conditions, including water scarcity, food security threats, and environmental and climate crises.

The UN official emphasized the presence of a historic opportunity for the region to be an international leader in sustainable economy, as the cost of producing renewable energy has become relatively cheap and competitive compared to traditional energy sources, while the region also possesses financial resources, minds, and a political desire to drive the transition towards clean energy.

Emphasis must be placed on improving the efficiency of traditional energy use, in addition to enhancing the reliance on renewable energy, Al-Dardari said, noting that this includes reducing pollution and emissions and increasing economic and environmental efficiency.

He also pointed out the importance of investing in knowledge, research, development and production to achieve these goals.

Al-Dardari stressed that the region must adapt to current climate changes, and suggested developing genetically modified agricultural products to enable their cultivation in difficult conditions, such as high temperatures, water shortages, and drought.

He also underlined the necessity of working to reduce the waste of resources, saying that studies have shown that a third of the region’s resources are squandered.

“This constitutes an environmental and economic challenge that must be addressed,” he told Asharq Al-Awsat.

The United Nations Development Program works to protect the environment and promote sustainable development in the Arab countries on an ongoing basis, through initiatives aimed at enhancing food security, providing various environmental solutions, and training cadres on best practices that help in completing environmental projects.



Euro Zone Yields Fall after Iran Raises Prospect of Hormuz Reopening

Euro banknotes (Reuters)
Euro banknotes (Reuters)
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Euro Zone Yields Fall after Iran Raises Prospect of Hormuz Reopening

Euro banknotes (Reuters)
Euro banknotes (Reuters)

Euro zone bond yields fell for a second straight day on Tuesday, hitting their lowest in almost two weeks after Iran raised the prospect of reopening the Strait of Hormuz and Washington hinted it could restart talks with Tehran, pushing oil prices lower.

Germany's 10-year bond yield, the benchmark for the bloc, fell 1 basis point to 3.44% after rising as much as 4 bps earlier in the session. It fell 7 bps on Monday as energy prices retreated.

A senior Iranian official told Reuters that the strait, which carried about a fifth of global energy supplies before the war, could reopen within seven days if the US also lifts its blockade of Iranian ports.

The official added that Iran's delegation to a UN meeting in New York this week has full authority to revive diplomacy over the conflict.

US Secretary of State Marco Rubio told NBC's "Today" show that Washington was open to speaking with Tehran.

The dip in energy prices helped pull yields lower globally after a surge in recent weeks fuelled by expectations of further interest-rate hikes to combat energy-driven inflation. Traders are pricing in around 35 bps of additional European Central Bank tightening this year, down from 40 bps on Friday.

Germany's two-year bond yield, which is sensitive to interest-rate expectations, fell 1 bp to 3.19%, following a 6-bp drop on Monday.

Rabobank senior rates strategist Lyn Graham-Taylor said lower oil prices following the Iranian comments were weighing on bond yields.

Brent crude futures were last down 1% to $100 a barrel after earlier falling to $97.40, the lowest in two weeks.


Libya's NOC Says Sharara Crude Pipeline Closure Losses at 130,000 bpd

General view of the Sharara oil field in Libya (Reuters)
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Libya's NOC Says Sharara Crude Pipeline Closure Losses at 130,000 bpd

General view of the Sharara oil field in Libya (Reuters)

Libya's National Oil Corporation said on Tuesday that the Sharara-Zawiya crude loading pipeline closure has led to daily losses of about 130,000 barrels per day, Reuters reported.

An armed military group closed valve seven on the Sharara crude pipeline to Zawiya port on Monday, resulting in a significant decline in production at the Sharara oilfield, the National Oil Corporation said in a statement.

 

 

 

 


Sources: Saudi Arabia Restarts East-West Oil Pipeline

FILE PHOTO: A model of an oil pump is seen in front of a Saudi Arabian flag in this illustration taken January 9, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A model of an oil pump is seen in front of a Saudi Arabian flag in this illustration taken January 9, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
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Sources: Saudi Arabia Restarts East-West Oil Pipeline

FILE PHOTO: A model of an oil pump is seen in front of a Saudi Arabian flag in this illustration taken January 9, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A model of an oil pump is seen in front of a Saudi Arabian flag in this illustration taken January 9, 2026. REUTERS/Dado Ruvic/Illustration/File Photo

Saudi Arabia has restarted operations at its East-West Pipeline and could resume exports from the Red Sea port of Yanbu later on Tuesday, three sources briefed on the matter said.

Drone attacks forced Saudi Arabia to shut its East-West Pipeline on September 13, halting crude loadings at the kingdom's Yanbu port.

The resumption of supplies on Tuesday helped to drive selling on global oil markets, traders said. Brent crude futures fell by more than $2 a barrel to its lowest since September 8.

Two trading sources said traders were getting ready for Saudi oil loadings by moving tankers to Egypt's Mediterranean Port Said for ship-to-ship transfers and also to Sidi Kerir.