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.



Gold Slips More Than 1% as China Considers US Tariff Exemption

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
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Gold Slips More Than 1% as China Considers US Tariff Exemption

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo

Gold prices lost more than 1% on Friday and were heading for a weekly fall on signals of a potential de-escalation in the US-China trade war, including news that China was weighing tariff exemptions for some US goods.

Spot gold fell 1.5% to $3,299.69 an ounce as of 0830 GMT. US gold futures shed 1.1% to $3,310.20.

"Gold is facing challenges in sustaining upward momentum as optimism around a potential US-China trade agreement grows," said Zain Vawda, an analyst at MarketPulse by OANDA.

The dollar jumped reversing losses from the prior day while European shares rose after a media report that China was weighing tariff exemptions for some US goods, stoking hopes for a de-escalation in a spiraling trade war between the world's two largest economies.

A higher dollar makes the bullion more expensive for overseas buyers.

"A US-China trade agreement could push gold down toward $3,000/oz or lower, depending on other influencing factors," Vawda said.

US President Donald Trump asserted that trade talks with China are underway, pushing back against Chinese claims that no discussions have taken place to ease the ongoing trade war.

Gold, traditionally seen as a hedge against geopolitical and economic uncertainties has gained nearly 26% so far this year. It also touched a record high of $3,500.05 on Tuesday.

Meanwhile, Federal Reserve officials indicated they saw no urgency in revising the monetary policy as they sought more information to determine how the Trump administration's tariffs were affecting the economy.

Non-yielding bullion tends to thrive in a low interest rate environment.

"Now that the market's corrected it will be a good indicator if buying picks up in India," said Ross Norman, an independent analyst.

Spot silver fell 0.6% to $33.36 an ounce, platinum dropped 1.2% at $958.89 and palladium fell 1.6% to $938.78.

Silver was headed for a weekly gain while the other two metals were seen falling for the week.