Climate Week in Riyadh Introduces Solutions, Ideas for COP28

Prince Abdulaziz bin Salman addresses the opening of Climate Week in Riyadh. (Asharq Al-Awsat)
Prince Abdulaziz bin Salman addresses the opening of Climate Week in Riyadh. (Asharq Al-Awsat)
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Climate Week in Riyadh Introduces Solutions, Ideas for COP28

Prince Abdulaziz bin Salman addresses the opening of Climate Week in Riyadh. (Asharq Al-Awsat)
Prince Abdulaziz bin Salman addresses the opening of Climate Week in Riyadh. (Asharq Al-Awsat)

The Middle East and North Africa Climate Week 2023 concluded on Thursday in Riyadh, with successful discussions and ideas that pave the way for solutions for the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), which will be held late next month in Dubai.

The international event witnessed the largest attendance ever at the regional climate weeks held by the United Nations globally, with the participation of more than 9,000 people of 137 different nationalities, who were present at more than 240 dialogue sessions.

With the conclusion of the conference, Saudi Arabia affirmed its readiness to maintain the momentum and promote comprehensive climate action.

Saudi Minister of Energy Prince Abdulaziz bin Salman inaugurated the event on Sunday, presenting an overview of the progress achieved in the region and in Saudi Arabia in particular.

The Climate Week saw the announcement of comprehensive programs and offered a platform for sharing ideas and solutions related to climate action. In this context, three important initiatives were announced, all of which seek to advance global climate goals.

Those include a market mechanism to compensate and balance greenhouse gases (carbon equivalents) in the Kingdom, a roadmap for the Saudi Green Initiative goal of planting 10 billion trees, in addition to an initiative entitled, “Empowering Africa”, based on the Clean Cooking Solutions Initiative.

Six memorandums of understanding were concluded during the event, including an agreement between Saudi Arabia and India in the field of electrical connectivity, clean green hydrogen and supply chains, and a memorandum between the Ministerial Forum for Clean Energy and the King Abdullah Center for Petroleum Studies and Research (KAPSARC) to promote sustainable energy development at the regional and global levels.

KAPSARC held a high-level workshop in partnership with the World Energy Forum, which addressed the contribution of clean hydrogen and carbon capture, use and storage projects in achieving climate goals in the Middle East and North Africa region, with the participation of an elite group of experts in energy, climate and sustainability, and officials in the government and private sectors.

The discussions touched on hydrogen strategies in the region and their promising role in project development, and highlighted the importance of technology and supply chains in providing low-carbon energy solutions.



Russia's Central Bank Holds Off on Interest Rate Hike

People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)
People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)
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Russia's Central Bank Holds Off on Interest Rate Hike

People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)
People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)

Russia's central bank has left its benchmark interest rate at 21%, holding off on further increases as it struggles to snuff out inflation fueled by the government's spending on the war against Ukraine.
The decision comes amid criticism from influential business figures, including tycoons close to the Kremlin, that high rates are putting the brakes on business activity and the economy.
According to The Associated Press, the central bank said in a statement that credit conditions had tightened “more than envisaged” by the October rate hike that brought the benchmark to its current record level.
The bank said it would assess the need for any future increases at its next meeting and that inflation was expected to fall to an annual 4% next year from its current 9.5%
Factories are running three shifts making everything from vehicles to clothing for the military, while a labor shortage is driving up wages and fat enlistment bonuses are putting more rubles in people's bank accounts to spend. All that is driving up prices.
On top of that, the weakening Russian ruble raises the prices of imported goods like cars and consumer electronics from China, which has become Russia's biggest trade partner since Western sanctions disrupted economic relations with Europe and the US.
High rates can dampen inflation but also make it more expensive for businesses to get the credit they need to operate and invest.
Critics of the central bank rates and its Governor Elvira Nabiullina have included Sergei Chemezov, the head of state-controlled defense and technology conglomerate Rostec, and steel magnate Alexei Mordashov.
Russian President Vladimir Putin opened his annual news conference on Thursday by saying the economy is on track to grow by nearly 4% this year and that while inflation is “an alarming sign," wages have risen at the same rate and that "on the whole, this situation is stable and secure.”
He acknowledged there had been criticism of the central bank, saying that “some experts believe that the Central Bank could have been more effective and could have started using certain instruments earlier.”
Nabiullina said in November that while the economy is growing, “the rise in prices for the vast majority of goods and services shows that demand is outrunning the expansion of economic capacity and the economy’s potential.”
Russia's military spending is enabled by oil exports, which have shifted from Europe to new customers in India and China who aren't observing sanctions such as a $60 per barrel price cap on Russian oil sales.