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.



Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)

The United States on Thursday called on Israel to extend its cooperation with Palestinian banks for another year, to avoid blocking vital transactions in the occupied West Bank.

"I am glad that Israel has allowed its banks to continue cooperating with Palestinian banks, but I remain convinced that a one-year extension of the waiver to facilitate this cooperation is needed," US Treasury Secretary Janet Yellen said Thursday, on the sidelines of a meeting of G20 finance ministers in Rio de Janeiro.

In May, Israeli Finance Minister Bezalel Smotrich threatened to cut off a vital banking channel between Israel and the West Bank in response to three European countries recognizing the State of Palestine.

On June 30, however, Smotrich extended a waiver that allows cooperation between Israel's banking system and Palestinian banks in the occupied West Bank for four months, according to Israeli media, according to AFP.

The Times of Israel newspaper reported that the decision on the waiver was made at a cabinet meeting in a "move that saw Israel legalize several West Bank settlement outposts."

The waiver was due to expire at the end of June, and the extension permitted Israeli banks to process payments for salaries and services to the Palestinian Authority in shekels, averting a blow to a Palestinian economy already devastated by the war in Gaza.

The Israeli threat raised serious concerns in the United States, which said at the time it feared "a humanitarian crisis" if banking ties were cut.

According to Washington, these banking channels are key to nearly $8 billion of imports from Israel to the West Bank, including electricity, water, fuel and food.