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.



Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.