Business, Philanthropy Sectors Activate Contributions at COP 28 for Climate Solutions

 The COP 28 conference has kicked off in Dubai, with discussions scheduled to take place over the course of two weeks (AFP)
The COP 28 conference has kicked off in Dubai, with discussions scheduled to take place over the course of two weeks (AFP)
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Business, Philanthropy Sectors Activate Contributions at COP 28 for Climate Solutions

 The COP 28 conference has kicked off in Dubai, with discussions scheduled to take place over the course of two weeks (AFP)
The COP 28 conference has kicked off in Dubai, with discussions scheduled to take place over the course of two weeks (AFP)

The Business and Philanthropy Climate Forum at COP28, focuses on implementing tangible solutions to global climate and nature challenges.

This year’s COP 28 conference will see more than 1300 CEOs of organizations and leaders from charitable enterprises representing over 100 countries.

The Forum seeks to address key priorities outlined in the COP 28 agenda, such as energy transition, climate finance, nature conservation, and inclusivity.

Its objectives encompass safeguarding Earth’s natural heritage and biodiversity, funding adaptation plans, and fostering more sustainable agricultural systems and practices.

The Forum serves as a platform for practical and actionable solutions, bringing together diverse stakeholders to tackle pressing issues on a global scale.

COP28 Special Representative for Business and Philanthropy and Chair of the Forum Badr Jafar stated that the gathering marks a pivotal breakthrough in global climate discourse.

According to Jafar, the Forum will bring together a significant number of business leaders and philanthropic innovators to convey a powerful message about the importance of collaboration and comprehensive action for all.

Speaking to Asharq Al-Awsat on the sidelines of COP 28, Jafar said: “Dr. Sultan Al-Jaber, the President of COP 28, calls for what he terms effective change in the working approach that energizes the private sector and its resources with a passion for climate issues.”

“This Forum provides vital sectors with a platform to contribute effectively to shaping global climate policies,” added Jafar.

“The vision of the COP 28 President is committed to adopting a working methodology that supports energy transition, improves climate finance, and focuses on solutions mindful of human and environmental needs, ensuring that all initiatives are inclusive,” he explained.

Emphasizing that the Forum will be a dynamic interactive platform, Jafar highlighted that it will provide participating delegations with an unprecedented opportunity to pledge new responsibilities and goals, outlining a clear path for the next steps and required actions.

“The primary objective of the Forum is to enable the private sector to take practical steps that move them from the realm of theoretical agreements and commitments to the practical world of implementation and tangible results,” said Jafar.

Jafar explained that $3 trillion is the total global investment required annually to achieve the net-zero emissions goal by 2050.

Developing countries need investments totaling $2.4 trillion each year until 2030 to meet the Paris Agreement targets and address issues like biodiversity loss, land degradation, and soil deterioration.

“We will need radical natural solutions costing $8 trillion from now until 2050,” Jafar told Asharq Al-Awsat.

“These amounts are undoubtedly enormous, reflecting the magnitude of the risks at stake. The stark reality increasingly evident to us is the impossibility of mobilizing these trillions, or even coming close to doing so, without the ingenious involvement of the private sector with its innovative capabilities, resources, and expertise,” he explained.

As per Jafar, the challenge lies in the absence of a global framework that organizes collaboration among all capital sources swiftly and on an extremely broad scale.



Saudi Non-Oil Exports Reach Highest Levels Since 2022

A view of the Jeddah Islamic Port. (Asharq Al-Awsat)
A view of the Jeddah Islamic Port. (Asharq Al-Awsat)
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Saudi Non-Oil Exports Reach Highest Levels Since 2022

A view of the Jeddah Islamic Port. (Asharq Al-Awsat)
A view of the Jeddah Islamic Port. (Asharq Al-Awsat)

Saudi Arabia’s non-oil exports have reached their highest levels since the second quarter of 2022, continuing to grow at a steady pace. By the end of the third quarter of this year, non-oil exports, including re-exports, totaled SAR 80 billion (USD 21 billion), reflecting a 16.8% increase compared to the same period in 2023.

This growth aligns with the goals of Vision 2030, which aims to diversify Saudi Arabia’s economy and reduce reliance on oil revenues. Credit rating agency Moody’s recently upgraded Saudi Arabia’s credit rating to AA3 from A1 with a stable outlook, citing the Kingdom’s ongoing economic diversification and the strength of its non-oil private sector. Moody’s projects the non-oil private sector’s GDP to grow by 4–5% annually in the coming years.

According to data from Saudi Arabia’s General Authority for Statistics, non-oil national exports (excluding re-exports) grew by 7.6% in the third quarter of 2024, reaching SAR 57 billion (USD 15.1 billion). Re-exports saw a remarkable surge of 48.4%, amounting to SAR 23 billion (USD 6.1 billion).

In contrast, total merchandise exports dropped by 7.7% to SAR 276 billion (USD 73.5 billion) due to a 14.9% decline in oil exports. As a result, the share of oil exports in total exports decreased from 77.3% in the third quarter of 2023 to 71.3% this year.

Chemical industry products accounted for 25.5% of non-oil exports, growing by 5.3% compared to the same period last year. Plastics, rubber, and their derivatives followed closely, representing 24.9% of non-oil exports, with an 8.9% increase from the third quarter of 2023.

China remained Saudi Arabia’s top export destination, accounting for 15.2% of total exports in the third quarter of 2024. Japan and South Korea followed, at 9.3% and 9.2%, respectively. Other major destinations included India, the UAE, the US, Poland, Egypt, Bahrain, and Taiwan. Together, these ten countries accounted for 66.4% of Saudi exports.

Experts emphasize that the growth in non-oil exports strengthens Saudi Arabia’s economy and reflects the success of its diversification strategy under Vision 2030.

Shura Council member Fadhel Al-Buainain highlighted the importance of considering the scale of Saudi non-oil exports during the third quarter of 2024. He emphasized two key aspects of Saudi non-oil exports.

First, the 16.8% growth achieved is a significant leap that boosts the Saudi economy’s ability to continue strengthening non-oil exports, which are a focal point of Vision 2030 and its economic diversification goals.

Second, he said the 48.4% increase in the value of re-exported goods represents substantial growth, reflecting the Kingdom’s potential to play a pivotal role in regional re-export activities. This, in turn, can stimulate exports and position Saudi Arabia as a global logistics hub.

He further noted that the increase in export value compared to the second quarter of this year, amounting to SAR 37.2 billion (USD 9.92 billion) or 15.6%, indicates sustained and accelerating export growth.

Al-Buainain believes that Saudi Arabia’s ports on the Red Sea and the Arabian Gulf are well-equipped to play a central role in re-exporting, supported by free economic zones, robust infrastructure, and a well-established transportation and logistics network.

He also stated that the improvement in global demand, particularly in the petrochemical sector, which accounted for the largest share of exports, contributed to this growth.

However, the global economic conditions may face certain challenges that will reflect negatively on global demand, he remarked, stressing the importance of diversifying exports.

Dr. Osama Al-Obaidi, an international commercial law consultant and professor, told Asharq Al-Awsat that the significant increase in non-oil exports in the third quarter of this year compared to the same period in 2023 is linked to the growth in petrochemical exports, particularly plastics, rubber, and their derivatives.

He explained that this rise reflects the effectiveness of Saudi Arabia’s economic diversification efforts and its reduced reliance on oil as a sole income source, in line with Vision 2030.

It also highlights the success of the substantial investments made by the government to develop ports and logistics services, such as King Abdulaziz Port in Dammam and Jeddah Islamic Port.

Moreover, improvements in domestic, regional, and international airports, along with initiatives to promote local industries—particularly chemicals, food products, pharmaceuticals, and other high-demand goods in foreign markets—have also played a pivotal role.