Saudi Arabia Accelerates Shift to Modern Transport for Carbon Emission Reduction

Saudi Arabia is driving a major shift in the transportation sector to address the rising challenges of climate change.  (AFP)
Saudi Arabia is driving a major shift in the transportation sector to address the rising challenges of climate change. (AFP)
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Saudi Arabia Accelerates Shift to Modern Transport for Carbon Emission Reduction

Saudi Arabia is driving a major shift in the transportation sector to address the rising challenges of climate change.  (AFP)
Saudi Arabia is driving a major shift in the transportation sector to address the rising challenges of climate change. (AFP)

Saudi Arabia is driving a major shift in the transportation sector to address the rising challenges of climate change.

The Kingdom’s plans in this area are crucial to the global effort to reduce carbon emissions by 4%, focusing on exploring modern transportation alternatives.

Experts in energy and logistics applaud Saudi Arabia for proactively aligning with global climate change trends.

The country has been a pioneer in reducing the environmental impact of traditional fuel-based transportation, leading international efforts in developing the hydrogen industry and the launch of the Green Saudi and Green Middle East eco-friendly initiatives.

Efforts to cut fuel consumption in transportation face significant challenges, and Saudi Arabia is emphasizing diverse solutions that benefit the global economy without harming fuel-producing nations.

According to research from the King Abdullah Petroleum Studies and Research Center, sustained policies to improve efficiency could reduce the Kingdom’s annual transportation emissions growth from 7% to 3% by 2030.

Speaking to Asharq Al-Awsat, Dr. Mohammed Suroor Al-Sabban, former Chief Advisor of the Saudi Ministry of Energy, stressed that while the shift to alternatives like electric vehicles is positive, it cannot completely replace traditional fuel or oil in transportation, especially in aviation and maritime sectors.

He highlighted the need for varied efforts that benefit both the global economy and the climate and avoiding a narrow position that damages fossil fuel and oil-producing economies.

Al-Sabban underlined Saudi Arabia’s leadership in climate change initiatives, actively participating in the development of renewable energy sources and carbon removal from oil.

The country continues to lead international efforts in hydrogen industry development and environmental projects, contributing to global climate change solutions.

He also noted that some Western concerns about climate change are exaggerated, aiming to minimize global oil consumption.

However, Al-Sabban emphasized that the consumption will persist for many decades, as fossil fuels still make up 80% of the world’s total energy use.



Trump Taps Scott Bessent for Treasury

(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
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Trump Taps Scott Bessent for Treasury

(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)

President-elect Donald Trump on Friday said he will nominate prominent investor Scott Bessent as US Treasury secretary, a key cabinet position with vast influence over economic, regulatory and international affairs.

"I am most pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States," Trump said in a statement released on Truth Social. "Scott is widely respected as one of the world's foremost international investors and geopolitical and economic strategists."

Wall Street has been closely watching who Trump will pick, especially given his plans to remake global trade through tariffs and extend and potentially expand the raft of tax cuts enacted during his first term, Reuters reported
The choice came after days of deliberations by Trump as he sorted through a shifting list of candidates. Bessent spent day after day at Trump's Mar-a-Lago home in Florida providing economic advice, sources said, a proximity to the president-elect that may have helped him prevail.
Other names that had been floated included Apollo Global Management Chief Executive Marc Rowan and former Federal Reserve Governor Kevin Warsh. Investor John Paulson had also been a leading candidate, but dropped out, while Wall Street veteran Howard Lutnick, another contender, was appointed as head of the Commerce Department.
Bessent, who did not immediately respond to a request for comment, has advocated for tax reform and deregulation, particularly to spur more bank lending and energy production, as noted in a recent opinion piece he wrote for The Wall Street Journal.
The market's surge after Trump's election victory, he wrote, signaled investor expectations of "higher growth, lower volatility and inflation, and a revitalized economy for all Americans."
"Bessent has been on the side of less aggressive tariffs," said Oxford Economics' Ryan Sweet, adding that picking him makes the steep tariffs Trump proposed on the campaign trail less likely.
Bessent follows other financial luminaries who have taken the job, including former Goldman Sachs executives Robert Rubin, Hank Paulson and Steven Mnuchin, Trump's first Treasury chief. Janet Yellen, the current secretary and first woman in the job, previously chaired the Federal Reserve and White House Council of Economic Advisers.
Republican US Senator Lindsey Graham from South Carolina, Bessent's home state, said in a statement: "President Trump's economic agenda is in good hands with Scott Bessent. I look forward to working closely with Scott and President Trump to lower inflation and create the golden age of prosperity for the American people."