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Abdulaziz bin Salman: Saudi Arabia Has Adopted Circular Carbon Economy Since 2019

The Saudi Minister of Energy speaking to the audience during the special meeting of the World Economic Forum in Riyadh (Asharq Al-Awsat)
The Saudi Minister of Energy speaking to the audience during the special meeting of the World Economic Forum in Riyadh (Asharq Al-Awsat)
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Abdulaziz bin Salman: Saudi Arabia Has Adopted Circular Carbon Economy Since 2019

The Saudi Minister of Energy speaking to the audience during the special meeting of the World Economic Forum in Riyadh (Asharq Al-Awsat)
The Saudi Minister of Energy speaking to the audience during the special meeting of the World Economic Forum in Riyadh (Asharq Al-Awsat)

Saudi Minister of Energy Prince Abdulaziz bin Salman said that the Kingdom was focusing on transforming energy management methods into economically valuable and environmentally beneficial systems, in line with climate change initiatives.

He added that Saudi Arabia has adopted the circular carbon economy model since 2019, a concept further endorsed during its G20 presidency in 2020.

Speaking during a session entitled, “Advancing Carbon Capture and Utilization Innovations through Global Partnerships”, on the sidelines of the special meeting of the World Economic Forum in Riyadh, the Saudi minister noted that electricity production in the Kingdom is provided at the lowest cost and at competitive prices.

He stressed that the government has a number of programs and projects that are aimed at reducing costs and maintaining competitiveness in electricity production.

This not only attracts investment but also emphasizes the Kingdom’s commitment to energy security and sustainability, he remarked.

According to Prince Abdulaziz, the Saudi government is committed to achieving energy security and sustainability. He pointed to the Energy Efficiency Program launched in 2011, highlighting its unique position in realizing the state’s targets and advancing the circular carbon economy.

The minister discussed the potential benefits of carbon dioxide sinking, which could produce more carbonates and foster recycling applications, aligning with the Saudi Green Initiative and aiding climate change mitigation efforts.

He added that maintaining competitive prices will attract more investments into electricity and energy production in the Kingdom, noting that Saudi Arabia aims to determine the pace of the energy industry’s transition based on a future system supported by renewable energy sources.

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US Applications for Jobless Claims Fall to 201,000, Lowest Level in Nearly a Year

A help wanted sign is displayed at a restaurant in Chicago, Ill., Nov. 25, 2024. (AP Photo/Nam Y. Huh, File)
A help wanted sign is displayed at a restaurant in Chicago, Ill., Nov. 25, 2024. (AP Photo/Nam Y. Huh, File)
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US Applications for Jobless Claims Fall to 201,000, Lowest Level in Nearly a Year

A help wanted sign is displayed at a restaurant in Chicago, Ill., Nov. 25, 2024. (AP Photo/Nam Y. Huh, File)
A help wanted sign is displayed at a restaurant in Chicago, Ill., Nov. 25, 2024. (AP Photo/Nam Y. Huh, File)

US applications for unemployment benefits fell to their lowest level in nearly a year last week, pointing to a still healthy labor market with historically low layoffs.

The Labor Department on Wednesday said that applications for jobless benefits fell to 201,000 for the week ending January 4, down from the previous week's 211,000. This week's figure is the lowest since February of last year.

The four-week average of claims, which evens out the week-to-week ups and downs, fell by 10,250 to 213,000.

The overall numbers receiving unemployment benefits for the week of December 28 rose to 1.87 million, an increase of 33,000 from the previous week, according to The AP.

The US job market has cooled from the red-hot stretch of 2021-2023 when the economy was rebounding from COVID-19 lockdowns.

Through November, employers added an average of 180,000 jobs a month in 2024, down from 251,000 in 2023, 377,000 in 2022 and a record 604,000 in 2021. Still, even the diminished job creation is solid and a sign of resilience in the face of high interest rates.

When the Labor Department releases hiring numbers for December on Friday, they’re expected to show that employers added 160,000 jobs last month.

On Tuesday, the government reported that US job openings rose unexpectedly in November, showing companies are still looking for workers even as the labor market has loosened. Openings rose to 8.1 million in November, the most since February and up from 7.8 million in October,

The weekly jobless claims numbers are a proxy for layoffs, and those have remained below pre-pandemic levels. The unemployment rate is at a modest 4.2%, though that is up from a half century low 3.4% reached in 2023.

To fight inflation that hit four-decade highs two and a half years ago, the Federal Reserve raised its benchmark interest rates 11 times in 2022 and 2023. Inflation came down — from 9.1% in mid-2022 to 2.7% in November, allowing the Fed to start cutting rates. But progress on inflation has stalled in recent months, and year-over-year consumer price increases are stuck above the Fed’s 2% target.

In December, the Fed cut its benchmark interest rate for the third time in 2024, but the central bank’s policymakers signaled that they’re likely to be more cautious about future rate cuts. They projected just two in 2025, down from the four they had envisioned in September.