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New Initiatives Target Energy Efficiency Growth in Saudi Arabia

The Saudi ESCO 2024 forum in Riyadh, Saudi Arabia. (Turky Al-Agili)
The Saudi ESCO 2024 forum in Riyadh, Saudi Arabia. (Turky Al-Agili)
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New Initiatives Target Energy Efficiency Growth in Saudi Arabia

The Saudi ESCO 2024 forum in Riyadh, Saudi Arabia. (Turky Al-Agili)
The Saudi ESCO 2024 forum in Riyadh, Saudi Arabia. (Turky Al-Agili)

The Saudi government has unveiled eight new initiatives to boost energy efficiency, targeting sustainable economic growth and lower carbon emissions.

The new initiatives were announced at the Saudi ESCO 2024 forum, which began Monday in Riyadh. Energy Minister Prince Abdulaziz bin Salman attended the event.

Energy efficiency means using less electricity to achieve the same results through measures that reduce consumption and improve usage without affecting performance.

Saudi Arabia aims to cut domestic energy consumption by 2030 through ongoing efforts and initiatives.

The new initiatives include an updated licensing regulation for energy efficiency service providers, a revised “National Measurement and Verification User Guide,” and the launch of an independent energy auditors platform, an energy efficiency projects opportunities platform, and an energy efficiency academy online platform.

The National Energy Services Company (Tarshid), owned by the Public Investment Fund (PIF), plans to launch 50 solar photovoltaic projects across Saudi Arabia this year, following 10 projects last year.

Tarshid also aims to start around 84 building retrofit projects this year, targeting energy savings of about 2.1 terawatt-hours nationwide.

At a press conference, Saudi Energy Efficiency Center (SEEC) Director General Nasser Al-Ghamdi told Asharq Al-Awsat that the center has ensured reliability in the sector by licensing energy service companies and maintaining service quality.

Energy efficiency teams have been set up in 280 government entities to focus on awareness, technical training, and tools to help reduce consumption, according to Al-Ghamdi.

He also affirmed that Saudi ESCO 2024 brought together service providers, experts, and beneficiaries to showcase solutions, drive investment, and highlight the importance of energy efficiency skills.

Al-Ghamdi stated that the forum and its exhibition reflect the SEEC’s commitment to a range of initiatives and services aimed at enhancing energy efficiency. This effort is crucial for reducing emissions and supporting national climate change goals.

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Dollar Tumbles as Investors Seek Safe Havens after US Tariffs

US Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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Dollar Tumbles as Investors Seek Safe Havens after US Tariffs

US Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

The dollar weakened broadly on Thursday, while the euro rallied after President Donald Trump announced harsher-than-expected tariffs on US trading partners, unsettling markets as investors flocked to safe havens such as the yen and Swiss franc.

The highly anticipated tariff announcement sent shockwaves through markets, with global stocks sinking and investors scrambling to the safety of bonds as well as gold.

Trump said he would impose a 10% baseline tariff on all imports to the United States and higher duties on some of the country's biggest trading partners.

The new levies ratchet up a trade war that Trump kicked off on his return to the White House, rattling markets as fears grow that a full-blown trade war could trigger a sharp global economic slowdown and fuel inflation, Reuters reported.

The dollar index, which measures the US currency against six others, fell 1.6% to 102.03, its lowest since early October.

The euro, the largest component in the index, gained 1.5% to a six-month high of $1.1021.

Trump has already imposed tariffs on aluminium, steel and autos, and has increased duties on all goods from China.

"Eye-watering tariffs on a country-by-country basis scream 'negotiation tactic', which will keep markets on edge for the foreseeable future," said Adam Hetts, global head of multi-asset and portfolio manager at Janus Henderson Investors.

The risk-sensitive Australian dollar added 0.56% to $0.63365, while the New Zealand dollar climbed 0.9% to $0.5796.

The yen strengthened to a three-week high against the dollar and was last up 1.7% at 146.76 per dollar, while the Swiss franc touched its strongest level in five months at 0.86555 per dollar.

"Negotiations are now going to be front of mind. This is probably the other big part of why we're seeing some of these currencies outperform," said Nicholas Rees, Head Of Macro Research at Monex Europe.

"It's very difficult actually to see how other countries make concessions that would encourage the US to lift these tariffs. And I think that's a big underpriced risk."

Investors are worried that some US trading partners could retaliate with measures of their own, leading to higher prices.

EU chief Ursula von der Leyen described the tariffs as a major blow to the world economy and said the 27-member bloc was prepared to respond with countermeasures if talks with Washington failed.

Worries about a global trade war have intensified since Trump stepped into the White House in January, combining with a slew of weaker-than-expected US data to stoke recession fears and undermine the dollar.

The dollar index is down more than 5.7% this year.

"These tariffs have certainly significantly increased the risks to the downside for global growth, so on balance we think that will eventually start to become more supportive again for the dollar," said Lee Hardman, senior currency analyst at MUFG.

In Asia currencies, China's onshore yuan slid to its weakest level against the dollar since February 13. China's offshore yuan also hit a two-month low.

The Vietnamese dong slumped to a record low.

Elsewhere, the Mexican peso and Canadian dollar strengthened.

Canada and Mexico, the two largest US trading partners, already face 25% tariffs on many goods and will not face additional levies from Wednesday's announcement.