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Saudi Green Building Forum Launches Roadmap to Reduce Greenhouse Gas Emissions

The High-Level Political Forum of the Economic and Social Council at the United Nations in New York (Asharq Al-Awsat)
The High-Level Political Forum of the Economic and Social Council at the United Nations in New York (Asharq Al-Awsat)
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Saudi Green Building Forum Launches Roadmap to Reduce Greenhouse Gas Emissions

The High-Level Political Forum of the Economic and Social Council at the United Nations in New York (Asharq Al-Awsat)
The High-Level Political Forum of the Economic and Social Council at the United Nations in New York (Asharq Al-Awsat)

The Saudi Green Building Forum launched a roadmap to reduce greenhouse gas emissions, on the sidelines of the High-Level Political Forum of the United Nations Economic and Social Council, which is being held in New York from July 8-18.

“The commitment to sustainable practices and green business initiatives is crucial for achieving the goals outlined in the ‘Urgent Green Actions for Global Agenda 2030,’” said Faisal Al-Fadl, Secretary-General of the Saudi Green Building Forum.

He added: “We emphasize this commitment on sustainable practices and green initiatives that play a vital role in creating a more environmentally friendly and sustainable future.”

According to Al-Fadl, in 2022, buildings were responsible for 34 percent of global energy demand, 37 percent of carbon dioxide emissions related to energy and operations, and about 21 percent of global greenhouse gas emissions, while investment in building decarbonization exceeded the amount of USD285 billion, with expectations of a lower cost in the future.

“We recognize the role of green building standards and certifications as a tool for shaping policies to support the elimination of carbon emissions across the life cycle of buildings and setting building renovation priorities,” he stated, underlining a firm commitment to sustainability through advocacy, collaboration and practical action, “paving the way towards a more resilient, equitable and sustainable built environment.”

The United Nations stressed the importance of partnerships in achieving the sustainable development goals, while the 2030 Sustainable Development Plan, which Saudi Arabia adopted with all 193 United Nations member states in 2015, stipulated that the goals cannot be achieved without partnerships.

According to the UN Political Forum, the UN agenda recognizes that governments alone cannot confront the global challenges set forth in the Sustainable Development Goals, and that cooperation across sectors is essential. In this context, the “Saudi Green Building Forum” has strengthened its role as an observer at the United Nations, in shaping the UN climate and environmental response.

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China Approves $840B Plan to Refinance Local Government Debt, Boost Economy

Visitors walk past a shop under construction with a dragon mural at the Sanlitun shopping district in Beijing, Friday, Nov. 8, 2024. (AP Photo/Ng Han Guan)
Visitors walk past a shop under construction with a dragon mural at the Sanlitun shopping district in Beijing, Friday, Nov. 8, 2024. (AP Photo/Ng Han Guan)
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China Approves $840B Plan to Refinance Local Government Debt, Boost Economy

Visitors walk past a shop under construction with a dragon mural at the Sanlitun shopping district in Beijing, Friday, Nov. 8, 2024. (AP Photo/Ng Han Guan)
Visitors walk past a shop under construction with a dragon mural at the Sanlitun shopping district in Beijing, Friday, Nov. 8, 2024. (AP Photo/Ng Han Guan)

China on Friday approved a 6 trillion yuan ($839 billion) plan to help local governments refinance their mountains of debt, in the latest push to rev up growth in the world’s second largest economy.

The plan will be implemented over the next three years, Xu Hongcai, vice-chairman of the National People's Congress's financial and economic committee, said at a news conference Friday.

Finance minister Lan Fo'an estimated that the hidden debt of local governments was 14.3 trillion yuan ($2 trillion) at the end of 2023. Hidden debt refers to debt that has not been disclosed publicly, The Associated Press reported.

Lan said 2 trillion yuan would be allocated each year from 2024 to 2026 to help local governments resolve their debts. He estimated that the amount of hidden debt will drop to 2.3 trillion yuan ($320.9 billion) by the end of 2028.

Officials also said Friday that the ceiling to issue special bonds will be raised to 35.52 trillion yuan ($4.96 billion) from 29.52 trillion yuan ($4.12 billion) for local governments.

Lan said that the implementation of such a large-scale replacement measure indicates a “fundamental shift” in China's approach to debt restructuring and said that China’s government debt risk was “controllable.”

Analysts have called for bold, multi-trillion-yuan measures to reinvigorate the world's second largest economy, which has yet to bounce back fully from the COVID-19 pandemic.
Local government debts have ballooned partly due to high spending and low tax revenues during the pandemic, but also due to a downturn in the property industry, since sales of land use rights, a key source of local government revenue, have sagged.

The central bank loosened restrictions on borrowing in late September, sparking a stock market rally, but economists say the government needs to do more to ignite a sustained recovery. Government officials have indicated that could come at this week's meeting of the Standing Committee of the National People's Congress, which must give official approval to any new spending.

The economy has shown signs of life in the past two months. Purchase subsidies offered to people who trade in old cars or appliances for new ones helped auto sales rebound in September. A survey of manufacturers turned positive in October after five straight months of decline, and exports surged 12.7% last month, the largest increase in more than two years.

For most of the year, the ruling Communist Party appeared more focused on addressing long-term structural issues with the economy rather than short-term ones. Previous steps to boost the economy were piecemeal, seemingly aimed at keeping the economy afloat rather than sparking a robust recovery.

In recent weeks, the party has signaled a growing concern about the economy's sluggishness as it tries to meet its goal of achieving growth of around 5% this year. The central bank's monetary easing was followed by government pronouncements that it still has ample funds to pump into the economy.

Still, the longer-term goals of transforming China into a high-tech and green energy economy seem likely to remain the chief aims of the Communist Party, which doesn't face election pressures like the ones that toppled the Democrats and swept Donald Trump's Republicans to power in America this week.