Australia, UK Team Up to Back Clean Energy Technologies

British Prime Minister Keir Starmer during a TV interview at the Commonwealth Heads of Government Meeting, in Samoa. Picture date: Friday, October 25, 2024. Stefan Rousseau/Pool via REUTERS
British Prime Minister Keir Starmer during a TV interview at the Commonwealth Heads of Government Meeting, in Samoa. Picture date: Friday, October 25, 2024. Stefan Rousseau/Pool via REUTERS
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Australia, UK Team Up to Back Clean Energy Technologies

British Prime Minister Keir Starmer during a TV interview at the Commonwealth Heads of Government Meeting, in Samoa. Picture date: Friday, October 25, 2024. Stefan Rousseau/Pool via REUTERS
British Prime Minister Keir Starmer during a TV interview at the Commonwealth Heads of Government Meeting, in Samoa. Picture date: Friday, October 25, 2024. Stefan Rousseau/Pool via REUTERS

Australia and Britain plan to work together to ramp up the deployment of renewable energy technologies, such as green hydrogen and offshore wind, to support decarbonization, the two countries' leaders said on Friday.
The transition to net zero would open up economic opportunities creating new jobs and bolster the industrial base of both countries, Australian Prime Minister Anthony Albanese and UK Prime Minister Keir Starmer said in a joint statement.
According to Reuters, their statement did not mention how much funding they would commit to clean energy.
"This partnership will ... build on our long-standing cooperation on international climate action and shared commitment to reach net zero emissions by 2050," Albanese said after meeting Starmer on the sidelines of the Commonwealth Heads of Government Meeting (CHOGM) in Apia, Samoa.
Both leaders announced grant recipients for their renewable hydrogen innovation partnership, which will support six projects focused on industrial decarbonization.
The prime ministers also said the AUKUS defense pact between Australia, the United States and Britain would boost security in the Indo-Pacific.
The AUKUS defense pact signed in 2021 will see Australia buy up to five nuclear-powered submarines from Washington in the early 2030s before jointly building and operating a new class, SSN-AUKUS, with Britain, roughly a decade later.
Albanese and Starmer reaffirmed their commitment to negotiate a bilateral treaty to develop the SSN-AUKUS submarine.
"Together, we're delivering better futures for our two countries, whether that's through protecting our national security with projects like AUKUS or delivering on our net zero commitments," Starmer said.
The Commonwealth meeting began this week with King Charles, the head of the grouping of 56 countries most with roots in Britain's empire, attending.
Climate change threats are a central topic of the talks, as more than half of the Commonwealth's members are small nations, many of them low-lying islands at risk from rising sea levels caused by climate change.



Future Investment Initiative Conference Gathers Global Decision-Makers in Riyadh

One of the dialogue sessions of the Future Investment Initiative in its previous edition (Asharq Al-Awsat)
One of the dialogue sessions of the Future Investment Initiative in its previous edition (Asharq Al-Awsat)
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Future Investment Initiative Conference Gathers Global Decision-Makers in Riyadh

One of the dialogue sessions of the Future Investment Initiative in its previous edition (Asharq Al-Awsat)
One of the dialogue sessions of the Future Investment Initiative in its previous edition (Asharq Al-Awsat)

Under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, Riyadh is set to launch the eighth edition of the Future Investment Initiative (FII) conference on Monday.
This year’s event carries the theme, “Infinite Horizons... Investing Today, Shaping Tomorrow” and will feature prominent figures in finance, investment, and technology.
Through its annual conference, often called the “Davos of the Desert,” the Future Investment Initiative aims to foster discussions on how investment can drive a prosperous and sustainable future, expanding the possibilities for humanity.
The conference is expected to attract over 7,000 guests and 500 speakers, covering a wide range of current topics across more than 200 sessions. Key areas of focus include economic stability, equitable development, climate change, artificial intelligence, innovation, health, and geopolitical issues.
Among those looking to leverage projects aligned with Saudi Arabia’s Vision 2030 are David Solomon of Goldman Sachs, Jane Fraser of Citigroup, and Larry Fink of BlackRock, which recently agreed to establish a multi-asset investment platform in Riyadh, backed by a $5 billion investment from Saudi Arabia’s sovereign wealth fund. This year, the conference will also host the New Africa Summit, featuring speakers from Africa’s mining and banking sectors.
Reflecting Saudi Arabia’s emphasis on technology and artificial intelligence, industry leaders in these fields will participate in the event. Notably, Alphabet President Ruth Porat, TikTok CEO Shou Zi Chew, and tech entrepreneur Benjamin Horowitz, co-founder of the venture capital firm Andreessen Horowitz, are scheduled to speak for the first time.
According to Richard Attias, CEO of the Future Investment Initiative, executives worldwide are expected to announce deals exceeding $28 billion. Some of these initiatives will focus on artificial intelligence, including a new potential fund with Andreessen Horowitz that could grow to $40 billion, as reported by Bloomberg.
The Kingdom is also expected to announce a new company that will invest at least $10 billion in making Saudi Arabia the world’s largest producer of hydrogen—a low-carbon fuel critical for the global transition away from fossil fuels. Key speakers from Asia will include Hong Kong’s Financial Secretary Paul Chan and Belt and Road Commissioner Nicholas Ho.
On the eve of the event, Swiss entrepreneur and FII participant Stephan Knuser told Asharq Al-Awsat that the conference will provide significant business insights for both local and international communities, anticipating that new partnerships will form between Swiss and Saudi companies in energy-efficient technologies and food security.
Neil Bush, Chairman of Sky Towers, remarked: “We view FII as not only a driver for attracting capital but also for bringing in technologies that accelerate Saudi Arabia’s goals.” According to Bush, the FII topics align with needs like business registration processes, free trade zone policies, and strategies for developing industrial complexes, which will help accelerate Vision 2030 goals, including carbon reduction.