Saudi Arabia Highlights Energy Security for Economic Growth and Sustainability at COP29

Visitors at Saudi Arabia's pavilion during the UN Climate Change Conference COP29 (EPA)
Visitors at Saudi Arabia's pavilion during the UN Climate Change Conference COP29 (EPA)
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Saudi Arabia Highlights Energy Security for Economic Growth and Sustainability at COP29

Visitors at Saudi Arabia's pavilion during the UN Climate Change Conference COP29 (EPA)
Visitors at Saudi Arabia's pavilion during the UN Climate Change Conference COP29 (EPA)

Saudi Arabia's participation in COP29 reflects its commitment to tackling climate change. The Kingdom is focusing on reducing emissions through a variety of technologies as part of its practical approach.

The Saudi Ministry of Energy says this effort is part of its broader environmental initiatives, such as the “Saudi Green Initiative” and the “Middle East Green Initiative.”

These programs aim to cut emissions, boost renewable energy use, and expand green spaces, supporting the sustainable development goals of Saudi Arabia’s Vision 2030.

Prince Abdulaziz bin Salman, Saudi Arabia's Energy Minister, is leading the country’s delegation at COP29 in Baku, Azerbaijan, which runs until November 22, 2024.

Saudi Arabia’s approach focuses on policies that balance the historical responsibility for emissions with the right to sustainable development.

At COP29, the Kingdom highlighted the importance of energy security for economic growth and sustainability and called for clean energy investments that include both renewable and traditional resources, while respecting countries' rights to use their natural resources.

A coalition of leaders from industrialized nations and those most affected by climate change has called for more funding to address the crisis.

In a statement, the leaders warned that the climate crisis will worsen without immediate action, urging developed nations to continue leading and meeting their financial commitments.

They also called for new sources of funding. The appeal is backed by countries including Germany, France, Spain, Canada, and several island and African nations.

At COP29, delegates welcomed pledges from major development banks to increase funding for low- and middle-income countries facing the impacts of climate change, giving an early boost to the two-week summit.

On Tuesday, a group of banks, including the World Bank, set a shared goal of raising climate financing to $120 billion by 2030, a nearly 60% increase from the 2023 target.

Irish Climate Minister Eamon Ryan emphasized to Reuters that both countries and businesses must contribute.

Chinese Vice Premier Ding Xuexiang said China had already mobilized around $24.5 billion to help developing countries address climate change.

The main goal of the conference in Azerbaijan is to secure a global climate financing deal, potentially providing trillions of dollars for climate projects.

Developing nations are seeking strong commitments from wealthy industrialized nations, which have historically been the largest contributors to global warming.

In 2009, wealthy nations pledged $100 billion annually to help developing countries shift to clean energy and adapt to a warming world, but this pledge was only partially met in 2022 and expires this year.

With 2024 predicted to be the hottest year on record, scientists warn that the impacts of global warming are happening faster than expected.



Bitcoin is at Doorstep of $100,000

Bitcoin tokens and a price chart are seen in this illustration picture taken November 21, 2024. REUTERS/Remo Casilli/Illustration
Bitcoin tokens and a price chart are seen in this illustration picture taken November 21, 2024. REUTERS/Remo Casilli/Illustration
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Bitcoin is at Doorstep of $100,000

Bitcoin tokens and a price chart are seen in this illustration picture taken November 21, 2024. REUTERS/Remo Casilli/Illustration
Bitcoin tokens and a price chart are seen in this illustration picture taken November 21, 2024. REUTERS/Remo Casilli/Illustration

Bitcoin topped $98,000 for the first time Thursday, extending a streak of almost daily all-time highs since the US presidential election. The cryptocurrency has rocketed more than 40% in just two weeks.
Now, bitcoin is at the doorstep of $100,000 and investors do not appear to be phased by gravity or any cautionary tales of the cryptocurrencies history of volatility, The Associated Press reported.
Cryptocurrencies and related investments like crypto exchange traded funds have rallied because the incoming Trump administration is expected to be more “crypto-friendly” than the outgoing Biden administration.
As of 8:30 a.m. ET, bitcoin traded at $97,466 after rising as high as $98,349 according to CoinDesk.
Yet cryptocurrency markets remain a wild place and what comes next is impossible to know. And while some are bullish, other experts are warning of investment risks.
Here’s what you need to know.
Back up. What is cryptocurrency again? Cryptocurrency has been around for a while now but have come under the spotlight in recent years.
In basic terms, cryptocurrency is digital money. This kind of currency is designed to work through an online network without a central authority — meaning it’s typically not backed by any government or banking institution — and transactions get recorded with technology called a blockchain.
Bitcoin is the largest and oldest cryptocurrency, although other assets like Ethereum, Tether and Dogecoin have gained popularity over the years. Some investors see cryptocurrency as a “digital alternative” to traditional money — but it can be very volatile, with its price reliant on larger market conditions.
Why are bitcoin and other crypto assets soaring? A lot of the recent action has to do with the outcome of the US election.
Trump has evolved from a crypto skeptic to a crypto champion and has pledged to make the US “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. His campaign accepted donations in cryptocurrency and he courted fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies.
Crypto industry players welcomed Trump’s victory, in hopes that he would be able to push through legislative and regulatory changes that they’ve long lobbied for. Trump also had promised that, if elected, he would remove the chair of the Securities and Exchange Commission, Gary Gensler, who has been leading the US government’s crackdown on the crypto industry and repeatedly called for more oversight.
Digital assets like bitcoin had posted notable gains in the months ahead of the election, mostly due to the early success of a new way to invest in the asset: spot bitcoin ETFs, which were approved by US regulators in January.
Inflows into spot ETFs, “have been the dominant driver of Bitcoin returns from some time, and we expect this relationship to continue in the near-term,” Citi analysts David Glass and Alex Saunders wrote in a research note two weeks ago. They added that spot crypto ETFs saw some of their largest inflows on record in the days following the election.
In April, bitcoin also saw its fourth “halving” — a preprogrammed event that impacts production by cutting the reward for mining, or the creation of new bitcoin, in half. When that reward falls, so does the number of new bitcoins entering the market. And, if demand remains strong, some analysts say this “supply shock” can also help propel the price long term.
What are the risks? History shows you can lose money in crypto as quickly as you’ve made it. Long-term price behavior relies on larger market conditions. Trading continues at all hours, every day.
At the start of the COVID-19 pandemic, bitcoin stood at just over $5,000. Its price climbed to nearly $69,000 by November 2021, in a time marked by high demand for technology assets. Bitcoin later crashed during an aggressive series of Federal Reserve rate hikes aimed at curbing inflation. The collapse of FTX in late 2022 significantly undermined confidence in crypto overall and bitcoin fell below $17,000.
Investors began returning in large numbers as inflation started to cool — and gains skyrocketed on the anticipation and then early success of spot ETFs. Experts still stress caution, especially for small-pocketed investors.
What about the climate impact? Assets like bitcoin are produced through a process called “mining,” which consumes a lot of energy. And operations relying on pollutive sources have drawn particular concern over the years.
Recent research published by the United Nations University and Earth’s Future journal found that the carbon footprint of 2020-2021 bitcoin mining across 76 nations was equivalent to the emissions from burning 84 billion pounds of coal or running 190 natural gas-fired power plants. Coal satisfied the bulk of bitcoin’s electricity demands (45%), followed by natural gas (21%) and hydropower (16%).