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Saudi Arabia Signs Renewable Energy Cooperation Program with 3 Countries at COP29

Saudi Energy Minister with Presidents of Azerbaijan, Uzbekistan, and Kazakhstan (Ministry Website)
Saudi Energy Minister with Presidents of Azerbaijan, Uzbekistan, and Kazakhstan (Ministry Website)
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Saudi Arabia Signs Renewable Energy Cooperation Program with 3 Countries at COP29

Saudi Energy Minister with Presidents of Azerbaijan, Uzbekistan, and Kazakhstan (Ministry Website)
Saudi Energy Minister with Presidents of Azerbaijan, Uzbekistan, and Kazakhstan (Ministry Website)

Saudi Arabia has signed a joint agreement with Azerbaijan, Kazakhstan, and Uzbekistan to boost cooperation on renewable energy during the COP29 climate summit in Baku.

The deal focuses on developing and sharing renewable energy technologies, highlighting Saudi Arabia’s push for sustainable solutions under its Vision 2030 strategy. The partnership aims to strengthen regional collaboration and advance clean energy projects.

Saudi Energy Minister Prince Abdulaziz bin Salman signed the joint energy agreement with Azerbaijan, Kazakhstan, and Uzbekistan during COP29 in Baku.

The signing, attended by the presidents of the three nations, aims to boost cooperation on renewable energy projects.

The new agreement focuses on building regional electricity connections using renewable energy to improve energy infrastructure and integrate clean energy into national grids, according to Saudi Arabia's Ministry of Energy.

It also aims to explore joint investment opportunities, supporting regional electricity projects and renewable energy initiatives led by Saudi firm ACWA Power in the three Central Asian countries.

The countries also agreed to share expertise through knowledge exchanges, conferences, and joint working sessions to strengthen cooperation.

This latest signing follows previous energy agreements between Saudi Arabia and Kazakhstan, signed in June 2023, and with Azerbaijan and Uzbekistan in May and August 2023, respectively.

At the event, Prince Abdulaziz also oversaw two strategic deals between ACWA Power and local entities to support renewable energy projects.

One agreement with Uzbekistan’s Ministry of Energy focuses on developing battery energy storage systems (BESS) to improve grid stability.

The other deal, with Azerbaijan’s SOCAR and UAE's Masdar, aims to develop offshore wind projects in the Caspian Sea, the first of its kind in Azerbaijan.

The Saudi Electricity Company, along with network operators from Azerbaijan, Kazakhstan, and Uzbekistan, signed a memorandum of understanding (MOU) to develop regional interconnection projects.

Additionally, the company signed another MOU with Azerbaijan’s AzerEnergy to collaborate on electricity transmission and the integration of renewable energy sources into the electrical grid.

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Japan’s Economy Shrinks as US Tariff Hit Looms 

The Tokyo Dome (L-white roof) and the Tokyo Skytree (back R) are pictured from the high-rise business district of Shinjuku on a hazy day in central Tokyo on May 16, 2025. (AFP)
The Tokyo Dome (L-white roof) and the Tokyo Skytree (back R) are pictured from the high-rise business district of Shinjuku on a hazy day in central Tokyo on May 16, 2025. (AFP)
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Japan’s Economy Shrinks as US Tariff Hit Looms 

The Tokyo Dome (L-white roof) and the Tokyo Skytree (back R) are pictured from the high-rise business district of Shinjuku on a hazy day in central Tokyo on May 16, 2025. (AFP)
The Tokyo Dome (L-white roof) and the Tokyo Skytree (back R) are pictured from the high-rise business district of Shinjuku on a hazy day in central Tokyo on May 16, 2025. (AFP)

Japan's economy shrank for the first time in a year in the March quarter, data showed on Friday, underscoring the fragile nature of its recovery now under threat from US President Donald Trump's trade policies.

The data highlights the challenge policymakers face as steep US tariffs cloud the outlook for the export-heavy economy, particularly for the mainstay automobiles sector.

Real gross domestic product (GDP) contracted an annualized 0.7% in January-March, preliminary government data showed, much bigger than a median market forecast for a 0.2% drop.

It followed a revised 2.4% increase in the previous quarter. On a quarter-on-quarter basis, the economy shrank 0.2% compared with market forecasts for a 0.1% contraction.

Private consumption, which accounts for more than half of Japan's economic output, was flat in the first quarter, compared with market forecasts for a 0.1% gain.

Capital expenditure increased 1.4% compared with market forecasts for a 0.8% gain, the data showed.

External demand, or net exports, shaved 0.8 percentage point off GDP growth, the data showed. Analysts polled by Reuters expected external demand, or shipments minus imports, to have shaved 0.6 point off GDP growth.

A global trade war touched off by Trump's sweeping tariffs has jolted financial markets and complicated the Bank of Japan's decision on when and how far it can push up interest rates.

Having exited a decade-long stimulus last year, the BOJ hiked rates to 0.5% in January and has signaled its readiness to keep hiking borrowing costs if a moderate economic recovery keeps Japan on track to durably hit its 2% inflation target.

But fears of a Trump-induced global slowdown forced the BOJ to sharply cut its growth forecasts at its April 30-May 1 policy meeting, and cast doubt on its view that sustained wage hikes will underpin consumption and the broader economy.

While a de-escalation of US-China trade tensions offered markets and policymakers some relief, there is uncertainty on whether Japan can win exemptions from US tariffs in bilateral trade talks with Washington.

The gloomy GDP data may also pile pressure on Prime Minister Shigeru Ishiba to heed lawmakers' demands to cut tax or compile a fresh stimulus package.